As per the Insurance Regulatory and Development Authority of India (IRDAI) 28 health insurance companies in India offer various health insurance plans to meet emergency health necessities each day. Finding the best health insurance company could be a daunting task for anyone. But the main question is why do you need health insurance? Choosing the best health insurance company protects you from expensive medical costs, and gives you financial security in medical emergencies.
Selecting the best one out of different health insurance features is difficult. Go through the blog and choose the best health insurance company according to your healthcare and budgetary needs.
List of Top 5 Health Insurance Companies in India in 2024
A crucial component of financial planning that offers peace of mind and security during any medical emergency is vital. Various health insurance companies in India offer numerous plans to safeguard your life. As India offers a range of top health insurance companies you must be puzzled amidst the tall claims in finding the best one.
Have a look at these top 5 health insurance companies in India with features and services:
1) Star Health & Allied Insurance
| Founded | 2006 |
| Network Of Hospitals | 14,000 plus |
| Claim Settlement Ratio | 99.21% |
| Solvency Ratio | 2.14% |
| Incurred Claim Ratio | 65% |
| Net Worth | Rs 3,817.07 crore |
The company offers health, personal accident, and overseas travel insurance directly as well as through agencies, brokers, and online channels. Star Health is very much in bancassurance, having strong associations with many banks. Star Health and Allied Insurance Co Ltd. Star Health Insurance offers the products of Star Health and Allied Insurance Co. Ltd.They offer a wide range of health insurance plans such as :
- Medical Check-ups
- Critical illnesses
- Maternity Expenses
- AYUSH Treatments
- OPD Treatments
- Ambulance Charges
- Second Medical Opinion
2) HDFC Ergo General
| Founded | 2002 |
| Network Of Hospitals | 13,000+ |
| Claim Settlement Ratio | 99% Claim |
| Solvency Ratio | 1.64 |
| Incurred Claim Ratio | 79.04% |
| Net Worth | ₹500 crore |
The Company avails a full suite of general insurance products from motor, health, travel, home, and personal accident in the retail space and property, marine, and liability insurance in the corporate space. HDFC Ergo General Insurance Company renders various Insurance Policies for Large Corporations, MSMEs, and Startups such as Marine Insurance Policies, Trade Credit Insurance Policy, Fire Insurance Policy, Commercial General Liability Insurance Policy, Group Health Insurance Policy, Workmen’s Compensation Insurance, Professional Indemnity Insurance Policy, Cyber Insurance Policy, etc.
3) Care Health Insurance Limited
| Founded | 2012 |
| Network Of Hospitals | 11400+ |
| Claim Settlement Ratio | 98.25% |
| Solvency Ratio | 1.82 |
| Incurred Claim Ratio | 53.82% |
| Net Worth | ₹1,749.17 crore |
Care Health Insurance Limited offers Care Health Insurance to its customers. It is a subsidiary of Religare Enterprises founded in 2012 but has recently been renamed Religare Health Insurance in August 2020. The company specializes in various health insurance products designed for individuals and families, such as senior citizen health insurance, heart insurance, diabetes insurance, critical illness health insurance, OPD plans, etc.
4) Niva Bupa Health Insurance
| Founded | 2008 |
| Network Of Hospitals | 10,000+ |
| Claim Settlement Ratio | 85% |
| Solvency Ratio | 2.6 |
| Incurred Claim Ratio | 54.05% |
| Net Worth | ₹2,049.59 crore |
Niva Bupa Health Insurance is provided by Niva Bupa Health Insurance Company is among the Top 5 Health Insurance Companies in India, which is a joint venture between Fettle Tone LLP and Bupa Group. These health insurance plans have been designed to cater to a diverse range of customers, from newborn babies to elderly people.
5) Aditya Birla Health Insurance
| Founded | 2015 |
| Network Of Hospitals | 11,000+ |
| Claim Settlement Ratio | 85% |
| Solvency Ratio | 1.78 |
| Incurred Claim Ratio | 64.68 |
| Net Worth | Rs 5,01,152 crore |
The Aditya Birla Health Insurance Company was launched in 2015 as a joint venture between India’s Aditya Birla Group and South Africa-based MMI Holdings. The company offers a range of health insurance plans with a focus on chronic care and incentivized wellness. It also provides customized health plans for parents as well as for diseases like COVID-19, cancer, critical illnesses, etc.
Selecting The Best Health Insurance Company: A Safeguard in Difficult Times
- Access to Quality Healthcare
You can enable the best healthcare services without the higher costs involved. Everyone can get timely and best health care whenever they need it.
- Financial Security
Health insurance companies offer financial protection against medical emergencies that raise healthcare expenses. It protects coverage for sudden hospitalization, treatments, and medical expenses.
- Range of Options
These companies offer a range of options in health insurance such as such as individual health insurance, family health insurance, critical illness insurance, personal accident insurance, and more.
- Risk Mitigation
This helps you to reduce the financial risk associated with sudden medical emergencies, critical illness, and accidents. This offers peace of mind to policyholders and security.
- Tax Benefits
Under Section 80D of the Income Tax Act, health insurance firms avail policyholders of tax benefits. This encourages people to purchase health insurance, fostering financial leverage and security for medical requirements.
How to Identify The Best Health Insurance Company In India?
- Claim Settlement Ratio (CSR)
This ratio shows the claim settled by the company as compared to the claim received. Always look for a company with high CSR mostly above 90%. This ratio can be found on IRDAI.
- Online Reviews and Ratings
Must check the customer’s review and feedback of the company. This helps you to know about the correct services and feedback from customers.
- Network Hospitals
Check the hospitals that are connected with the company and its ranking. Different tiers come with Tier 1, Tier 2, and Tier 3. Check whether it is perfect according to your city or not.
- Product Portfolio
Check all the health plans offered by the company and choose the best one according to your demographic needs (individuals, families, seniors) and paying potential
- Claim Settlement Process
Choose a healthy insurance company that offers easy and efficient claims. A smooth and hassle-free claim should be the priority.
- Premiums and Pricing
Compare the affordability and consider the premium rates of the health insurance company. However don’t depend on price, balance the cost and coverage.
Wrapping Up!
If you choose the right health insurance company, then it will enhance your financial and health security. You should have the key features like claim settlement ratio, plans offered, and quality customer support. Find the best one according to your needs. The Top 5 Health Insurance Companies in India offer unique features, but your decision should depend on your health necessities and preferences.
Also Read: Top 30 Successful Startups of India In 2024 | List of Top Software Companies In India To Know About | Ambetter
FAQs
What is the total number of health insurance companies are there in India?
There are a total of 28 health insurance companies in India that offer different healthcare needs for individuals.
Which is the largest health insurance scheme in India?
Ayushman Bharat Pradhan Mantri Jan Arogya Yojana is the largest health insurance scheme available. This provides health coverage of ₹ 5,00,000 per family per year for secondary and tertiary care hospitalization to over 10.74 crore poor and vulnerable families (approximately 50 crore beneficiaries) from the bottom 40% of the Indian population.
Which insurance company is easy to claim?
The best insurance company for individuals can be subjective according to individual needs and experiences. However, some top insurance companies are as follows Star Health & Allied Insurance, Care Health Insurance Limited, and Aditya Birla Health Insurance.
