Best Health Insurance Companies

There is no question that, given the rising cost of healthcare in today’s society, buying health insurance is one of the most important financial decisions you can make. With medical inflation close to 14-15%¹ which is further expected to rise by the end of 2023, opting for adequate health insurance coverage is inevitable. It might be a bit of a challenge to choose the best health insurance provider in India since there are so many of them to choose from.

Every company has its own set of advantages and features that will make it possible for you to pick a plan that suits your financial situation as well as your objectives. A proper health insurance provider and a health insurance plan are of utmost importance in the current climate of high medical expenditure.

Health insurance provides protection against medical expenses, as well as cash protection in the event of a medical emergency.

When you choose the right medical insurance plan, you will be able to obtain tax benefits, reimbursements for medical expenditures, cashless hospitalization and much more. Moreover, the majority of health insurance providers provide additional benefits like free teleconsultations, discounts on gym memberships, and health check-ups, making them a cost-effective investment in your health and well-being. So, the importance of health insurance is quite obvious. However, when you opt for the best health insurance plan for yourself and your family, you need to conduct some research in order to choose a plan that will meet your budget as well as the requirements that are required of you.

Features of best health insurance companies in India:

Claim Settlement Ratio:
It is important to consider this factor when assessing how reliable a company is. It describes the ability of an insurance company to resolve claims in a timely manner.

The claim settlement ratio is the percentage of claims that an insurance company settles as a percentage of the total number of claims that it has received. However, this data is not shared by the IRDAI. This is internal data published by each insurer. So, the higher the ratio, the better the credibility of the company. (Explained in detail below)
Hospitals Network:
Insurance companies have agreements with multiple hospitals whereby an insured person may be eligible for cashless treatment, and in such a case the insurer will pay for the hospital’s medical costs directly if the insured person qualifies.

In order to find the best hospitals in your surrounding area, you should consult the list of network hospitals in order to locate the preferred hospitals in your area. The right insurance provider should, ideally, have a large hospital network.
Solvency Ratio:
The purpose of this test is to determine if the assets of an insurance company are sufficient to cover long-term obligations and pay claims over the long run.

According to the IRDAI, every health insurance provider must maintain a minimum solvency ratio of 1:5, in order to be considered viable. Insurers with higher asset holdings have a greater solvency ratio as a result of having higher assets.

There will be a benefit to consumers because, in the event of mass claims, the firm will have sufficient funds to cover the claims of those consumers in the event of mass claims.
Annual Premium:
The total amount of premiums that a health insurance company receives in a given year is called its annual premium volume.

As a result of this information, you are able to get a better understanding of how much insurance the firm sells each year.

It is commonly used to measure the success of a company in terms of its profitability as well as its market share based on this volume. In addition, it can also be used to identify trends in the health insurance industry.
Variety of Plans available:
When you obtain a good or service without doing much research first, you are more likely to be interested in that good or service.

Therefore, before deciding to take a course of action, it is important to consider all possible options before making a final decision.
Providers of healthcare services offer a variety of plans that cater to the needs of their consumers either directly or indirectly. Make sure that you pick the one that is most suitable for your needs
Easiness of Claim and Customer Service:
Ensure you choose an insurance company that has a proven track record in the industry before you make a decision. This is usually evaluated by how good and efficient their claims settlement team is and their after-sales customer service.

The best way to evaluate the credibility of an insurance company is to check out its client testimonials and ratings in order to determine how reliable it is.

As a matter of fact, it is a well-known fact that insurance companies with a higher number of customers and a collection of positive reviews tend to be more reliable and have the resources to deal with claims in a timely manner.

Thus, when you choose the best health insurance plan for yourself and your family, you need to know all about the best health insurance companies in India and then choose accordingly.

What is CSR (Claim Settlement Ratio)?

This ratio is a measure of the number of claims that have been settled compared to the number of claims submitted; the higher the ratio, the better it is.

However, please understand that the claim settlement ratio is not the only aspect that needs to be considered. Other aspects that need to be considered along with the claim settlement ratio are how soon the claims have been settled, the amounts of claims settled instead of the number of claims settled, and the reasons for which the claims have been rejected or repudiated. Some of this data is shared by the IRDAI in their Annual Report.

Instead of considering the claim settlement ratio, as it is not publicly published data by the IRDAI, it is better to consider the number of claims settled by the insurer within 3 months.

For example, the claim ratio within 3 months for the Standalone Health Insurance companies as per the latest IRDA Annual Report 21-22 are:

Aditya Birla Health Insurance Co. Ltd. 99.41%
Care Health Insurance Ltd. 100%
ManipalCigna Health Insurance Co. Ltd. 99.90%
Niva Bupa Health Insurance Co. Ltd. 99.99%
Reliance Health Insurance Ltd. 76.36%
Star Health and Allied Insurance Co. Ltd. 99.06%

List of some of the best Health Insurance providers:

Each insurer is regulated by the IRDAI and hence it is not easy to rank them, as one company excels in one parameter while the other in another. Hence, we have listed the standalone health insurance companies in India:

Aditya Birla Health Insurance:
Aditya Birla Capital Ltd.’s subsidiary is the Aditya Birla Health Insurance Company. It was established in order to make general insurance services for its clients easier.
a. The insurance provider offers cashless services in 650 Indian cities and more than 8700 hospitals
b. The insurance provider offers access to more than 800 gyms, yoga studios, and other services.
c. In addition, the policyholders are entitled to discounts on medications at 2300 pharmacies across more than 250 locations.
d. According to the selected plan, in-patient Ayush treatment insurance is also offered.
e. Along with hospitalization facilities, the insurance provider additionally offers access to wellness, diagnostic, and fitness examination services.
Care Health Insurance Company Limited:
This is India’s second-largest standalone health insurance provider. Their healthcare plan provides comprehensive healthcare coverage to its customers from advanced and modern treatments like radiosurgery, robotic surgery, etc.
a. There is a plan to suit all requirements, including individual and family floating plans, plans for those who have diabetes and high blood pressure, plans for older citizens, and top-up plans.
b. In almost all situations, the insurer provides cashless claim approval within two hours.
c. The majority of plans provide covered members with the option of yearly health examinations.
d. Care Health Care Heart plan is provided for previous medical histories and yearly heart exams.
Manipal Cigna Health Insurance Company Limited:
ManipalCigna Health Insurance offers a wide array of comprehensive healthcare plans that provide easy and lifelong access to quality healthcare. They have a firm belief that “Health Hai Toh Life Hai”
a. The company has received numerous awards for its performance. In 2021, Lifetime Health from the company won the “Product of the Year” award.
b. The company provides a variety of specially designed plans that may be altered to meet your requirements.
c. The premiums are reasonable, and the company’s extensive hospital network guarantees quick payment of cashless claims.
Niva Bupa Health Insurance Company Limited:
Trusted by more than 1 crore happy customers, Niva Bupa Health Insurance Company (erstwhile Max Bupa Health Insurance Company) is a joint venture with 10,000+ network hospitals.
a. Niva Bupa has a strong network of 10000 + hospitals.
b. They provide a Health Companion plan with smart features to give you everything you need in a health cover.
c. All claims are processed directly with no involvement of any third party.
d. They provide a wide range of health insurance plans to 1 crore plus happy customers that suit every need.
Reliance Health Insurance Limited:
Reliance General Insurance has a successful track record of helping people with the best-in-class assistance. They have health insurance policies offering coverage up to Rs.5 crore, more than 9,100 cashless hospitals, and a 98.6% claim settlement ratio.
a. It offers an array of health insurance plans at pocket-friendly prices and has a huge customer base consisting of individuals, families, and senior citizens.
b. The Company boasts of settling 98% of all the claims received.
c. Their plans offer comprehensive medical coverage against a variety of diseases and medical conditions.
Star Health and Allied Insurance Company Limited:
Star Health Insurance is the first standalone insurance company in India. Star Health Insurance offers a wide range of health insurance plans at an affordable premium.
a. The policies cover hospitalization expenses, medical check-ups, critical illnesses, Ayurveda treatment, etc.
b. They have more than 11000+ network hospitals where the insured members can avail of cashless treatment.
c. The company has been conferred with many awards and accolades such as Most Innovative New Product of the Year, in 2020.
d. Star Health Insurance Company has more than 1100+ network hospitals where the insured members can avail of cashless treatment.

Other than the standalone health insurance companies, there are quite a few general insurance companies that provide great health insurance plans which are quite popular in the industry. Some of the popular General Insurance Companies in India would be:

National Insurance Company Limited:
The company offers more than 80 insurance services available for you & your family, and representatives of small and medium businesses and enterprises of many industries, corporations, holding companies, and financial groups.
a. With India’s top banks, the company has the largest Bancassurance partnership.
b. One of India’s oldest insurers, the business has an extensive clientele.
c. The company provides a variety of health insurance bundles with reasonable premium costs.
d. The Economic Times Best Brands Award has recently recognized the company. The “Healthcare Excellence Award” was also given to it in 2021.
SBI General Insurance Company Limited:
SBI General is one of the rapidly growing private general insurance companies, with the strong parentage of SBI. They have served over 34 crore customers & have the largest banking franchise in India.
a. With more than 23,000 State Bank branches and more than 5500 Regional Rural Bank branches, the company is well-represented across India.
b. The business provides health insurance options to customers, businesses, and even the SME sector.
c. In 2018, the company took up the Best BSFI Award.
d. SBI Has a robust model of multi-distribution comprising agency channels, broking, Bancassurance, and Retail Direct Channels along with various technological and digital tie-ups.
HDFC Ergo General Insurance Company Limited:
HDFC ERGO has been efficiently striving to make insurance easier, affordable, and dependable for the last 20 years. The company has won the “Claims and Customer Service Excellence” category of the FICCI insurance industry awards 2021.
a. More than a billion lives have been insured by the company so far.
b. The company offers you round-the-clock assistance for any sort of concern you may have.
c. 90% of cashless claims receive a response from the company within 20 minutes of notification. On the other hand, reimbursement claims are accepted within 3 days.
d. The company has released a wellness app that assists you in keeping tabs on your health and leading a healthy lifestyle.
e. In 2021, the business received the ETBFSI Excellence Award.
Universal Sompo General Insurance Company Limited:
Universal Sompo General Insurance Co. Ltd. is a tie-up of Indian Bank, Karnataka Bank Ltd., Dabur Investment Corporation, and Indian Overseas Bank, along with a leading general insurance company from Japan called Sompo Japan Insurance Inc. They provide a variety of products catering to the rural and retail markets with a focus on the SME segment and the segments of corporate customers.
a. The company has a high claim settlement percentage of over 90%.
b. The company received the Economic Times’ “Best BSFI Brands” Award for 2021–2022.
c. The company offers a wide range of health insurance plans that are suited for everyone.
d. They provide World-class services with a hybrid of Indian and Japanese Products.
The New India Assurance Company Limited:
The New India Assurance Company is one of the largest insurers in India with qualified and experienced staff across the country. They have a higher capital position and strong market position, they are the only company to have developed International operations and successful trading outside India.
a. The company has branches not just in India but also in 28 other nations across the world. Because of this, the business provides its clients with services of a high worldwide grade.
b. The company has a CRISIL rating of AAA/Stable.
c. The company’s financial data shows that it has a solid financial base. In March 2021, New India Assurance generated INR 31,573 crores in worldwide revenue thanks to its presence in 28 countries.

How do I choose a health insurance plan?

Making the best decision for your health and financial security by selecting the most suitable health insurance provider is crucial. The following measures can help you make a well-informed decision:

Determine your requirements:
Start by evaluating your needs and limiting spending. Considering your age, your present health status, the medical history of your family, and any particular health issues you may have After choosing what you need, research various Indian health insurance providers. Information can also be gathered from friends and family who bought health insurance, as well as from online reviews, rankings, and feedback from customers.
Check the network of hospitals:
A health insurance company’s hospital network’s size and excellence are regularly used to determine its quality. Check to see whether or not the insurance provider provides a network of hospitals that you are comfortable with and can easily go to.
Evaluate the Claim Settlement ratio:
The percentage of the total number of claims that an insurance company settles in a given year is known as the claim settlement ratio. A high claim settlement ratio is an indication of a trustworthy and reputable insurance provider; hence, go for that insurance company. But this data could be skewed as it doesn’t specify the ease of claim and the time taken to settle the same.
Compare plans and policies:
Look at the policies provided by various insurance providers. Pay attention to exclusions, sub-limits, waiting periods, and copayments. Choose an insurance policy that is reasonable and corresponds to what you need.
Consult a specialist:
If you’re still not sure which insurance company you should select, see an expert who can guide you throughout the procedure and enable you to make a well-informed decision.
Customer service:
Lastly, evaluate the company’s customer service services. Ensure that they have a customer support team that is readily available to help you with any questions or issues related to your policy, 24 hours a day, 7 days a week.

Conclusion

Health insurance offers you a wide range of benefits, including pre-and post-hospitalization costs, cashless treatment, tax advantages, childcare costs, a no-claim bonus, daily hospital cash, lifelong renewability, and more. In addition, selecting the finest health insurance plan can be difficult without understanding the top insurance companies in India.

Frequently Asked Questions

The answer is that certain health insurance companies provide diabetic health coverage. Some of the insurers that will pay for insulin costs The plans that include insulin costs are the National Varishtha Mediclaim plan and the Star Health diabetic safe insurance plan.

No, only network hospitals offer cashless settlements. However, based on the conditions of your insurance, you can later get paid back for your costs.

The company's goodwill, the variety of plans and coverage choices offered, the claim settlement process, the network of hospitals and healthcare providers, and the overall customer service experience are all things to take into consideration when choosing a health insurance carrier.

Some health insurance companies include dental care. Some of the insurers that can cover dental costs are Bajaj Health Guard Insurance Plan, Cholamandalam Healthline Insurance Plan, Star Complete Health Insurance, etc.