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About Health Insurance Companies
The sedentary and fast paced lifestyle of our times have led to rise of many untimely diseases. Nowadays, it is common to hear critical health issues arising even at a young age. The rising costs of medical treatments have now made health insurance a necessity rather than luxury. Health insurance helps cover your financial risk and keep your hard-earned money from getting spent in paying exuberant medical bills.
The Indian health insurance market has grown exponentially in the last decade. At the moment, there are more than twenty major companies which offer a diverse range of health insurance solutions for Indian residents. Each company has a wide range of health insurance plans which aim to fulfil the varied health related requirements of every individual. Henceforth, choosing a health insurance company can be tricky.
Related Blog: Health Insurance: Types, Benefits, Eligibility – A Complete Guide For You
How to Choose the Right Health Insurance Company?
The most important factor while choosing a health insurance company is the incurred claim ratio. It is the proportion of claims that is paid out against the total amount of premiums received by the health insurance company. Low incurred claim ratio indicates that the health insurance company’s claim settlement process is extremely rigorous. High incurred claim ratio implies that the company is paying out more. However, one has to be cautious because very high incurred claim ratio can be threatening to the company’s survival. Henceforth, the wise decision would be to opt for a company with moderate incurred claim ratio.
Other equally important factors are the number of cashless hospitals where you can avail the policy, the company’s solvency ratio and special benefits offered the policy under the policy.
List of Top Health Insurance Companies
Now that you are aware of what to look for in an insurance company, here is the list of top health insurance companies in India along with all the important factors we discussed above. All the figures listed here are updated based on the public financial data of the latest financial year 2019-2020.
Here is the list of health insurance companies in India
1. Bajaj Allianz Health Insurance
Bajaj Allianz Health Insurance Company Limited is joint venture between the world’s leading insurer, Allianz SE and Bajaj Finserv Limited. The Company started its operations in the year 2001, after receiving the certificate of registration from IRDA to conduct general insurance business in India. Bajaj Allianz General Insurance, currently is one of the largest insurers in India.
Some Beneficial features of Bajaj Allianz Health Insurance
- The expenses incurred prior and post hospitalization are covered in most of its plans.
- Maternity Cover designed to bear expenses during childbirth are part of its policies.
- Most health insurance plans have provision for an annual or bi-annual Preventive Medical Check-up.
- 24 x 7 On-Call Support is provided via a toll-free number. Which assists policy holders on all their queries.
- Cashless treatment option is available for customers. This provides financial relief during critical time of hospitalization.
| Headquarter | Pune |
| Incurred claim ratio for FY2020 Claim Ratio = Net Claims Incurred / Net Earned Premium | 85% |
| Cashless Hospitals | 6500+ |
| Solvency Ratio | 2.77 |
| Company website | www.bajajallianz.com |
2. Aditya Birla Health Insurance
Aditya Birla health Insurance company is a part of the Aditya Birla Capital Ltd. It was created to simplify the general insurance solutions for its clients. The company well known for providing insurance products across the globe.
The company started its operations in October 2016 after getting certified by IRDAI. The company has tie-ups with all the major health care providers, diagnostic centres and hospitals across India. It is a preferable choice because it has a claim settlement ratio of 94%.
Beneficial features of Aditya Birla Health Insurance
- Senior citizen product of active Care: This offers a comprehensive range of cover for senior citizens above 55.
- Personal Accident cover for accidental death, permanent or partial disablement
- Hospital Cash: Daily cash benefit options from INR 500 to INR 10,000.
- Comprehensive coverage against critical illness.
- Global Health Secure: worldwide coverage of major illness with in-patient hospitalization.
| Headquarter | Pune |
| Incurred claim ratio for FY2020 Claim Ratio = Net Claims Incurred / Net Earned Premium | 59% |
| Cashless Hospitals | 7000+ |
| Solvency Ratio | 2.145 |
| Company website | www.adityabirlacapital.com |
3. New India Assurance Health Insurance Company
NEW INDIA ASSURANCE CO. LTD, founded by Sir Dorabji Tata in 1919, is a Multinational General Insurance Company. It has been operational since 1919, making it one of the oldest insurance companies in India. At present, it is fully owned by Government of India.
The company offers a diverse portfolio of insurance plans for its clients. Health insurance is one of its many products, which cover entire medical bills of the policyholders enabling them to focus on recovering rather than worrying about the bills.
Beneficial features of New India Assurance Health Insurance
- Availability of pre and post-hospitalization coverage for 30 and 60 days respectively.
- Waiting period for pre-existing disease is 4 years.
- Free health check-up in every three years.
- Family health plans offer coverage against 6 people.
| Headquarter | Mumbai |
| Incurred claim ratio Claim Ratio = Net Claims Incurred / Net Earned Premium | 103% |
| Cashless Hospitals | 2000+ |
| Solvency Ratio | 2.39 |
| Company website | https://www.newindia.co.in/ |
4. Star Health & Allied Insurance Co Ltd
Star Health & Allied Insurance Co Ltd commenced operations in 2006 as India’s first standalone health insurance provider, the company has been providing services in health, personal accident and overseas travel insurance. The company is well renowned for providing affordable insurance policies to its clients. It also offers great services in accidental and travel insurance.
The company repeatedly comes up with innovative solutions, in order to provide best plans for its customers.
Beneficial features of Star Health & Allied Insurance:
- The company boasts an in-house claim settlement team. Its claim settlement ratio is as high as 90%.
- The Company also won the award for Health Insurance Company of the Year 2015.
- Star Health Insurance plans are highly sought-after in India for exclusive benefits, affordable prices and the customer-centric approach.
- Availability of free consultations with general physicians
| Headquarter | Chennai |
| Incurred claim ratio Claim Ratio = Net Claims Incurred / Net Earned Premium | 63% |
| Cashless Hospitals | 9900+ |
| Solvency Ratio | 1.61 |
| Company website | https://www.starhealth.in/ |
5. Care Health Insurance
Care Health Insurance (CHI), formerly known as Religare Health Insurance Company Limited, is a specialized health insurance company that offers insurance policies catering to the needs of individuals, families and corporates.
The company is a joint venture between Corporation Bank, Reliance Enterprises Ltd and Union Bank of India. It has invested heavily in new technologies to provide innovative solutions and improve its customer feedback.
Beneficial features of Care health Insurance:
- Day care procedures and Domiciliary treatment expenses are covered
- Coverage available for Organ donor expenses
- Coverage available for ambulance charges
- Free health check-up in every year
- Availability of automatic restoration of the entire Sum Insured for unlimited times
| Headquarter | Gurgaon |
| Incurred claim ratio Claim Ratio = Net Claims Incurred / Net Earned Premium | 55% |
| Cashless Hospitals | 8250+ |
| Solvency Ratio | 1.54 |
| Company website | www.careinsurance.com |
6. SBI Health Insurance Company
SBI General Insurance Company Limited stated its operations as a joint venture between State Bank of India (SBI) and Insurance Australia Group (IAG).
The company offers a diverse range of general insurance products in retail and commercial space at modest prices to make insurance accessible to all individuals and businesses.
Products from the company includes a complete suite of policies ranging from Motor, Health, Personal Accident, Travel and Home Insurance in the retail space and products like Aviation, Fire, Marine, Package, Construction & Engineering and Liability Insurance in the commercial space.
Beneficial features of SBI Health Insurance Company:
- Easily Portable Policies: If you want to change your policy because of any issues you can switch to any similar SBI Health Insurance plan without losing your policy benefits like waiting period benefit, etc.
- Many types of Sum Insured Options: It starts from as low as Rs. 1 lakh and goes up till Rs. 50 lakh thereby fulfilling varied requirements of different sections of the society.
- Lifetime Renewability: This means you can continue to avail benefits under your health insurance plan for a lifetime provided you pay the required premium before the expiration of your policy.
- 24×7 Assistance: SBI General Insurance provides quick assistance for any queries regarding policy.
| Headquarter | Mumbai |
| Incurred claim ratio | 52% |
| Cashless Hospitals | 6000+ |
| Solvency Ratio | 2.37 |
| Company website | www.sbigeneral.in |
7. Kotak Mahindra Health Insurance
Kotak Mahindra General Insurance is a subsidiary of Kotak Mahindra Bank Ltd., one of the India’s fastest growing bank. The insurance section was established in 1985 to meet the requirements of the people related to the growing non-life insurance segment of India.
The general insurance company aims to cater to a wide range of customer segments as well as geographies offering various non-life insurance products including health insurance plans, car insurance plans, bike insurance plans, home insurance plans, and commercial insurance plans. It has many branches across India and employees sufficient staff for serving its clients.
Benefits of Kotak Mahindra Health Insurance:
- Critical illness Benefit – Provides financial cushion by paying a onetime Sum Insured covering 18 types of critical illnesses, procedures & medical events.
- Personal Accident Benefit – The policy provides financial stability for the family in case of death of the insured due to an accident or permanent total disability.
- Flexible policy period of 1 to 3 years – Choose from a flexible policy period of 1 to 3 years depending on your convenience. You can renew your policy at the end of every policy period chosen.
| Headquarter | Mumbai |
| Incurred claim ratio | 47% |
| Cashless Hospitals | 4000+ |
| Solvency Ratio | 2.33 |
| Company website | www.kotak.com |
8. Reliance Health Insurance
Reliance General Insurance Company Limited is an Indian private insurance company, which is a part of Reliance Anil Dhirubhai Ambani Group and wholly-owned by Reliance Capital. It was established in 2000 and gained the license to conduct general insurance business in India from the Insurance Regulatory Development Authority of India (IRDAI) in the same year. The insurer provides insurance solutions across the domains of motor, health, travel, home, marine and fire.
The insurance provider has 139 offices and 28,900+ intermediaries across the country, where its team is indulged in delivering innovative products and offering incomparable customer service. The Reliance General Health Insurance offers a diverse range of health insurance products that comprise individual plans, family floater plans, critical illness plan, group Mediclaim health insurance policy to meet the healthcare requirements of various customer segments. The objective of this insurer is to develop affordable insurance plans which are accessible to all.
Benefits of Reliance Health Insurance Plans
- Auto-Refill of Sum Insured – The base sum insured will be automatically restored once if policyholders exhaust the same during the policy period. This auto-refill option infuses a huge sense of support and satisfaction in policyholders during a medical emergency.
- Lifelong Renewability – This benefit of lifelong renewability allows policyholders to be associated with the health insurance plan and continue to avail its benefits till lifetime under with continuous renewal of the plan without any break.
- Portability Option – The portability option gives policyholders an easy chance to switch their existing health insurance plans into a similar kind of health insurance policies of this insurance provider without losing their current benefits.
- 24×7 Claim Assistance – The insurer offers 24/7 claim assistance to its policyholders. It means you can connect with the claim assistance team of the insurance provider anytime and whenever you need.
| Headquarter | Mumbai |
| Incurred claim ratio | 14% |
| Cashless Hospitals | 7300+ |
| Solvency Ratio | 1.64 |
| Company website | www.reliancegeneral.co.in |
9. ICICI Lombard Health Insurance Company
ICICI Lombard General Insurance Company is one of the leading private sector general insurance companies in India. It is a joint venture of ICICI Bank Limited and Canada based Fairfax Financial Holdings Limited. ICICI Lombard General Insurance Company has been consistently recognised at various award functions for its customer-centric approach as well as innovative products that it has been offering over the years.
ICICI Lombard General Insurance creates value in the market by offering general insurance solutions in various areas such as health, two-wheeler, car, travel, business, rural, home, and marine with its holistic portfolio of insurance products.
Benefits
- No limit on hospital room rent: ICICI Lombard Complete Health Insurance policy has no sub-limits on hospital room rent. In case you opt for a private ward, we will bear its expenses.
- Free health check-up every year: ICICI Lombard Complete Health Insurance plan provides you with a complimentary health check-up coupon per policy year. If you have a floater policy for family, you get two free coupons every year for your medical check-ups.
- No co-pay clause: A co-pay is a fixed sum that you usually pay out-of-pocket for your medical services, and the insurance company takes care of the remaining amount. There is no co-payment clause under ICICI Lombard Complete Health Insurance. That means, you won’t have to worry about the medical expenses eating into your savings.
- Wellness program: You earn reward points for undertaking some wellness activities. These include joining a gym or a yoga centre, going for a medical check-up, participating in a health or fitness event organised by us, etc. You can redeem these points on your OPD bills for doctor’s consultation, medicine and drugs, diagnostic expenses, dental expenses, etc.
| Headquarter | Mumbai |
| Incurred claim ratio | 68.21% |
| Cashless Hospitals | 6500+ |
| Solvency Ratio | 2.17 |
| Company website | www.icicilombard.com |
10. Max Bupa Health Insurance Company
Max Bupa Health Insurance is one of the most renowned health insurance companies in India. It began its operations as a joint venture between True North, an Indian private equity firm, and Bupa, a UK’s healthcare service-based organisation. With the vast and varied experience of Bupa and True North’s understanding of the Indian customers and healthcare industry, this insurer has managed to grow so fast and acquires the potential to fulfil the diverse healthcare needs of customers.
The company offers a wide range of products for customers, the insurance provider has come up with different types of health insurance policies such as individual health insurance, family floater insurance policy, critical illness health cover, top-up insurance cover, and senior citizen health plan, in order to meet the diverse medical requirements.
Benefits of Max Bupa Health Insurance:
- Quick Doctor Consultation – The Max Bupa Health Insurance has a cashless OPD network of 2,000 doctors & tele-consultation with which it promises to offer quick and convenient doctor consultations.
- Diagnostic and Pharmacy Services – The company provides its policyholders with the service of pick-up of diagnostic samples from home & delivery of medicines to home.
- Lifelong Renewability – The Max Bupa Health Insurance provides its policyholders with the lifelong renewability option under most of its health insurance plans. With this benefit, the policyholders can easily continue to stay insured with the insurance provider by just getting their policies renewed consistently.
- Easy to Port Option – The portability benefit helps the policyholders of different insurers to switch into Max Bupa health insurance plans, which are their closest substitute for their existing policies.
- Sum Insured Refill Benefit – If you end up using the entire insured amount, then this benefit is applicable. Under this benefit, policyholders are offered an extra sum insured equal to their base amount of sum insured for a subsequent health insurance claim in the same financial year.
| Headquarter | New Delhi |
| Incurred claim ratio | 54% |
| Cashless Hospitals | 5000+ |
| Solvency Ratio | 1.81 |
| Company website | www.maxbupa.com |
Based on this information we are certain that you will make the right choice. If you still have any doubts L&G Insurance Broker Solutions can guide you to find the right policy based on your specific requirements. L&G commenced its operations in 2001 and became one of the first insurance brokers to be licensed and regulated by the Insurance Regulatory & Development Authority of India (IRDAI). Reach out L&G insurance broker solutions on [email protected] to get consultation.
