Health insurance is an insurance plan that offers financial coverage for medical
A Health insurance policy covers the policyholder for those unexpected expenses arising out of a medical emergency. Health Insurance Policy also offers insurance coverage for cashless hospitalization facility at network hospitals during policy term.
Furthermore, health insurance cost is subsidized to the insured in the form of tax exemption under section 80D of Income Tax Act, 1961.
Medical expenses are sky-rocketing! Get health insurance policies for your medical outlay. With cashless facility, stay tension-free. Approved by IRDAI, PolicyBazaar helps you compare and find the best health plan.
When it is imperative to buy health insurance in India, with myriad options available in the market, selecting the right health cover is not that easy. That’s why the comparison of top health insurance plans in India is necessary.
In this regard, Following is the list of top health insurance plans which can help you get the optimum coverage.
|Insurer Name||Plan Name||Sum Insured||Network Hospitals|
|Religare Health Insurance||Care||Rs. 3 Lacs to Rs. 60 Lacs||4987|
|Max Bupa Health Insurance||Health Companion||Rs. 3 Lacs to Rs. 1 Crore||4115|
|Star Health Insurance||Health Optima||Rs. 1 Lacs to Rs. 25 Lacs||8341|
|HDFC ERGO Health Insurance(formerly known as Apollo Munich Health Insurance)||Optima Restore||Rs. 3 Lacs to Rs. 50 Lacs||4721|
|HDFC ERGO General Health Insurance||Health Suraksha Silver Smart||Rs. 3 Lacs to Rs. 5 Lacs||6402|
|Aditya Birla Health Insurance||Active Assure Diamond||Rs. 2 Lacs to Rs. 2 Crore||5850|
Health insurance in India is one of the fastest growing industries. However, this wide scope for growth indicates the limited penetration of health insurance among the Indian populace. As per the latest report released by National Sample Survey Organization (NSSO) titled ìKey Indicators of Social Consumption in India: Healthî, only 20 percent of the Indian population had health insurance coverage. Additionally, only 18 percent of the total population residing in urban areas and 14 percent of the total population residing in rural areas had any form of health insurance coverage.
Thus, there is no debating the importance of having insurance in a country like India where medical expenses are sky-rocketing. Everyone must buy a good health insurance policy that includes medical costs, hospitalisation costs, medication and laboratory test costs, including critical illness. Donít get confused with questions like ñ Which health policy to buy? Does it cover every eventuality? What illnesses are excluded from this cover? PolicyBazaar is here to resolve all such confusions.
It is vital that you compare health insurance plans online in order to choose the best one to meet your healthcare needs. It can get confusing to select the best health insurance policy as so many insurance companies offer different health insurance plans with varied features.
It is no wonder that sometimes, people end up with a plan that, though costs less, has contradictory clauses, and they practically get nothing when a claim is filed. On the other hand, you end up buying a plan with a higher cost just to find out later that it has features that you did not use or might never need.
Treatment costs are increasing by the day. A Health insurance policy prevents a medical emergency from turning into a financial emergency. It makes sure that one's healthcare needs are taken care of without depleting his/her savings or compromising on oneís future goals.
Due to tight and hectic schedules these days, it has become quite impossible to visit different offices or branches of different health insurance companies in order to compare various medical insurance policies.
Thankfully, Policybazaar understands the dilemma of the customers and hence, has offered a platform where you can compare health insurance policies online. Which means, no more lines and no more lies. But, there is more.
Enlisted below are few of the major advantages of buying a health insurance plan online:
Offers an easy access to every insurance policy available in the market. It also saves the buyers from dealing with agents who are known to provide unreliable and biased information most of the times.
By comparing health insurance plans online, the users are able to save their time as they donít have to keep meeting with the agents to compare and choose the best plans. Additionally, several tasks, such as paying premiums, renewing the plans, etc., are also easier via online mode.
If a customer buys a health plan via an online channel, he/she will be able to compare plans and opt for the one that fits in the budget. Also, no brokerage or agent fees are levied and hence, the buyer ends up saving a significant amount of money.
Doing so will help you get an overall idea of an insurerís reputation, enabling you to make an informed decision.
With more than 25 insurance companies and more than 200 health insurance products in the Indian health insurance market, comparing health plans and finding the best one is not an easy task. Enlisted below are a few pointers that can help make this process easier and smoother. One must go through these tips to make an informed decision:
The healthcare inflation in the country is skyrocketing and is increasing at the rate of 17% to 20% annually. To cover this inflation, itís important to look for the maximum available sum assured at the best possible rate.
Provide accurate information regarding your health in the proposal form, as any sort of inaccurate or mismatched information can make the insurer reject your claim form.
A few factors that influence the premium of a health plan include the proposerís life history, family health history, lifestyle, smoking habits, etc. These are taken in account before the premium amount is determined.
Do go through the history of the insurance company you are planning to buy the plan from. You should select a company based on the following parameters:
When taking in account the ICR of a company, look for the average ICR of all companies on PolicyBazaar and go for the one which is closest to this average for a period of few years.
Incurred claim ratio or ICR is the net claim amounts that the insurer has paid in a year against the total net premiums earned. ICR of all the insurance providers is published by the Insurance Regulatory and Development Authority of India/IRDAI every year.
Basically, ICR is the total value of every claim that the company has paid and is divided by the total premium amount collected during the same duration.
Incurred Claim Ratio is derived by dividing Net earned premium in a year to the Net Claims Incurred in a year.
On the other hand, Claim Settlement Ratio is the ratio of the total claims settled by the health insurance provider to the total number of claims accepted in that time period.
|Insurance Company||Coverage||Claim Settlement Ratio as per Public Disclosure||Effective Ratio
||Waiting Period||Renewability||Network Hospitals|
|Max Bupa Health Insurance||4 members of the family (2 adults + 2 children)||96%||96%||4 years||Lifelong||Over 3500|
|HDFC ERGO General Health Insurance||4 members of the family (2 adults + 2 children)||97%||99%||4 years||Guaranteed Lifelong Renewal||Over 9000+|
|Bharti AXA Health Insurance||4 members of the family (2 adults + 2 children)||N/A||N/A||4 years||Lifelong||Over 5000|
|SBI Health Insurance||4 members of the family (2 adults + 2 children)||N/A||N/A||1 to 4 years||Lifelong||Over 3000|
|Bajaj Allianz Health Insurance||6 members of the family (2 adults + 4 children)||98%||98%||4 years||Lifelong||Over 3700|
|Reliance Health Insurance||6 members of the family (2 adults + 4 children)||84%||84%||4 years||Lifelong||Over 4000|
|National Health Insurance||6 members of the family (2 adults + 4 children)||N/A||N/A||4 years||Lifelong||Over 6000|
|TATA AIG Health Insurance||Individual/ Family Floater||96%||96%||4 years||Lifelong||Over 3000|
|Royal Sundaram Health Insurance||Individual/ Family Floater||N/A||N/A||4 years||Lifelong||Over 3000|
|ManipalCigna Health Insurance||Individual/ Family Floater||91%||91%||4 years||Lifelong||Over 3000|
|IFFCO Tokio Health Insurance||Individual/ Family Floater||90%||90%||2 to 4 years||Lifelong||Over 3000|
|Aditya Birla Health Insurance||6 members of the family (2 adults +4 children)||94%||97%||4 years||Lifelong||Over 5850+|
Disclaimer: The ranking of the insurance companies in this content is not in any particular order. The list is not compiled as per the IRDA ranking. Figures shown in the above table are for FY 2018-19
With the increasing cost of healthcare in India, buying a health insurance plan has become almost mandatory for everyone. There are various health insurance plans readily available in India to cater to every aspect of your medical needs. However, with plenty of options, ensuring the right plan can be difficult though. Hence, the online comparison comes in handy in purchasing health insurance plan.
Below is the list of different types of health insurance plans in India:
This type of health insurance plan provides financial coverage to an individual policyholder against certain illnesses, offering advantages like cashless hospitalisation, reimbursement, coverage of pre-hospitalisation and post-discharge expenses and various add-ons. The entire sum assured is available for only one individual.
With a family health plan, you can include your family members under the umbrella of a single health cover. Though family floater offers a higher premium than an individual plan, the expenses involved in buying separate individual plans still can be higher than this. Family floater mediclaim policies offer a fixed sum assured to the family members, which can be availed either by one or all members of a family for one or more claims during the tenure of the policy. Family health plans come are more expensive than an individual health plan.
Senior Citizen health insurance is designed particularly for anyone aged above 60 years and offers protection from health issues during old age. According to IRDAI, every health insurance firm must include people up to the age of 65 years in its plans.
This plan is usually brought as a standalone policy or as a rider for the treatment of various critical illnesses, such as kidney failure, paralysis, cancer, heart attack etc. As the medication of such illnesses is expensive, the imbursement related to them is also very high. A critical illness is a serious, possibly terminal, disease and is pre-defined by the provider. Most critical illness policies provide a lump-sum benefit if the insured is diagnosed with one or more of the specified terminal conditions.
Medical insurance companies today cover additional costs, including those incurred in both pre and post-natal care, child delivery (normal or caesarean), and sometimes include vaccination of newborn babies in a maternity plan. This insurance covers the newborn baby up to the validity of this policy. It also covers transportation fee for ferrying the mom-to-be to the nearest network hospital of her choice.
These personal accident plans are frequently offered as riders. They include hospitalisation and bear the medical outlay in the event of an accident. These are issued as fixed benefit policies, where a specified sum is paid on the occurrence of unforeseen events, such as accidents, which can result in death or disability of the person. However, the payout is not related to the sum assured.
After 2-4 years of policy inception, various policies begin considering pre-existing diseases, e.g. diabetes, hypertension, kidney failure, cancer etc., for claims. Pre-existing disease cover is offered for the policy-specified illness(es) that the insured had before purchasing the policy.
Undoubtedly, healthcare is very expensive and nobody wants to fall ill. So, now we have preventive health care that takes care of you before you fall sick. Preventive care, such as regular health check-ups, concession in X-ray fees, consultation fee etc., is offered by this policy. By offering various healthcare provisions, this plan aims at keeping you healthy. Preventive care is a medical care rendered not for a specific complaint but for prevention and early-detection of ailments.
Unit- Linked Health Plan (ULHP) has been introduced recently, which offers a unique combination of health insurance and investment. Apart from giving health protection, ULHPs also contribute in building a corpus that can be used to meet expenditures which are not covered by health insurance policies.
Among the ULHPs available in Indian market, ICICI Pru's Health Saver, LIC's Health Protection Plus, Birla Sunlife's Saral Health and IndiaFirst's Money Back Health Insurance Plan are a few big names. By opting for this plan, one can save a certain amount which can later be used to pay for the treatment of any pre-existing illnesses that are not covered by a normal health policy during the waiting period.
|What You Seek||What You Should Get|
|Coverage for your expenses and surgical bills||Medical insurance offering cashless facility and claim reimbursement|
|A fixed amount of cash on a daily basis to bear expenses when at the hospital||Hospital cash plan|
|A lump-sum pay out to let your family manage their daily expenditure (inclusive of cost of the medicines) because you have been diagnosed with a serious disease||Critical illness insurance|
|A fixed amount of cash to avoid any financial trouble while availing treatment for total/partial temporary or permanent disability causing loss of income due to an accident||Personal accident insurance|
|Coverage for expenses in the event of caesarean and normal delivery||Maternity insurance|
|Insurance & coverage For Entire Family against any medical emergency||Family Health Plan|
|Coverage for senior citizen health issues||Senior Citizen health Insurance|
The cost of healthcare in the modern days is increasing at a crazy rate while oneís earnings do not seem to match up that level. A patient looking forward to availing frequent health check-ups may no longer be able to bear the expenses associated. A comprehensive health insurance comes packed with features that can assist a person in managing expenses associated with medical emergencies and also with preventive healthcare. Understanding the following features can make purchasing a medical insurance policy easy:
|Sum Assured by Your Policy (in Rs.)||5,00,000|
|Room Rent as per Sub-Limit (in Rs.)||3,000|
|Room Rent Per Day (in Rs.)||5000|
|Room Availed at the Hospital (in Days)||10|
|Actual Hospital Bill (in Rs.)||Reimbursed Amount (in Rs.)||To be Borne by You (in Rs.)|
|Room Charges (in Rs.)||50,000||30,000||20,000|
|Doctor's Fee (in Rs.)||20,000||12,000||8,000|
|Medical Tests' Cost (in Rs.)||20,000||12,000||8,000|
|Operation/Surgery Cost (in Rs.)||2,00,000||1,20,000||80,000|
|Medicine Cost (in Rs.)||15,000||15,000||0|
|Total (in Rs.)||3,05,000||1,89,000||1,16,000|
In this case, the total cost borne by you is Rs. 1,16,000 out of the total expense incurred, i.e. Rs. 5, 00,000. Thus, make sure you choose wisely if you want any such sub-limits in your health insurance policy.
There are few factors that you should consider closely to make the right decision.
Policybazaar has made the process of comparing & buying a health insurance policy easier in comparison to earlier days. One has easy access to the complete details of almost all the health insurance plans available in the Indian insurance market at a competitive price.
You have the option of comparing health insurance policies from top health insurers on our website and buy the best plan. Or, let us know your basic requirements and we will find the best-suited health insurance plans for you. You can, then, compare health insurance quotes side-by-side, based on parameters like health insurance cost, add-on riders etc., and choose the best health insurance plan for yourself and/or your family members.
Policybazaar helps you sieve through numerous mediclaim and health insurance policies and zero down on the one that measures up to your needs. As Policybazaar is an unbiased portal, the first priority is to ensure customer satisfaction. The first step in this direction is the post-sales services which are extended to the customers at the time of claim as well.
Also, instead of going to different insurance websites and accessing the plan details one by one, Policybazaar can provide an insurance-seeker with the option of comparing various health insurance policies on a single page, including their quotes. The entire process is smooth and hassle-free.
You do not have to stick to your current insurer any longer if you do not want to since IRDA now allows you to change your current insurer without losing any of the existing benefits. Previously, if you changed your insurer, then you had to compromise on the benefits, viz. coverage for any pre-existing disease offered by your existing medical insurance policy.
According to the new rules, IRDA allows you to switch from one insurer to another while the new insurer will have to consider the credits you gained from your previous insurer, where credits refer to the waiting period under pre-existing conditions. The same applies if you switch from one plan to another with the same insurance company.
The coverage offered by a health insurance policy is subject to the type of policy and the insurance provider. An ideal policy is customizable and suites your requirements in the best way possible. Following are some common health insurance policy inclusions:
Coverage offered by health insurance policies varies with the insurer; however, certain points are not covered by health policies, and fall under the category of policy exclusions. Following are common health insurance policy exclusions:
Note: It is recommended to explore each plan to ensure maximum coverage.
Health insurance policies provides an assurance that you will get the required medical assistance whenever you need it. You pay a fixed amount of money in exchange for that at certain intervals to ensure that the policy remains in force. Did you ever think how this premium is calculated? There are multiple certain factors that affect your health insurance premium, including some provider-specific terms, such as the medical background of your family, your personal medical history and so forth.
Based on that, you might want to calculate your premium to figure out how much you would have to pay for the policy. At PolicyBazaar, we allow you to choose one of the best medical plans online, by comparing health plans offered by the most reliable medical insurance players in the market. Keeping your affordability in view, we hand you the health insurance premium calculator to calculate your premium and purchase the plan that suits your needs in the best possible way.
With advancement in medical facilities, health care costs have also increased. The main benefit of health insurance is that it takes care of the healthcare expenses. It offers financial security to you and your family in the event of an unanticipated serious illness or accidental injuries that could drain all your savings. And hereís how the cost of your insurance premium is determined:
Your medical history is one of the major determinants of the health insurance premium.
Almost all the insurance companies in India make pre-medical tests mandatory (after a certain age) before buying a health insurance policy.
While, some insurance companies donít make medical screening mandatory but do consider your current medical conditions, lifestyle-related health risks and medical background of your family. hat is why medical insurance premium for smokers is higher than other people.
Age is another important determinant of the medical insurance premium. The premium varies based on the age of the insured person.
That is why it is recommended to buy a policy at a young age because the cost of the premium is low for young applicants.
Elderly people are vulnerable to cardiovascular diseases, and other critical illnesses such as cancer, kidney problems etc. For this reason, senior citizen medical insurance premium is usually on a higher side
Also, the cost of the premium for women health insurance is lower in comparison to the male candidates due to lower risk of stroke, heart attack etc.
The premium for a 2-year health insurance plan will be higher than a 1-year plan. However, almost all the insurance companies offer a discount on long-term medical insurance plans.
The type of policy you select also affects the cost of the premium. The higher the risks involved the higher will be the premium and vice-versa.
With the help of an online health insurance premium calculator, you can compare the premium for different plans.
If you have not made any claim during your policy term, then you can earn NCB or No-claim-bonus ranging from 5 to 50 percent. It is also one of the most important factor that is taken into consideration while calculating the cost of the premium.
If you drink or smoke regularly, chances are high that you will be charged more premium amount. In that case, the insurer can also reject your insurance policy request.
Health insurance policy is mandatory for almost everyone, especially for those who have dependents and/or families since they certainly do not want them to have financial strains. Buying a medical insurance policy ensures that one's health is secured and medical expenses are covered across a wide network of hospitals in India. One can opt for the best health insurance policy with extended coverage on the following two bases:
Buying insurance is not childís play and when it comes to buying a health insurance policy, you need to be pretty sure about certain points. A few of such key points are listed below:
Medical plans come with additional benefits of cashless treatment and expense reimbursement by the insurer. One can file a claim against an event that is covered by the insurance policy. Following are two claim processes:
Health insurance policies provide the insured with the benefit of getting their medical expenses reimbursed by the insurer, based on the policy terms documented. The cost of various hospital charges such as bed charges, medicines, lab tests, surgeon's fees etc. are paid back to the insured at the time of claim. The insured pays the (hospital) expenses, but gets reimbursed by the insurance company.
Insurance companies provide policyholders with a wide network of hospitals to get medical treatment without having to make upfront payments. No payment is required to be done by the insured, since the clause involves a mutual agreement between both the parties, i.e. the insurer and hospital. In contrast, availing cashless benefit requires TPA approval.
The insured can also show the insurer-issued health card at the particular hospital as a proof of medical insurance cover along with a valid government ID. Following cases considered for cashless treatment:
In case of planned hospitalization, to avail health insurance benefit the policyholder needs to have TPA approval in advance along with other mandatory documents. Fill the pre-authorization form at the hospital signed by the treating doctor(s).
Show the health card issued by the insurer at the hospital along with the appropriately-filled pre-authorization form to get TPA approval for emergency hospitalization. If you fail to get TPA approval, get the expenses reimbursed later. The policyholder might have to show itemized bill, proof of medical expenses, discharge bill etc., as the proof of the treatment availed to avail claim reimbursement.
In the event of hospitalization, the policyholder needs to submit certain documents as mentioned below:
Before relying on the information it is imperative to check the facts and then buy a health insurance policy. Mentioned below are some popular myths that most people believe about medical policies:
Despite taking good care of your health, there are numerous unforeseen circumstances like seasonal illnesses, dengue, malaria, or an accident can hit anyone anytime. Nowadays, hospitalization expenses are not easy to pay off. Even 2-days of hospitalization expenses would cost you somewhere between INR 60,000 to INR 1 lakh and even more (depending on the type of illness).
As per the IRDA regulations, every health plan comes with a set of exclusions/limitations. It is required that you check all the policy details and the coverage that is mentioned in the plan. The insurer will only compensate for the expenses that are covered in the policy and up to the specified limit.
It is essential to declare all the pre-existing diseases in the proposal form. One must mention pre-existing diseases clearly before buying a health policy. Inadequate information can lead to rejection of the claim and can cost more than the expected amount.
As per the survey, nearly 49% of the applicants or consume alcohol are perplexed to buy a health insurance policy. But there are insurance companies that offer medical insurance to them as well. But taking into consideration the risks, alcohol consumers, and smokers would need to undergo a stringent pre-medical examination procedure and pay a higher premium to get health insurance coverage.
Medical Insurance will only cover hospitalization expense
Though most of the insurance plans cover medical expenses for hospitalization more than 24-hours. There are plans that have a capping on the duration of hospitalization as well. But most of the insurers these days cover daycare procedure as well, where 24-hours of hospitalization is not required. It includes cataract surgery, varicose veins surgery and similar procedure.
Most people rely on the health insurance plan that is provided by their employer. It is important to know that a group health insurance comes with a set of limitations. It will not offer coverage to your family members in most of the cases, the sum assured will not be sufficient, it will not cover critical illnesses. Also, buying a cover after retirement or losing a job can prove to be an expensive affair.
In order to help you with the best and safest buying experience, weíve compiled a list of top 10 best health insurance companies in India. This list is prepared based on incurred claim ratio (ICR) and the overall financial standings of these companies. With this list, you can easily compare health insurance companies in India and pick the one that features the best health insurance plans at affordable premium rates. Letís have a look at the list below:
Lets discuss about these Health Insurance Providers in detail
Indiaís first standalone health insurance company, Star Health and Allied Insurance Co Ltd. was founded in the year 2006. The initial business focus was on Overseas Medicliam Policy, Health Insurance, and Personal Accident Plan but the vision has now expanded. Since then, the company has been trying to deliver innovative insurance solutions to its customers. Today, Star Health is counted among the best health insurers in India. It has more than 340 branches around the world and more than 8400 network hospitals across the country to offer cashless facilities to its policyholders. Moreover, the company settled around 3,78,710 claims in the year 2016-17. For its excellent performance, Hindustan MaRs Survey rated Star Health as the company with the best claim settlement.
|Family Health Optima Plan||Senior Citizens Red Carpet||Star Comprehensive Insurance Policy|
|Star Health Gain Insurance Policy||Super Surplus Insurance Policy||Diabetes Safe Insurance Policy|
|Star Criticare Plus Insurance Policy||Star Family Delite Insurance Policy||Medi-classic Insurance Policy (Individual)|
|Star Cardiac Care Insurance Policy|
A joint venture between Apollo Hospitals Group, Indiaís premier private hospitals company and Munich Health, the medical insurance arm of Munich Re, the German reinsurance major, HDFC ERGO Health (formerly known as Apollo Munich Health Insurance) is a focused insurance services provider in India providing a range of health insurance plans. The health insurance company merges the corporate healthcare competencies of Apollo Hospitals Group with the global healthcare insurance and reinsurance expertise of Munich Health.
The company has won numerous accolades over the years and has recently been honoured with awards like the Infosec Maestros Awards - 100 Top CISO 2015 for the second time in a row and Health Insurance Provider Award by Money Today (of India Today Group) and Financial Planning Corporation (India) Pvt. Ltd. (FPCIL) in 2015.
HDFC ERGO Health (formerly known as Apollo Munich Health Insurance) focuses on being a trusted leader in the health insurance space with its innovative solutions. Their mission is to regularly introduce pioneering health insurance and wellness solutions that meet customer needs. The company also intends to build an organisation on the principles of transparency, trust and integrity that can constantly deliver on various commitments to all stakeholders.
|Optima Restore - Our Bestselling Plan||Easy Health - An Affordable Plan||Optima Cash - Daily Hospital Cash Plan|
|Maxima - Our Comprehensive Plan||Optima Super ñ Aggregate Top up Plan||Optima Vital- The critical Illness Plan|
|Easy Health - Our Plan For Young Family||Easy Health - Our Premium Plan||NEW iCan Cancer Insurance - Covers Cancer Treatment Costs|
|Optima Plus - A Top Up Plan||Energy ñ The Sweetest Thing for people living with Diabetes||Dengue Care Plan - Comprehensive & Exclusive Cover for Dengue Fever|
A joint venture of Bajaj Finserv Limited, a comprehensive financial services company based out of India and Allianz SE, the global financial services major based out of Munich, Germany, Bajaj Allianz General Insurance Company focuses on the general insurance space in the country, including medical insurance. The joint venture seeks to leverage successfully Bajaj Finserv's in-depth understanding of the local Indian market and its extensive distribution network across the country with the vast global experience of the Allianz Group. Bajaj Finserv Limited holds a 74% stake in the general insurance company while Allianz holds the remainder.
The company has been one of the outperformers in the space as testified by it receiving the iAAA rating from ICRA for the 10th year in a row. The rating highlights the company's highest claims paying ability and its strong position in the general insurance industry. Most recently, the company was conferred the Economic Times; Best Corporate Brand Award as an outcome of the newspaper's Best Brands Survey for 2016. Bajaj Allianz General Insurance was also acknowledged as the Most Admired Health Insurance Company of 2015 by Pharma Leaders Power Brands Awards. In addition, Indian Market Research Bureau (IMRB) ranked it second among the top health insurance brands in the country on the basis of customer loyalty based on a syndicated survey.
Bajaj Allianz General Insurance was also recently awarded a Certificate of Appreciation by Rajasthan High Court, and Punjab and Haryana High Court for excellence in the field of claim servicing for motor third party claims. Other awards in 2015 included The Silicon Valley Business Award 2015 under the categories of Best Financial App and Best Overall App for Insurance Wallet product. In addition, it won the Claims Award Asia 2015 for the third year running, under the categories of Insurer Claims Team of the Year for Claim Settlement during the Jammu and Kashmir floods, and Claims Innovation of the Year for launching pioneering claim settlement practices for health insurance claims.
Bajaj Allianz General Insurance intends to be the first choice in insurance for Indians. It has a mission to be a responsible and customer focused market leader that understands and meets the insurance needs of the market through affordable, value for money products.
|Health Guard Family Floater Plane||Critical illness Policy||Extra Care Health Plan|
|Hospital Cash Daily Allowance Plan||Silver Health Plan||Star Package Health Plan|
|Tax Gain Health Plan||Critical illness for Women||Individual Health Guard Insurance|
|Health Care Supreme Plan||Health Ensure Plan||Silver Health Plan for Senior Citizens|
A joint venture of Bharti Enterprises, one of Indian's leading business groups, and AXA, the France-based international insurance solutions company, Bharti AXA General Insurance is a provider of various general insurance solutions in addition to health insurance. Bharti Enterprises owns the majority 74% stake while AXA holds the remainder in the company. Bharti AXA General Insurance started operations in August 2008 and is headquartered in Bangalore and has 59 branches across India.
The company has received numerous awards for innovation and performance over the years, among other categories. In 2014, it received the Asia Insurance Industry award for its initiative to reach the under penetrated smaller towns and cities where the physical branch network was limited. In addition, it received the honour of being the best insurance company in the private general insurance sector from the World HRD Congress at the 2014 BFSI Awards.
Bharti AXA General Insurance focuses on serving all its stakeholders including its customers, business partners, employees, shareholders and the overall society. It uses its fundamental values of professionalism, integrity, team work, innovation and pragmatism to realign industry standards through empathetic service that helps drive customers towards its comprehensive and innovative insurance solutions.
|Individual health insurance||Family health insurance||Parents Health Insurance Plans|
|my:health Medisure Super Top Up||Critical Illness Policy||Senior Citizens Health Insurance|
Cholamandalam MS General Insurance Company Limited, established in 2001, was set up by the India-based Murugappa Group, a multi-business conglomerate, and the Japan-based Mitsui Sumitomo Insurance Group as a joint venture to address the general insurance market in India. The company provides both individual and corporate insurance solutions through its 105 branches and 9000 plus agents in the country.
Also known as Chola MS, the company was awarded the best insurance company across Asia as ëHealth Insurer Claims Teamí at the 2013 Claims Asia Awards. It also received the ëInnovation Leader Awardí for 2012 from Fintelekt and was adjudged the best insurance company for ëIn time Claims Settlement for the year 2011-12í in the Rashtriya Swasthya Bima Yojana (RSBY) scheme operated under the aegis of the Ministry of Labour and Employment, Government of India.
Cholamandalam MS has a singular focus on value creation and hopes to become the most respected general insurance company in India. It uses a T3 strategy of Trust, Transparency and Technology to deliver innovative risk-free medical insurance solutions for all its customers.
|Chola Swasth Parivar Insurance||Chola Tax Plus Healthline||Chola MS Family Healthline Insurance|
|Chola Topup Healthline||Chola MS Critical Healthline Insurance||Chola Accident Protection|
|Chola Hospital Cash Healthline||Chola Classic Health - Individual||Chola Classic Health - Family Floater|
|Chola Super Topup Insurance||Individual Healthline Insurance||Hospital Cash Healthline Plan|
ManipalCigna Health Insurance Company Limited (formerly known as CignaTTK Health Insurance Company Limited) is a joint venture between the Manipal Group, a leader in the field of healthcare delivery and higher education in India and Cigna Corporation, a global health services company with presence in 30+ countries and serving 160 million+ customers around the world. With a deep focus on health and wellness, ManipalCigna Health Insurance offers a full suite of insurance solutions ranging from health, personal accident, major illness, travel and global care to individual customers, employer-employee, and non-employer-employee groups to meet their diverse health needs.
|ProHealth Insurance||Lifestyle Protection Critical Care||Lifestyle Protection Accident Care|
|Lifestyle Protection Group Policy||ProHealth Group Insurance Policy||ProHealth Select|
|Global Health Group Policy||ProHealth Cash|
A joint venture of the Indian conglomerate Future Group, and the Generali Group, one of the worldís largest international insurance companies, Future Generali India Insurance Company has a pan India presence through its 137 branches. The company provides a range of insurance solutions and intends to exploit the expansive network and local experience of the Future Group and the in-depth insurance expertise of Generali Group.
It's solutions include both life insurance and general insurance, with the latter providing solutions for motor insurance, travel insurance, home insurance besides a host of health insurance policies. The company has also moved into the rural and commercial insurance space and provides a range of products that take care of the specific needs of these sectors.
|Future Health Suraksha - Individual Plan||Future Health Suraksha - Family Plan||Future Hospicash - Hospital Cash|
|Comprehensive Plan - Health Total||Accident Suraksha - Personal Accident||Future Criticare - Critical Illness|
|Future Vector Care||Future Advantage Top up||Future Health Surplus - Top-Up|
|Surakshit Loan Bima|
A 74:26 joint venture between HDFC Limited, India's premier housing finance institution, and ERGO International AG, the primary insurance entity of global reinsurance and insurance major, Munich Re Group, HDFC ERGO General Insurance Company provides a range of solutions for the general insurance market in India. The company has been expanding its network across the country at a rapid pace and currently has 109 branches across 89 cities. The company has an employee base of over 1900 people.
HDFC ERGO General Insurance has been awarded the 'AAA' rating by ICRA that indicates its highest claim paying ability. The company has also received the CMS Outstanding Affiliate World-Class Service Award for 2015 from Chubb Multinational Solutions in addition to ICAI Award for Excellence in Financial Reporting in the Annual Report for the financial year 2014-15 under the insurance sector category.
|Individual health insurance||Family health insurance||Parents Health Insurance Plans|
|my:health Medisure Super Top Up||Critical Illness Policy||Senior Citizens Health Insurance|
SBI Health Insurance operated as a joint venture between State Bank of India and Insurance Australia Group. The company offers a range of health plans for both individuals and groups. Serving a large share of insurance customers in India, it has gained the trust of its existing as well as prospective customers. Over these years, the company has successfully established its feet in the vast insurance market of India. The health insurance products of SBI allow its customers to manage their financial expenses. Based on the health cover required, its customer can opt for plans with sum assured up to Rs. 50, 000 to Rs. 5, 00,000.
|Health Insurance||Group Health Insurance - SBI||Critical Illness||Hospital Daily Cash|
|Loan Insurance||Arogya Premier||Arogya Plus||Arogya Top Up|
Religare Health Insurance, founded by Religare Enterprise Limited along with Corporation Bank and Union Bank of India, operates as a standalone insurance company. The company, during its service years, has successfully managed to be one amongst the most popular medical insurance companies in India.
With a wide network of over 4, 100 hospitals across the country, the company is promoted by the founders of Indiaís leading private hospital chain, Fortis Hospitals. The insurance claims are directly entertained by the company executives and there is no third-party involved in the claim processing. Based on the coverage offered by individual health plans, customers can opt for riders for protection enhancement.
|Care (Comprehensive Health Insurance)||Enhance (Super Top Up Insurance)||Care Freedom (Health Insurance with Medical Check-up)||Joy (Maternity & New Born Cover)|
|Group Care (Group Health Insurance)||Secure (Personal Accident Insurance)||Cancer Mediclaim (Lifelong Cancer Protection Cover)||Heart Mediclaim (Health Cover for 16 Types of Heart Ailments)|
|Critical Medicalim (Critical Illness Cover)||Operation Medicalim (Surgery/Operation Expenses Cover)||Group Secure (Group Personal Accident Insurance)|
India has a huge insurance market that comprises of many life and general insurance companies. These companies offer different insurance plans, targeting customers with specific needs in terms of protection. The following is a table that segregates some renowned private and public sector insurers in India.
|Private Sector Insurer(s)||Public Sector Insurer(s)||Public-Private Sector Insurer(s)|
IFFCO-Tokio General Insurance
United India Health Insurance
Universal Sompo General Insurance
The governmentís Ayushman Bharat Scheme aims to offer medical coverage to at least 50 lakh Indians. The insurance programme focuses on two aspects: One focus is to ensure health insurance cover of Rs. 5 lakhs to each family, including in-patient hospitalization expenses and tertiary care. Another focus is to develop health and wellness centers for these people. The scheme has already benefitted 10 lakh Indians. Moreover, 1.5 lakh wellness centers would be set up by December 2022.
It is a government-of-India-backed health insurance scheme, which offers coverage against personal accident resulting in accidental disabilities, or death on account of an accident. It is offered for a period of one year and requires annual renewals. The policy is available with all public sector insurance companies that deal in the general insurance sub-domain. All private sector insurers are open to selling the scheme on a similar set of terms in collaboration with various banks upon necessary approval. Anyone within the age group of 18 to 70 years, with a savings account in any of the participating banks can benefits from the scheme while the AADHAR would be the prime KYC for the scheme and bank account.
A government-run health insurance scheme for poor people in India, it provides them with the cashless facility at various public and private hospitals across the country. Enrolled in 2008, the scheme already has over 36 million families (as on February 2014) enrolled across 25 Indian states. The operations under this plan started under the Ministry of Labor and Employment and were transferred to the Ministry of Health and Family Welfare on April 1, 2015. As this plan works for BPL (Below Poverty Line) families, they get a smart-card that is biometric-enabled to become eligible for inpatient medical care worth Rs. 30, 000 per year at an empanelled hospital. The coverage for pre-existing diseases is there right from day one for parents and up to three children.
Aimed at improving the health standards of people at or below the poverty line, four of the public sector general insurers implemented UHIS in India. Under this scheme, the eligible families can get reimbursement for medical expenses up to Rs. 30, 000 and accidental death benefit of Rs. 25, 000 to the breadwinner in the family. The loss of income of the family is also compensated with Rs. 50 per day up to 15 days in a month. The scheme was revised later, thereby increasing the premium subsidy from Rs. 100 to Rs. 200 for an individual and Rs. 300 for a family of 5 members and Rs. 400 for a family of 7 members.
A government-of-India-run scheme for people from rural regions of India, who are landless, was launched in October 2007 and covers the prime earner in the family with the benefits. An annual premium of Rs. 200 is payable by the family, which is divided between the Central Government and State Government, while the age of the insured lies between 18 and 59 years. Below are the benefits
Rs. 30, 000 payable
In case of Natural Death
Rs. 75, 000 payable
In case of death or total permanent disability because of an accident causing the loss of both eyes or 2 limbs
Rs. 37, 500 payable
In case of partial permanent disability because of an accident causing the loss of one eye or 1 limb
The leading trend of buying insurance policies online has changed the way people used to think about insurance. Today, you can explore multiple insurance plans offered by various insurers across the country at your own convenience, based on the information gathered online. We, at PolicyBazaar, understand the insurance needs of an individual to, and therefore, let you compare multiple insurance plans to make it to the best health insurance as per your affordability.