With a number of health insurance companies available, choosing the best one is a daunting task. If you are not able to find the best health insurance company, this post is worth a read. In this post, we are explaining important factors that you should consider when searching for the best health insurance companies in India.
The requirements of health insurance products for different people are different. Choose a company that offers plans to meet your specific medical needs. Some insurers design their plans to cover hospitalization expenses, other offer covers for all-around protection, which includes coverage for critical illness plans, senior citizens, disease-specific policies and more. Choose a company that offers a wide range of plans covering all medical needs at a minimum premium.
Coverage benefits under health insurance plans are also an important parameter to take into account. The best health insurance companies are committed to providing some of the most comprehensive health insurance products which offer all-around coverage, such as pre and post hospitalization (see the number of days under pre and post-hospitalization), critical illness expenses, nursing expenses, in-patient hospitalization, room rent, ambulance costs, ICU charges, hospital cash during hospitalization. Moreover, there are some health insurance providers that guarantee benefits such as:
- OPD Benefits
- Maternity Benefits
- Prescription Drugs Benefits
- Day Care Benefits
- Dental Treatment Benefits
- Annual Health Check-ups
- Senior Citizen Health Benefits
- International cover
Choose a health insurance company that offers portability benefits. With this facility, you can move to a new insurer without losing existing credit points, waiting period and benefits like no-claims bonus and free medical check-ups for the existing medical insurance policy.
However, before changing your insurance company, make sure you exercise due diligence and compare the benefits and other facilities offered by your current insurer and the chosen company. With the portability option, you may also reap some added benefits. So, choose a company for yourself that offers portability benefits.
Always pick an insurance company for a health policy that comes with a large network of cashless hospitals throughout India. With this option, it will be easier for you to find a hospital in your city for cashless claim settlement. It is therefore good to find a health insurance company that has the largest network of cashless hospitals.
Claim Settlement Ratio (CSR)
Check claim settlement ratio of health insurance companies. The best company has high CSR which indicates that the insurer settles most of its claims. Moreover, the best company ensures an easy claim settlement process which means the insurer settles claims without any hassle. In general, choosing a health insurance provider with a claim settlement ratio of 90% and above and also those who have in-house claim settlement is a good idea.
Premium rates are another factor to consider. Be assured of the pricing policy of health insurance companies. The best company is one that sets premium rates of its insurance policies affordably without compromising on the scope of coverage offered. Choose one that offers maximum coverage at minimum premiums.
List of Top Health Insurance Companies in India
|Bajaj Allianz Health Insurance||Max Bupa Health Insurance||SBI Health Insurance||ManipalCigna Health Insurance||Care Health Insurance||Star Health Insurance||HDFC ERGO General Insurance|
|Aditya Birla Health Insurance||IFFCO Tokio General Insurance||Magma HDI Health Insurance||The Oriental Insurance Company||New India General Insurance||Go Digit General Insurance||Navi General Insurance|
|Edelweiss Health Insurance||National Insurance Company||Future Generali General Insurance||Royal Sundaram General Insurance||Liberty General Insurance||Universal Sompo General Insurance||ICICI Lombard General Insurance|
|Cholamandalam MS General Insurance||United India Insurance Company||Reliance General Insurance||Tata AIG General Insurance||Bharti AXA General Insurance||Acko General Insurance||Kotak Mahindra General Insurance|
Consider the above 6 factors when searching for health insurance companies. These factors will enable you to pick the best insurance company to meet your needs.