Best Health Insurance Companies you can choose in 2021 to Buy Health Insurance

The health insurance industry has witnessed exponential growth since its inception in 1986. As of now, 30 insurance companies are operating in the country. Out of these, 25 are General Insurers and 5 are Standalone health insurance companies. General insurance companies deal with a variety of insurance, including health insurance, motor insurance, travel insurance, term insurance except for life insurance. Standalone health insurance companies offer only health insurance plans.

To pick the best medical insurance companies, there are a few important features you should know to rate insurance providers. These features include performances, Incurred Claim Ratio (ICR) and benefits offered to customers. 

The listed table contains some of the top health insurance companies in India. 

Health Insurance CompaniesIncurred Claim RatioNetwork HospitalsHealth Insurance CompaniesIncurred Claim RatioNetwork Hospitals
Aditya Birla Health Insurance70.81%6,000+Cholamandalam MS General Insurance35%7,240+
Bajaj Allianz General Insurance92.24%6,500+Go Digit General Insurance11%5,900+
Bharti AXA General Insurance89%4,500+Edelweiss General Insurance115%2578+
Care Health Insurance55%74,000Future Generali General Insurance73%5000+
IFFCO Tokio General Insurance102%5,000HDFC ERGO General Insurance62%10,000+
Kotak Mahindra General Insurance47%4,800Liberty General Insurance82%5,000+
Max Bupa Health Insurance54%4,500Manipal Cigna Health Insurance  62%6,500
National Insurance Company107.64%6,000New India General Insurance103.74%3,000
Oriental Insurance Company108.80%4,300Raheja QuBE Health Insurance33%5,000
Royal Sundaram General Insurance61%5,000%Reliance Health Insurance14%7,300
Star Health Insurance63%9,900SBI General Insurance52%6000+
Tata AIG General Insurance78%3,000+United India Insurance Company110.95%7,000+
Universal Sompo General Insurance92%5,000Magma HDI Health Insurance95.17%4,300+
Navi General Insurance86.98%5,100+ICICI Lombard General Insurance78.67%5,000+
Reliance General Insurance76.43%7,300+Acko General Insurance74.09%5,000+

To find one of the best medical insurance companies, check Incurred Claim Ratio, the number of network hospitals and other features when selecting a health insurance company. Also, choose an insurer after comparing them based on the coverage benefits and features mentioned below.

Incurred Claims Ratio (ICR) is the indicator of an insurer’s ability to make payments towards claims. If the ICR is more than 100%, it shows that the amount paid by the company as a claim is more than the premium collected by the company. In such a situation, the insurer will hardly sustain itself. In case the claim is less than 50%, the insurance provider is either hardly giving out claims or is making relatively profits.

Therefore, the best health insurance companies are ones that have ICR ranges between 75% and 90%.

Bajaj Allianz Health Insurance

  • Health cover available for families, individuals, and senior citizens
  • Specific health plans to cover life-threatening diseases such as strokes, cancer, tumors.
  • Cashless claim settlement facility available in 6500+ healthcare centers
  • Global personal guard health plan to provide international coverage
  • Cashless claims settlement within 60 minutes
  • Tax-saving benefits under Section 80D
  • Health insurance products of Bajaj Allianz Health Insurance are Health Guard, Silver Health, and Star Package.

Aditya Birla Health Insurance

  • Cashless treatment in 5850+ hospitals across 650+ cities in India
  • 800+ Fitness centers, yoga’s, gyms, and more
  • Discounts on medicines across 2300 pharmacies in 25+cities
  • In-patient Ayush treatment cover
  • Fitness assessment centers, wellness centers, diagnostic centers and hospitalization centers

Bharti AXA Health Insurance

  • No requirement of co-payment
  • Unlimited hospital room rent
  • Cashless hospitalization in 4500+ network hospitals throughout India
  • Flexibility to pick the policy and enjoy comprehensive health cover up to Rs. 1 Crore
  • Lifelong policy renewal facility
  • Tax-saving benefits up to Rs. 55,000 under Section 80D

Care Health Insurance

  • Meet everyone’s requirement: individual; family floater plan
  • Health insurance plan for diabetes and hypertension
  • Plans for senior citizen, and top-up plans0
  • Cashless claim approval in nearly 2-hours 
  • Annual-health check facility to the insured members
  • Pre-existing health ailments
  • Annual cardiac check-ups

Digit Health Insurance

  • Sum assured options range from as low as Rs. 2 lakhs to a higher of Rs. 25 lakhs
  • Cashless hospitalization cover in more than 5900 hospitals in India
  • Online and digital-friendly and can be purchased without much of paperwork
  • No sub-limits on the hospital room rents

Cholamandalam Health Insurance

  • More than 136 branches across India
  • Accidental and critical illnesses cover is available
  • Lifelong renewability for complete protection to you and your loved ones
  • Pre and post-hospitalization expenses for 30 days and 60 days respectively
  • Annual health check-up facilities
  • Extensive family health plans, individual health plans
  • Top-up plans, and critical illness insurance plans

HDFC ERGO General Health Insurance

  • A range of health plans i.e. individual health plans, family insurance plans
  • Personal accident cover to critical illness insurance policies
  • No sub-limits on the room rent
  • A wide range of sum assured options
  • A 5% bonus for each claim-free year
  • Pre-existing medical conditions after 4 years of premium payments
  • Add-on covers like critical illness cover, maternity cover, hospital cash benefits etc.
  • Day-care procedures and domiciliary hospitalization 

IFFCO Tokio Health Insurance

  • Cover for sudden illness, disease or injuries that require hospitalization, surgical or medical treatment
  • Cover for organ transplantation
  • Compensates expenses incurred on pacemaker, chemotherapy, organ transplant, radiotherapy, surgical appliances, dialysis, blood, oxygen, medicines, operation theatre, drugs etc.
  • The company caters to the rural population 
  • Quick and hassle-free claim settlement in an efficient manner
  • Additional cover on critical illnesses on extra premium on an existing health insurance policy

These are some of the insurers from the top health insurance companies in India. However, you can also choose health insurance companies like Bajaj Allianz General Insurance, Max Bupa Health Insurance, HDFC ERGO General Insurance, Manipal Cigna Health Insurance, ICICI Lombard General Insurance, Universal Sompo General Insurance, and more. 

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