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Health Insurance Companies
In recent years, health insurance has become one of the major insurances as it not only provides protection to the health of the consumers and looks after their financial well-being but also provides a list of other useful benefits.
In India, there are more than 28 insurance providers offering health insurance to their customers. Here the confusion arises as to which company is more reliable and appropriate for you. To ease out your problem, here is the list of 15 leading health insurance companies in India that we have selected based on a decent claim settlement ratio, market share (yearly premium), and network hospitals. You can go through the table before selecting the right health insurance provider for yourself.
List of Best Health Insurance Companies
|Company name||Annual premium in 2019-2020 (in crores)||Cashless facility||Network hospitals||Claim support % for 2019-2020 (claim settled within 3 months)||Solvency Ratio % for 2019-2020|
|Star Health and Allied Insurance Company||6718.99||Available||10,200+||99.9%||1.69|
|HDFC ERGO General Insurance Company||3623.49||Available||10,000+||99.8||1.77|
|Care Health Insurance Company||2151.25||Available||15,500+||100||1.53|
|Bajaj Allianz General Insurance Company||2138.53||Available||6500+||98.61||2.45|
|Reliance General Insurance Company||1365.92||Available||7300+||98.16||1.54|
|Max Bupa Insurance Company||1177.56||Available||5000+||99.91||1.64|
|Tata AIG General Insurance Company||835.42||Available||6200+||92.82||1.84|
|Aditya Birla Capital||755.5||Available||8000+||99.36||1.99|
|SBI General Insurance Company||742.46||Available||6000+||97.84||2.21|
|Manipal Cigna Insurance Company||567.29||Available||6500+||99.96||1.82|
|Royal Sundaram Alliance Insurance Company||394.6||Available||5000+||97.75||1.83|
|Future Generali India Insurance Company||381.96||Available||5100+||93.34||1.57|
|Cholamandalam MS General Insurance Company||316.99||Available||7240+||91.47||1.56|
*** Source of Annual premium data and Claim data is IRDA Annual Report 2019-2020. Source of network hospitals in the respective hospital’s official website.
Star Health and Allied Insurance Company
Star Health and Allied Insurance Company, established in 2006 is an Indian insurance company headquartered in Chennai. It offers a wide range of health insurance products and specially designed health plans to cater to the needs of every individual. Star health is very popular among policy-seekers due to its high and seamless claim settlement process. This company has bagged numerous awards and accolades including Dun and Bradstreet BFSI Summit and Awards in the year of 2019 for being ‘India’s Leading Insurance Company of the Year’. It has more than 640 official branches across India.
HDFC ERGO General Insurance Company
HDFC ERGO General Insurance Company is a joint venture firm between HDFC and ERGO International AG, established in the year of 2002. It has a vast range of branches, more than 200 that are spread across 170 cities of India. It offers various and comprehensive sets of health insurance products with varied benefits that can help an individual to find out the appropriate one for himself. The firm’s website has an AI-based chatbot DIA which can answer many of the queries. HDFC ERGO General Insurance has adopted the Robotics process automation and voice analytics to improve customer experience that has really made it popular among the customers and convenient for them as well.
Established in 2001, ICICI Lombard is one of the leading private sector general insurance companies in India. It is a joint venture between ICICI bank- India’s second-largest bank and Fairfax Financial Holdings Limited- a financial services company based in Toronto. It has 273 branches and 840 virtual offices spread across the nation that has made it really plausible for the customers. Its client-centric approach and the strong network of around crores of customers has brought fame to it. The company offers a wide range of health insurance products with multiple benefits and their reliable claim settlement ratios attract the policy-seekers. Among various awards, ICICI Lombard has also bagged the ‘Gold Shield’ award for excellence, presented by the Institute of Chartered Accountant of India (ICAI), in the financial reporting category for its Annual Report for the financial year of 2019.
Care Health Insurance Company
Founded in the year of 2012, Care Health Insurance Company, formerly known as Religare Insurance Company Limited is one of the leading health insurance companies in India, headquartered in Gurgaon. It offers a vast range of health care plans ranging from maternity insurance, senior citizen health plan, diabetes and hypertension cover to many more. Care Health Insurance Company is a joint venture among Religare Enterprise Private Limited, Union Bank of India, and Corporation Bank. It is a trusted health insurance company that has recently claimed the award of ‘Nest Health Insurance Company’ at the ABP News-BFSI Awards.
Bajaj Allianz General Insurance Company
Founded in the year of 2001, Bajaj Allianz General Insurance is a private general insurance company in India that is a joint venture between Bajaj Finserv Limited owned by the Bajaj Group of India and Allianz SE, a German financial services company. The Company lists 97 filed and approved products, of which 27 are health products and thus it has made itself more convenient and acceptable to its customers. In the year 2014, the company announced it would open up all-women branches, and now the company has about 30 such branches in India. It is the first insurer that facilitated the cashless claim settlement policy. The company was recently awarded the ‘Best Insurer in India, 2020’ by IDC Financial Insights Innovation Awards.
Reliance General Insurance Company
Established in the year 2000, Reliance General Insurance Company Limited, entirely owned through Reliance Capital, is an Indian private insurance company and a part of Reliance Anil Dhirubhai Ambani Group. It has a strong network composed of over 128 branches and more than 27,888 intermediaries across India. The company offers a wide range of insurance products related to motor, health, travel, and home. Under Health, there are several plans to choose from including Health gain (can be availed in instalments), Wellness, Critical Illness, and Personal Accident, and many more to cater to the different needs of its customers.
Max Bupa Insurance Company
Founded in the year of 2008, Max Bupa Insurance Company is one of the leading insurance companies in India, headquartered in New Delhi. It started as a joint venture between Max India Limited and Bupa, the UK-based international healthcare group. In the year 2019, the company launched ‘AnyTimeHealth (ATH)’ machines that allow customers to buy health insurance cover in a few seconds making it more convenient and acceptable to the customers. It is a perfect blending of global expertise and local knowledge that makes it the best option for health insurance when it comes to the most vital insurance category, protecting your family’s health. The company was awarded the ‘The Economic Times Best Brands 2019’ award by The Economic Times and Nielsen in 2019. It has a wide range of customized healthcare insurance plans and mediclaims such as individual health insurance, family floater insurance plan, top-up insurance cover, and some more to address the individual needs of its customers.
Tata AIG General Insurance Company
Founded in 2001, Tata AIG General Insurance Company is an Indian general insurance company, which is a joint venture between the Tata Group and American International Group (AIG). The Company offers insurance to individuals and corporations with a range of general insurance products including insurance for automobile, home, travel, health, marine, property, personal accident, and some more. The company’s products are available through multiple distribution channels like agents, brokers, banks, and direct channels like telemarketing, digital marketing, worksite, etc. It has 200 offices across India, more than 40,000 licensed agents, 437+ registered brokers making itself more reachable to its customers.
Aditya Birla Capital
Established in the year of 2007, Aditya Birla Health Insurance Company is a joint venture between the Aditya Birla Group and MMI Holding Limited. The company has more than 7000 network hospitals spread across 2100+ cities in India. It offers access to more than 800 fitness centers, yoga, and gyms. The insured can also avail of discounts on medicine across 2300 pharmacies situated in more than 230 cities in India. The company provides a varied list of products that helps individuals to find out the right one for themselves.
SBI General Insurance Company
Headquartered in Mumbai and founded in the year of 2009, SBI General Insurance Company is a joint venture between the Insurance Australia Group (IAG) and State Bank of India. The company offers a wide range of insurance products and services, in the retail and commercial space including personal accident, home, health, travel, and motor insurance in the retail space and aviation, marine, fire, and many more. It has more than 22,000 branches across India. It is one of the trusted health insurance companies in India.
Manipal Cigna Insurance Company
Formerly known as Cigna TTK Health Insurance Company, Manipal Cigna Insurance Company started its journey in the year of 2014. The company is a joint venture between Cigna, the global business group for insurance, and TTK Group, an Indian giant. It has 51 branches across India and more than 65,000 enrolled in lifestyle coaching. It has a strong and wide network connection for its customers including 21,758 licensed agents. The company offers a wide range of customized health insurance products to secure financial wellbeing and protect the health of its customers.
Royal Sundaram Alliance Insurance Company
Royal Sundaram Alliance Insurance Company, a subsidiary of Sundaram Finance Group, is the first private sector general insurance company in India to be licensed in October 2000 by the Insurance Regulatory and Development Authority of India (IRDAI). The company was initially a joint venture between Sundaram Finance, one of the most respected non-banking financial institutions (NBFCs) in India, and Royal & SunAlliance Insurance plc, UK, one of the oldest general insurers in the UK. With a team of more than 2000 employees, the company has 156 branches across India. It offers a wide array of general insurance plans including health insurance to cater to the needs of its customers.
Future Generali India Insurance Company
Headquartered in Mumbai and founded in the year of 2000, Future Generali India Insurance Company is a private general insurance company of India that is a joint venture between the Future Group and Assicurazioni Generali. It has 125 branches across India. The company provides a wide array of insurance, including personal, commercial, and social/rural insurance. It also offers a diverse range of health insurance products that are pocket-friendly and specially designed to cater to the needs of its customers.
Cholamandalam MS General Insurance Company
Founded in the year of 2001, Cholamandalam MS General Insurance Company is a private Indian insurance company that is a joint venture between the Murugappa Group, an Indian conglomerate, and the Mitsui Sumitomo Insurance Group, a Japanese insurance company. The company has 140 branches across the country. The company has a huge range of insurance products, including accident, engineering, health, liability, marine, motor, property, travel, and rural insurance for individuals and corporate insurance.
Bharti AXA General Insurance Company
Established in the year of 2008, Bharti AXA General Insurance Company is a joint venture between Bharti Enterprises of India, a major Indian business group, and the AXA Group of Europe, a prominent name in the world in financial protection. It has 135 branches across India and offers a wide array of insurance products such as motor, two-wheeler, health, critical illness, property, travel, crop insurance, and many more. It has bagged 29 awards in the last 8 years. It is widely known for its good customer service and seamless claim settlement procedure. It is the first general insurance company in India that has received dual certifications in the first year of its operation, ISO 27001:2005 AND ISO 9001:2008.
What are all factors to consider while choosing a suitable health insurance company?
As the insurance market is bombarded with lots of health insurance companies, it becomes really confusing for the policy-seekers to find out the appropriate one for themselves. There are few parameters on which you can choose the most reliable one for you. These parameters are fixed on the basis of a few factors of health insurance policies from the point of view of a buyer. Selecting the right company is the major task and after that, you can easily choose their health plans according to your convenience and those factors are mentioned below.
- Cashless facility – Cashless facility denotes the cashless claim settlement that means the medical expenses that are incurred to the insured due to hospitalization or any medical emergency that expenses are directly settled by the company to the hospital. Here, the insured needs not to pay the bills. To offer this facility, the insurance companies collaborate with the hospitals that are called the network hospitals and if the insured takes medical treatments in one of the network hospitals of the company, only he/she can avail of this cashless facility. This is a great relief for the insured. So, while selecting a health insurance company, the first and foremost thing that you need to notice is whether that company has a cashless facility.
- Network hospitals – An insured can avail of the cashless claim facility only if he/she takes medical treatments from one of the network hospitals of the health insurance company. Hence, it is important to go through the list of the network hospitals of the insurer and find out whether there are any within your vicinity. It would be advisable to choose an insurer that has a long list of network hospitals, ideally the preferred ones of yours. So that you can remain well-protected at the time of a medical emergency and you don’t have to travel far in search of a good hospital.
- Claim support – It is one of the fundamental parameters when it comes to selecting an ideal health insurance company because people buy health insurance policies so that they can have financial support at the time of a medical emergency. So, you should go for only those companies that have a great claim settlement ratio and good customer service. The higher the claim support, the better is the customer service.
The IRDAI annual report issues the data for the percentage of claims settled by the company within 3 months. The higher the data is, the more reliable the company is. In the above-given table, this claim settlement ratio is given as provided by IRDAI. You can refer to that data for selecting your ideal health insurance company.
- Market share – The term Business Volume denotes the total number of policies that are provided by the insurance company and the premiums collected. Needless to say, an insurance company with a higher business volume refers to the fact that it is trusted by most individuals and also has a larger market share. You can also count it as one of the parameters while choosing a health insurance company.
- Solvency ratio – A solvency ratio is a key metric used to measure an insurance company’s ability to meet its long-term debt obligations. The higher solvency ratio denotes that the company has a higher proportion of capital related to the risk it has undertaken, which also means that in case of huge claims the company has enough resources to settle the claims of the insured. This is really good for the customers. Hence, if the solvency ratio is higher, for the customers it is good from the perspective of financial stability.
- Variety of plans – Major and popular health insurance companies come with a wide array of plans. Even some policies can be customized according to the requirement of the policy-seeker. Some plans are specially designed to cater to the needs of a specific group of individuals such as senior citizens, people with heart diseases, cancer patients, young populations, and so on. One needs to go through all the possible options of the plans and then select an ideal one according to his/her convenience. Generally, the insurance companies which have a wide range of plans are preferred by the people and you have lots of options to select from.
- Review – Before choosing any health insurance company, make sure your company holds a good reputation in the market. For this, you need to check the reviews and the ratings of the customers because there you can find the most honest opinions. It is true that those companies which have a wider customer base and collection of good reviews are more trustworthy and reliable.
Frequently Asked Questions
As per IRDA’s guidelines, it is now possible to port your health insurance plan from one insurer to another. To know about the details of the procedure, contact your insurer in which you want to port your policy.
Yes, you can buy more than one health insurance plan.
Most health insurance companies do not provide coverage for overseas treatments. But few insurers are there that offer coverage for the treatments on foreign lands. If you need this facility, it would be advisable to talk to the insurer at first about the same.