Last Updated on 01/01/2021 by Deepak Singla
You never know what kind of medical emergency might come across your or your family’s way and you can’t always be financially well prepared to handle this kind of emergencies. So, getting health insurance is a must in the current era. There are a plethora of health insurance companies ready to hand out health insurances to you but it is tough to figure out which one is the best health insurance, provider. You need a company that would fulfil all your requirements while giving you the best health insurance plan. Here is a list of the top 10 best health insurance companies in India to help you decide better.
|Sl. No.||Health Insurance Company||Incurred Claim Ratio (ICR) for the FY 2018-19||Branches||Network hospitals||Renewability||Waiting Period for Pre-existing illness|
|1||HDFC ERGO Health Insurance Limited||63%||||10000+||Lifelong||3 years|
|2||Star Health and Allied Insurance Company Limited||63%||550+||9900+||Lifelong||3 years|
|3||Max Bupa Health Insurance Company Limited||55%||26+||4500+||Lifelong||4 years|
|4||SBI General Insurance Company Limited||72%||24000+||6000+||Lifelong||4 years|
|5||Religare Health Insurance Company Limited||55%||1700+||7400+||Lifelong||4 years|
|6||ManipalCigna Health Insurance Company Limited||62%||||4500+||Lifelong||4 years|
|7||Bajaj Allianz General Insurance Company Limited||78%||||6000+||Lifelong||4 years|
|8||New India Assurance Company Limited||95%||||1200+||Lifelong||4 years|
|9||Oriental Insurance Limited||106%||1800+||4300+||Lifelong||4 years|
|10||National Insurance Company Limited||116%||1340+||6000+||Lifelong||4 years|
1. HDFC ERGO Health Insurance Limited:
Previously, HDFC ERGO General Insurance Company was known as Apollo Munich Health Insurance. Now, it has become a joint venture of HDFC Ltd. And ERGO International AG. HDFC ERGO is one of the best health insurance companies in India which offers comprehensive health insurance plans to the customers. The key features of the same are as follows:
- Its Incurred Claims Ratio (ICR) for the fiscal year 2018 – 19 is 63%, which is quite impressive.
- It offers additional riders like lifetime renewals and portability benefits.
- Wide Selection: You get the widest range of medical insurance plans. Family health insurance covers, individual health insurance plans or senior health insurance plans, they have it all.
- Great Service: It is known for the excellent service they offer. Their customer service team will always be there to help you out, no matter what.
- Digital Presence: They also have a great mobile app and an advanced website through which you could buy your health insurance.
2. Star Health and Allied Insurance Company Limited:
Star Health Insurance Company is one of the best health insurance providers in India which offers the best health insurance plans for the individuals, families and senior citizens. This is first standalone well-reputed health insurance company in India. You get the following advantages from Star Health:
- High Claim: The claim settlement record is pretty high. This is a crucial thing to take care of when you choose your health insurance company.
- Great Service: You are bound to get doubts about your health insurance cover and then you will require assistance. With Star Health insurance provider, you will get great customer support.
- Options: Be it a small top-up plan or a family health insurance coverage, you will get plenty of options at Star Health to suit your needs.
3. Max Bupa Health Insurance Limited:
Max Bupa Health Insurance Company is one of the best health insurance companies in India offering different type of comprehensive health insurance policies to the customers. This company has many interesting health insurance plans to offer. With Max Bupa, you get the following benefits:
- Efficiency: The main advantage is that you get efficient and professional services when you choose Max Bupa. The company is known for the same. The way they sell their health insurance plans to the way they provide customer services, everything is exceptional. If you want a smooth experience, then you must choose Max Bupa.
- Variety: In case you wish to have a wide range of plans from the same company, then Max Bupa should be your pick. They have numerous types of health insurance plans, all under one roof.
4. SBI General Insurance Company:
This is a joint venture by the SBI and Insurance Australia Group. In the fiscal year 2018-19, it incurred a claim ratio of 72% and issued 198876 policies. Some of its key features:
- You can choose the amount of assured sum between INR 50000 to INR 5 lakh.
- You do not need a medical screening procedure up to the age of 45 years if you have a clean medical record.
- Most of the health insurance policies cover pre and post-hospitalization expenses as well (including nursing expenses).
- You could easily renew your plan online.
5. Religare Health Insurance Company Limited:
This Company has shown tremendous growth in a short period and has set a benchmark in the market. It has an incurred claim ratio of 55% for the fiscal year 2018-19. This is also one of the best health insurance companies in India with best claim settlement ratio. Some of its key features are the following:
- They have a plan for everybody’s requirement be it individual and family floater plan, health insurance plan for diabetes and hypertension, senior citizen plan and top-up plans too.
- You get cashless claim approval within 2 hours mostly.
- Most of the plans have an annual health check facility for the insured members.
- They have annual cardiac check-ups for pre-existing health ailments.
6. Manipal Cigna Health Insurance Company:
A new player in the market but has quickly risen to the category of the best health insurance companies. Its claim ratio for the fiscal year 2018-19 was 62%. Some of the reasons why it is so popular are as follows:
- You can choose from several different health policies which include critical illness plans, accidental plans, top-up plans, etc.
- Manipal Cigna Health Insurance provides user customizable plans to meet their needs.
- They provides critical illness plan covering around 30 major illnesses.
- You can also easily track your health insurance claims online on their website.
7. Bajaj Allianz General Insurance Company Limited:
They were the first to provide captive TPA services with additional benefits. Their claim ratio for the fiscal year 2018-19 was 77.61%. Here are some of the best features of the Bajaj Allianz Medical Insurance Plans:
- You can choose from 3 major products namely Health Guard, Silver Guard, and Star Package.
- They offer health coverage to individuals, families and senior citizens as well.
- They have specific health plans to cover life-threatening illnesses like strokes, cancer and so on.
- You also have the option of a cashless claim settlement facility available in over 6500 hospitals which would be settled within 60 minutes.
- There is a global personal guard health plan for international coverage.
8. New India Assurance Company Limited:
This is a fully government-owned company of India operative since 1919. It had incurred a claim ratio of 95.39%for 2018-19. Best known for their Mediclaim policy, here are some other top features of the New India Assurance Company:
- You get a comprehensive plan for your family including protection for self, spouse and two children as well.
- They have one of the best cancer coverage plans.
9. Oriental Insurance Company Limited:
This is also a government-owned insurance provider that offers a wide range of health insurance plans. The incurred claim ratio for the year 2018-2019 was 106.10%:
- It does not need a pre-policy medical screening up to the age of 60 years.
- They offer individual health insurance plans as well as family health insurance plans and which can be customized as per your needs.
10. National Insurance Company Limited:
It is a full government entity and has been serving its customers for over a century now and provides health insurance coverage. Its incurred claim ratio was 115.55% for the fiscal year 2018-19. Here are some of the benefits you get:
- National Insurance Company has over 6000 hospitals offering cashless treatment.
- Their health plans cover the cost of treatment for 30 days before hospitalization and 60 days after as well.
- Some of the plans also offer free health check-up benefits of up to 1% of the Sum Insured on completion of 4 claim-free years.
- You also get extensive family health plans, Parivar Mediclaim policy which offers coverage for up to 6 family members under a single plan.
- Their best health product is the Varishtha Mediclaim for the senior citizens.
By now, it must be clear that you should choose a health insurance policy as per your requirements. However, there are certain features to help you make this decision like the performance, claim settlement ratio, benefits, and ICR of the policies.
We have tried our best to provide you with the best health insurance plans. Hopefully, you will be able to select a plan for yourself from all the best health insurance companies listed in this article.