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 Companies||Incurred Claim Ratio||Network Hospitals||Health Insurance Companies||Incurred Claim Ratio||Network Hospitals|
|Aditya Birla Health Insurance||70.81%||6,000+||Cholamandalam MS General Insurance||35%||7,240+|
|Bajaj Allianz General Insurance||92.24%||6,500+||Go Digit General Insurance||11%||5,900+|
|Bharti AXA General Insurance||89%||4,500+||Edelweiss General Insurance||115%||2578+|
|Care Health Insurance||55%||74,000||Future Generali General Insurance||73%||5000+|
|IFFCO Tokio General Insurance||102%||5,000||HDFC ERGO General Insurance||62%||10,000+|
|Kotak Mahindra General Insurance||47%||4,800||Liberty General Insurance||82%||5,000+|
|Max Bupa Health Insurance||54%||4,500||Manipal Cigna Health Insurance||62%||6,500|
|National Insurance Company||107.64%||6,000||New India General Insurance||103.74%||3,000|
|Oriental Insurance Company||108.80%||4,300||Raheja QuBE Health Insurance||33%||5,000|
|Royal Sundaram General Insurance||61%||5,000%||Reliance Health Insurance||14%||7,300|
|Star Health Insurance||63%||9,900||SBI General Insurance||52%||6000+|
|Tata AIG General Insurance||78%||3,000+||United India Insurance Company||110.95%||7,000+|
|Universal Sompo General Insurance||92%||5,000||Magma HDI Health Insurance||95.17%||4,300+|
|Navi General Insurance||86.98%||5,100+||ICICI Lombard General Insurance||78.67%||5,000+|
|Reliance General Insurance||76.43%||7,300+||Acko General Insurance||74.09%||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.