If you are in India, you are certainly aware of the inflation in medical care. With a rate of 14% for healthcare services, it is clear that an expensive treatment that costs around Rs. 1 lakh now might cost around Rs. 2 in five years from now. This is why you should consider getting a medical insurance policy to get much-required financial support in medical emergencies.
However, there are multiple health insurers in the market so it is quite understandable if you feel a little lost. This article will go over how you can compare the health insurance companies in India to get your ideal coverage.
Do you want to purchase a health insurance plan for your family but are not sure about the best options for you? Well, there are tons of them in the market and each one makes its own mark on its services. Here are some factors that you would like to consider when shopping for the best health insurance in India.
Insurance providers have a lot of different plans for their customers. You need to make an effort to check on the insurance provider's plans and how they match up with your needs and preferences.
Insurance is a way to protect you against the expenses that you cannot bear, but it does not cover every kind of loss. You need to check how much coverage is offered by the insurance company.
It is also important to check how many network hospitals are covered by the insurance company. This is particularly useful for customers who want to use cashless claims for any emergency treatment.
The claim settlement ratio tells you how many claims the company has settled annually. The ratio helps you to determine whether or not you should buy health insurance from that company.
Comparing the premiums of various insurance companies is one important way to choose the most suitable plan. Examine the details of their policies, like co-pay costs, deductibles, and more.
Different health insurers follow different claim procedures. If you want the best health insurance plan in India, then you should compare health insurance claim procedures of different companies.
You should check when you can call the company for any questions about your policy. Someone who provides 24x7 customer service will be available to help you through anything at any given moment.
Do not take chances with your money, check your whether insurance provider is registered with IRDA, the Indian insurance regulatory body. It will ensure you are protected in case anything goes wrong.
To ensure you are making the right financial decision, it's a good idea to check the reputation of your insurance provider. Online reviews and ratings can help you with that.
Check out the best health insurance companies doing business in India. Here you can check out their claim record along with the number of network hospitals providing cashless claim service to their customers.
Here is an overview of the health insurance companies in India:
As a 51:49 partnership between India’s HDFC Limited and ERGO, the insurance firm of Germany’s Munich Re Group, HDFC ERGO is among the popular names in India’s private insurance market.
Headquartered in Pune, Bajaj Allianz is a 74:26 partnership between Bajaj Finserv and Allianz SE. The firm is dedicated to offering services that are tailored according to your needs and budget.
Cholamandalam MS is a partnership between India’s Murugappa Group and Japan’s Mitsui Sumitomo Insurance Co. Ltd. The company is known to offer great customer experience through their products.
As one of the health insurance companies in the nation, Manipal Cigna offers comprehensive health insurance products. The company is a partnership between Cigna Corporation and the Manipal Group.
Established in 2000, IFFCO Tokio is a partnership between Tokio Marine Group and Indian Farmers Fertiliser Coop. Ltd. The company provides affordable individual and family medical insurance policies.
Formed in 2008, Niva Bupa is among the standalone health insurance companies in India. The company offers health insurance policy options that cater to the unique needs of each and every customer.
National Insurance Co. Ltd. is the oldest general insurer in the nation. Formed in 1906, the company always strives to utilise cutting-edge technology in order to provide superior insurance services.
Headquartered in Mumbai, New India Assurance Company Ltd. is a public international general insurance firm with operations in 28 nations. The company just celebrated its 100th anniversary.
Oriental Insurance Co. is a public general insurance company that began operations in 1947 in Mumbai. The organisation has 29 regional offices and over 1,800 branches spread across the nation.
Raheja QBE is a partnership between Australia’s QBE Insurance and the Rajan Raheja Group. The company was founded in 2008 with the goal of providing the best possible experience for its consumers.
Founded in 2000, Reliance is fully owned by Reliance Capital and a part of the Reliance Anil Dhirubhai Ambani Group. The private insurance company has 139 branches spread all over the nation.
Previously known as Religare, Care health insurance is a partnership between Union Bank of India, Corporation Bank and Reliance Enterprises Ltd. The company stands as a standalone health insurer.
As the nation’s first private general insurer, Royal Sundaram offers customised health insurance plans. The company was also the first health insurance to develop the concept of cashless claims.
Star Health and Allied insurance was the nation’s first standalone health insurer which started operating in 2006. The company boasts over 550 branches and more than 10,600 employees under the brand.
As a partnership between the AIG and the Tata Group, TATA AIG has been operative for over two decades, having begun activities on 22nd January 2001. The company has 3000+ hospitals in its network.
Established in 1938, United India provides health insurance plans to more than 1.74 crore policyholders. The company offers innovative and comprehensive health insurance plans at reasonable rates.
Founded in 2015, Aditya Birla health insurance Co. Ltd. is an Aditya Birla capital subsidiary. The company is a partnership between South Africa’s MMI Holdings and India’s Aditya Birla Group.
ICICI Lombard is a partnership between ICICI Bank Ltd. and Fairfax Financial Holdings Ltd. The company is a private general insurer which is well-known for its products and customer-centric approach.
As a Sompo Japan Nipponkoa Insurance, Dabur Investment, Karnataka Bank, Indian Overseas Bank and Allahabad Bank partnership, Universal Sompo is the first private-public venture in general insurance.
Founded in 2016, Acko is the nation’s first digital health insurance provider. Currently, the company offers customisable insurance plans and boasts an active consumer base that is over 50 million.
Established in 2013, Liberty General Insurance is a partnership between DP Jindal group and Liberty Citystate Holdings PTE Ltd. The company has 5000+ network hospitals and 97 branches in the nation.
Zuno (Edelweiss) general insurance was founded in 2016 as an Edelweiss Financial Services subsidiary. The company offers different health insurance plans at affordable rates for people all over the nation. Note: Zuno General Insurance formally known as Zuno (Edelweiss) General Insurance.
Future Generali India is a partnership between Future Group, an Indian retailer company and Generali Group, an international insurance company. The company has over 125 branches in the nation.
Backed by Canada-based Fairfax Financial Holdings Ltd., Go Digit General is committed to providing easy, transparent, and tailored health insurance options to individuals of all ages.
Established in 1985, Kotak Mahindra General is a subsidiary of Kotak Bank Limited. The health insurance policies of this company are tailored to offer value to different sections of society.
Magma HDI General is a partnership between HDI Global SE Germany and India’s Magma Fincorp Ltd. The company boasts a PAN India footprint with over 135 offices in various locations.
Formerly known as DHFL, Navi General is a subsidiary firm of Navi Technologies. The company offers you quick health insurance coverage of up to INR 1 crore using a fully paperless approach.
SBI General Insurance Co. Ltd. is a partnership between the State Bank of India, Honey Wheat Investment Ltd., Napean Opportunities LLP, Axis New Opportunities AIF-I, and PI Opportunities Fund-1.
As a state-held insurer, Life Insurance Corporation of India has recently started offering health insurance policies. Currently, the company offers cancer cover and Arogya Rakshak policies.
Here is a list of government health insurance companies in India:
Which are the Standalone Health Insurance Companies
Here is a list of standalone health insurance companies in India:
For further deeper evaluation, here’s a list of top 10 things you need to check while you select the top health insurance plans from the best health insurance companies list.
If you have been trying to think of ways in which you can protect yourself financially, getting the best health insurance plan in India is certainly one of them. If you make the right plans ahead of time, you will be prepared for an emergency and won't have to worry about how to pay for it. You can even renew health insurance plans online. Furthermore, the easy availability of government-aided health insurance online has made it possible for people from every section of society to get healthcare coverage.
Everyone deserves to have access to the best health insurance policy; this coverage is your future protection, and it should be made a top priority.
It is not mandatory for employers in India to offer health insurance to their employees. It is left to the discretion of employers to decide whether they want to offer this benefit to their employees.
Yes, you should definitely buy health insurance from your employer in case the organization offers such a benefit. If you feel that the coverage offered by this corporate health insurance policy is not sufficient to meet your requirements, you can supplement it by purchasing a separate policy.
There are NO standalone health insurance companies run by the government of India. However, there is 1 Life Insurance and 4 general Insurance companies under the Public Sector which provide health insurance products to the public.
Health insurance companies have a varied range of plans that they have designed to cater to different health needs of individuals across ages, illnesses, etc. Applicants who meet the required criteria of a plan, as mentioned in the policy document, are eligible for purchasing it. Generally, health plans do not have stringent eligibility criteria, with certain exceptions being related to pre-existing illnesses, medical check-ups, etc. The health insurance plan pays for the medical expenses up to the sum insured in a particular policy year.
There are two kinds of claims that health insurance companies settle - cashless claims and reimbursement claims. Every insurance company has their stipulated time frames for settling both types of claims.
Yes, most leading health insurance companies in India enable policyholders to switch to other companies through the portability feature.
Health insurance companies have a network of authorized hospitals. A policyholder of a certain insurance company can avail cashless benefits on hospitalization and medical expenses incurred in any of their network hospitals by showing their cashless health card subject to approval by the insurance company.
The below is the list of standalone health insurance companies in India:
Health insurance companies have a varied range of plans that they have designed to cater to different health needs of individuals across ages, illnesses, etc. Applicants who meet the required criteria of a plan, as mentioned in the policy document, are eligible for purchasing it. Generally, health plans do not have stringent eligibility criteria, with certain exceptions being related to pre-existing illnesses, medical check-up, etc. The health insurance plan pays for the medical expenses up to the sum insured in a particular policy year.
There are two kinds of claims that health insurance companies settle - cashless claims and reimbursement claims. Every insurance company has their stipulated timeframes for settling both types of claims.
Solvency ratio refers to the size of the capital of an insurance company involved in the ongoing claims at a certain point of time with respect to all the risks undertaken by it. The ratio is a measurement of its current assets versus its liabilities in the form of commitment for claim settlement..
Almost all health insurance companies are offering cashless hospitalization facilities to you. CARE Health Insurance has the highest number of hospitals empanelled on its network, followed by HDFC ERGO, Star Health, Aditya Birla Health Insurance, Reliance, and so on. You can check the table above to know the number of hospitals empanelled by an insurance company.
The top 5 private health insurance companies based on Incurred Claim Ratio (ICR) for the financial year 2018-19 are as under:
Yes, almost all health insurance companies are offering cover for organ donor expenses. This benefit is available as an in-built feature or through an add-on. Before you decide, it is recommended to go through the product brochure and confirm what is included and excluded from the health insurance plan.
It is a big myth that has plagued the health insurance sector. Health Insurance Plans are available in India with benefits that go beyond just hospitalization. Health insurance offers benefits like Pre and Post-Hospitalization, domiciliary treatment, organ donor expenses, ambulance expenses, daycare procedures, OPD expenses, and much more.
Yes, you can easily port your health insurance plan from one company to another. Our Article on “All You Wanted to Know About Health Insurance Portability” (https://www.coverfox.com/health-insurance/articles/health-insurance-portability-all-you-wanted-to-know/) gives you all the details required for porting your existing health insurance plan to a new insurance company.
Diabetes specific health insurance plans cover medical expenses arising due to diabetes. Diabetes Safe Insurance Policy from Star Health Insurance Plan, Energy from HDFC ERGO, Care Freedom from Care Health Insurance are some of the plans that you can look at to take care of your medical expenses arising out of diabetes.
There are 5 standalone health insurance companies and 25 general insurance companies offering health insurance products in India. In short, there are 30 companies providing health insurance to the vast population of India.
For the financial year 2019-20, based on the Incurred Claim Ratio, IFFCO TOKIO General Insurance Company is the best health insurance company.
The standalone health insurance companies operating in India are:
The 4 public sector general insurance companies offering health insurance in India are:
There are 21 private general insurance companies offering health insurance products to the people of India.
