Every year, Insurance Regulatory and Development Authority of India (IRDA) announces a list of health insurance companies. There are few important features that help it to rate the insurance companies, such as their performances, Incurred Claim Ratio, and overall benefits offered to their customers. Let’s read about top ten health insurance companies in India.
There are a plethora of options when it comes down to buying health insurance policy for you. Not only this, there are a number of insurance providers that offer best deal of health insurance to its customers. However, it is actually not possible to figure out which is the best insurer that can actually fulfil all your needs and requirements while deciding an appropriate health plan for you.
Apollo Munich Health Insurance Company had an outstanding record of Incurred Claim Ratio of 92% for the fiscal year 2018-19, and it has brought additional benefits like portability and lifelong renewability options in its existing health insurance plans.
Star Health Insurance Company recorded the Incurred Claim Ratio of 90% for the fiscal year 2018-19. The company has an in-house claim settlement procedure to deal with cashless hospitalization facility. Along with this, Star Health & Allied insurance company comes up with a range of exciting products that offer protection to Diabetes and HIV+ patients.
Max Bupa is one of the best-known insurance companies in India, which had an Incurred Claim Ratio of 96% for the fiscal year 2018-19. This company offers its health insurance policies to individuals from all age groups.
SBI Health Insurance Co. Ltd is a joint venture between the State Bank of India (SBI) and Insurance Australia Group. SBI holds a 74% stake while 26% stake is held by Insurance Australia Group. It operates out in around 14,000 official branches across the globe. With an Incurred Claim Ratio of 52.93% for the fiscal year 2018-19, SBI Health Insurance Company has issued 198876 policies.
Religare Health Insurance Company limited has shown tremendous growth in a short period of time, thereby setting a benchmark in the insurance market of India. It had an Incurred Claim Ratio of 93% for financial year 2018-19. It is being regularly appreciated and promoted by the Fortis Hospitals.
ManipalCigna Health Insurance Company is comparatively a new player in the Indian insurance market, as it was launched in 2014 only and immediately fell into the category of the best health insurance companies in India. Its Incurred Claim Ratio for the fiscal year 2018-19 is 91%.
Bajaj Allianz General Insurance Company has some health products that are very beneficial for customers from a particular age group. The 3 major health insurance products are Health Guard, Silver Health, and Star Package. Bajaj Allianz Insurance Company was the first to provide captive TPA services with certain additional benefits. Its Incurred Claim Ratio is 98% for the fiscal year 2018-19.
New India Assurance is a fully government-owned entity of India, which has been in operations since 1919. This company is well-known for its Mediclaim policy. The best feature offered under this health insurance policy is that it provides different ratings for major metros. It had an Incurred Claim Ratio of 97% for the fiscal year 2018-19.
Oriental general insurance is also a government-owned general insurance company that offers a wide range of health insurance products in India. The impressive part of Oriental health insurance is that it doesn’t require a pre-policy medical test up to the age of 60 years, whereas it is mandatory under other health insurance providers to get a medical examination done if you are below 45 years of age. Its Incurred Claim Ratio stood at 89% for the fiscal year 2018-19.
National Insurance Company Ltd. is a full government entity, which has been serving its customers for more than a century and also provides health insurance coverage. It had an Incurred Claim Ratio of 103.19% for the fiscal year 2018-19. The best health product offered by National General Insurance Company is Varishtha Mediclaim that offers coverage to senior citizens.
Over to you!
Hope this article has shared with you useful information regarding top 10 health insurance companies in India. You can select a health plan from a wide range of products offered by these general insurance companies in India. These insurance companies are well known for their family floater plans. Now! Compare different insurance plans online to find the best insurance policy.
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