HEALTH INSURANCE COMPANIES
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Benefits to buy a health insurance plan
There are 28 health insurance companies available in India that offer various health insurance plans to meet each and every health insurance requirement of individuals. Out of these health insurance companies, 5 are standalone health insurance companies, and 23 are general health insurance companies. All these health insurance companies provide health insurance plans with unique features for the customers.
Finding the best health insurance companies for yourself can be a daunting task for anyone. Thus, we InsureNow have listed all the health insurance companies available in India and their USPs, which will help you choose the best health insurance company for you and your family.
Important Factors To Consider Before Choosing a Health Insurance Company
It is hard to find the best suitable health insurance company as many health insurance companies are available in India. So, we have listed some of the significant factors that you should consider before choosing a health insurance company:
Claim Settlement Ratio
The claim settlement ratio is important in determining how reliable a health insurance company is. The claim settlement ratio is the percentage of claims settled against the total number of claims raised by a health insurance company. Hence, choosing a health insurance company with a higher ratio indicates that you have a better chance of settling your claim in times of need.
Cashless Network Hospitals
Network hospital is one of the most important factors we should consider before choosing a health insurance company. Health insurance companies have partnered with several hospitals across the country where policyholders can avail of cashless hospitalization, and the health insurance company settles the hospitalization bill directly with the hospital. It is important to check the list of network hospitals to locate your preferred hospitals in your area.
Solvency Ratio
The solvency ratio is another important factor you should check before choosing any health insurance company. It helps us to analyze the financial capability of the insurance company and whether the health insurance company can meet its short and long-term financial obligations. As per IRDAI, every health insurance company must maintain a minimum solvency ratio of 1.5.
Wide Range of Health Plan
It is always good to select a health insurance company that offers a variety of health insurance plans. Some health insurance companies offer individual health plans and family health plans. In contrast, some other health insurance companies offer health plans to target specific groups, such as child health insurance, women’s health insurance, critical illness health insurance, etc. Therefore, always choose a health insurance company that offers a health plan that matches your needs.
Customer Reviews
Customer testimony is the most reliable parameter to judge a health insurance company. This ensures us that the health insurance company you have chosen to buy a health plan with a good reputation in the market. It is always important to check customer reviews before choosing a health insurance company to buy a health plan.
Best Health Insurance Companies in India 2022
There are 28 health insurance companies available in India, and all health insurance companies come with some unique features. In the below table, we InsureNow have listed all the health insurance companies available in India and their claim settlement ratio, solvency ratio and network hospitals.
| S.No | Health Insurance Company | Claim Settlement Ratio (2020-21) | Solvency Ratio (2020-21) | Network Hospitals |
|---|---|---|---|---|
| 1. | Acko General Insurance Ltd. | 93.65 | 2.75 | 7,000+ |
| 2. | Aditya Birla Health Insurance Co. Ltd | 99.73 | 1.95 | 10,051 |
| 3. | Bajaj Allianz General Insurance Co. Ltd | 94.73 | 3.15 | 8,000+ |
| 4. | Care Health Insurance Ltd. | 100 | 2.52 | 19,000+ |
| 5. | Cholamandalam MS General Insurance Co. Ltd. | 92.94 | 1.95 | 10,000 |
| 6. | Go Digit General Insurance Ltd. | 94.24 | 2.61 | 10,500+ |
| 7. | Edelweiss General Insurance Co. Ltd. | 97.80 | 2.02 | 3281+ |
| 8. | Future Generali India Insurance Co. Ltd. | 93.74 | 1.62 | 6,000+ |
| 9. | HDFC ERGO General Insurance Co. Ltd. | 98.36 | 2.02 | 13,000+ |
| 10. | ICICI Lombard General Insurance Co. Ltd. | 96.93 | 2.72 | 6,700+ |
| 11. | IFFCO Tokio General Insurance Co. Ltd. | 82.57 | 1.72 | 7,500+ |
| 12. | Kotak Mahindra General Insurance Co. Ltd. | 96.01 | 2.12 | 4,000+ |
| 13. | Liberty General Insurance Ltd. | 95.57 | 2.86 | 5,000+ |
| 14. | Magma HDI General Insurance Co. Ltd. | 93.63 | 1.78 | 7,200+ |
| 15. | ManipalCigna Health Insurance Co. Ltd. | 99.97 | 2.43 | 7,600+ |
| 16. | Niva Bupa Insurance Company | 99.93 | 1.82 | 8,600+ |
| 17. | National Insurance Co. Ltd. | 57.80 | 0.36 | 6,000+ |
| 18. | Navi General Insurance Ltd. | 99.99 | 2.35 | 10,000+ |
| 19. | The New India Assurance Co. Ltd. | 86.51 | 2.13 | 1,500+ |
| 20. | The Oriental Insurance Co. Ltd. | 91.22 | 1.36 | 2,500+ |
| 21. | Raheja QBE General Insurance Co. Ltd. | 95.51 | 3.33 | 5,000+ |
| 22. | Royal Sundaram General Insurance Co. Ltd. | 97.74 | 2.08 | 11,800+ |
| 23. | Reliance General Insurance Co. Ltd. | 98.59 | 1.62 | 8,600+ |
| 24. | SBI General Insurance Co. Ltd. | 99.75 | 2.20 | 20,000+ |
| 25. | Star Health and Allied Insurance Co. Ltd. | 99.64 | 2.1 | 12,000+ |
| 26. | Tata AIG General Insurance Co. Ltd. | 90.78 | 2.17 | 7,200+ |
| 27. | Universal Sompo General Insurance Co. Ltd. | 94 | 1.95 | 4,000+ |
| 28. | United India Insurance Co. Ltd. | 96.94 | 1.08 | 2,500+ |
*Disclaimer: We InsureNow does not endorse any specific insurance company or insurance product offered by any insurer and this list is just an illustration of the plan offered by different health insurance companies ** The data of Solvency Ratio and Claim Settlement Ratio has been sourced from the annual report of IRDAI 2020-21 *** The data of network hospitals have been sourced from the official website of the general and standalone health insurance companies
Top Health Insurance Companies in India 2022
All health insurance companies in India offer uniquely designed health insurance plans to meet every health insurance requirement of every individual. But, sometimes, choosing the best health insurance company for yourself is challenging. Hence, we InsureNow have shortlisted the top 10 health insurance companies in India based on their claim settlement ratio, solvency ratio and vast network hospital list. Below mentioned are the top 10 health insurance companies and their USPs.
Acko Health Insurance is a private sector health insurance company in India. It uses an entirely online-based strategy to market and sells its products to consumers. Acko health Insurance has more than 50 million unique customers in India.
Highlighted Points
- Started in the year 2016
- More than 7000 network hospitals
- Offers free annual health checkups
Aditya Birla Health Insurance is a joint venture between MMI Holdings and Aditya Birla Group. It is a subsidiary of Aditya Birla Capital Ltd.
Highlighted Points
- Started in the year 2015
- Offers Wellness Coaching
- Offers Chronic Management Programs
Care Health Insurance, earlier known as Religare Health Insurance Company Limited. It is a subsidiary of Religare Enterprises Limited (REL).
Highlighted Points
- Started in the year 2012
- In-house Claim Settlement
- 158 branches across PAN India
- Cashless claim approval within 2hr
Digit Health Insurance is an insurtech startup in Bangalore. In 2021, Go Digit health insurance was awarded “Digital Insurer of the Year” at the Asia Insurance Industry Awards.
Highlighted Points
- Started in the year 2016
- Wide range of Network Hospitals
- More than 50 Lakhs Customers
HDFC Health Insurance is a joint venture between ERGO International AG and HDFC Limited. In 2000, HDFC Ergo Health Insurance merged with Apollo Munich Health Insurance.
Highlighted Points
- Cashless claim approval within 20mins
- 640+ branches across PAN India
- Free renewal health checkup
- In-house claim settlement
ICICI Lombard Health Insurance is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. In 2021, ICICI Lombard General Insurance merged with Bharti AXA Health Insurance Company.
Highlighted Points
- Started in the year 2001
- Mobile App for all your concerns
- 24×7 Customer Care Support
- Rewards for every claim-free year
- More than 270 branches across the country
Niva Bupa Health Insurance, previously known as Max Bupa Health Insurance. Niva Bupa health is a joint venture between Fettle Tone LLP and Bupa Singapore Holdings Pte. LTD.
Highlighted Points
- Started in the year 2008
- Cashless claim processing within 30mins
- 24×7 Customer Care Assistance
- Online Reimbursement Process
SBI Health Insurance is a joint venture between the State Bank of India (SBI) and the Insurance Australia Group (IAG). SBI health insurance offers comprehensive health insurance plans to its customers.
Highlighted Points
- Started in the year 2009
- Free Health Checkup Benefit
- More than 10.19 Cr customers
- More than 24700 branches across PAN India
Star Health Insurance is India’s first standalone health insurance company. Last year, Star Health Insurance filed for its initial public offering (IPO).
Highlighted Points
- Started in the year 2006
- 640 branch offices across PAN India
- Launched specialized health plan for Autism patients
- In-house Claim Settlement
TATA AIG Health Insurance is a joint venture between TATA Group and American International Group (AIG). In 2021, TATA AIG completed 20 years of service as one of the leading insurance companies in India.
Highlighted Points
- Started in the year 2001
- Reimbursement claim in just 21 days
- 24×7 Customer Support
Benefits of Best Health Insurance Company
Buying a health plan from the best health insurance company has various benefits. Below are the benefits of choosing the best health insurance company in India:
- Wide Range of Health Plans
- Quick grievance redressal
- Easy Claim Settlement Process
- Flexible-Premium Payment Option
- Renewal Benefits
- Portability Option Available
You will now see the options available to you as well as the premiums required for each plan. You may select the car insurance online plan that best meets your needs and budget. If you have any questions, InsureNow’s customer support staff would be happy to help.
How To Choose The Best Health Insurance Companies in India
To select the top health insurance companies in India from the 28 available options, consider the below-mentioned factors before buying a health insurance plan and match them to your specific needs and preferences.
Wider Coverage at Low Premiums
Always choose a health insurance company that offers wider coverage benefits in their health plans at low premium amounts. Compare different health plans and their premiums before selecting your health insurance company.
Network Hospitals
Choose a health plan from a health insurance company with a vast list of network hospitals where you can get cashless hospitalization in case of medical emergencies.
Customer Care Support
Always choose a health insurance company that provides round-the-clock customer care support to resolve your insurance-related queries.
Online Services
Select a health insurance company through which you can raise your claim, buy a health plan, or renew your health insurance online.
Conclusion
Your unique medical needs are the only factors you should consider when choosing a health insurance company. There is a chance that the best health insurance company we recommend will not always meet your needs or your budget. You can always choose the best health insurance company based on your needs and requirements by taking the help of the above-mentioned information.