With so much information on the internet, it can be tough for customers to identify the best health insurance companies in India. But don’t simply believe the first agent you speak to or rely on Google searches to make a decision. The important question to ask here is — how do you pick the best health insurance plan?
There are many health insurance companies in India which are offering a wide range of health insurance plans to cater to different health insurance requirements of different people. Through its various offers, every health insurance company tries to provide its customers with a variety of features and benefits. It can be difficult to find or choose the best health insurance company on whom you can completely trust for all of your health insurance needs. While looking for a health insurance policy one question comes to every person’s mind which is the best health insurance company in India to whom we can buy the best health insurance plan. So below, we have listed some of the top health insurance companies in India.
8 Best Health Insurance Companies in India 2022
Here we listed out of 8 best health insurance companies in India for 2022 you should know about:-
- Bharti AXA General Insurance Company Ltd
- Tata AIG
- AEGON Life
- HDFC Ergo Health
- ICICI Lombard
- Star Health Insurance
- Niva Bupa (Formerly known as Max Bupa)
- Future Generali
Based on the above factors, let’s take an in-depth look at the top best health insurance companies in India as mentioned below:-
1. Bharti AXA General Insurance Company Ltd
Bharati AXA General Insurance Company is one of the most prominent and top health insurance companies in India. It is a joint venture between Bharti Enterprises (leading Indian business corporation) and AXA Group of France (a leader in financial protection and wealth management). The company was formed in 2008.
The company offers all kinds of general insurance products to individuals and businesses; health, group health, life, and vehicle. Bharati AXA also offers some of the best online health insurance policies. It has around 60 corporate branch offices across the country.
It is the first Indian insurance company to receive the ISO 9001:2008 and ISO 27001:2005 certifications in its first year of operation. This validates the company’s efficiency, reliability, and commitment. It has a transparent, fair, and seamless claim settlement procedure. Moreover, it has a proven track record of high claim settlement ratio history, with 98.27% in 2018-19.
The company offers a range of health insurance plans:
- Bharti AXA Smart Health Assure Insurance Policy
- Bharti AXA Smart Super Health Insurance Policy
- Bharti AXA Smart Health Critical Illness Insurance Plan
- Bharti AXA Smart Personal Accident Insurance Plan
2. Tata AIG
One of the largest health insurers in India, Tata AIG General Insurance Company Limited is a joint venture between the reputed Tata Group and American International Group (a finance and insurance company). The company started operations in 2001 and provides personal and business insurance plans.
The company has an average of 95% claim settlement ratio overall. Tata AIG offers a wide range of plans designed for families, women, seniors, critical illnesses and more. The company also allows customers to buy online health insurance at highly affordable premiums. Take a look at some of the top health insurance plans by Tata AIG:
- Tata AIG MediCare
- Tata AIG MediCare Premier
- Tata AIG MediCare Protect
- Wellsurance Executive
- Wellsurance Woman
- Wellsurance Family
- Critical Illness Policy
3. AEGON Life
AEGON Insurance is a joint venture between AEGON Life (a leading Dutch financial services provider) and Bennett, Coleman & Company (publishers of Times of India). The company that started in 2008 is one of the most-awarded insurance companies in India.
It has had a consistent claim settlement ratio, which was 95.67% in 2017-18. The company offers various kinds of health insurance plans, as below:
- Critical Illness Health Plan
- iCancer Plan
- Senior Citizen Health Plan
- Surgical Cash Benefit Policy
- Mico-insurance Policy
- Unit-linked health plans
4. HDFC Ergo Health
A joint venture between HDFC Ltd. and Ergo International AG, HDFC Ergo is the 4th largest private sector general insurance company. The company offers a comprehensive range of health insurance products and has a claim settlement ratio of 90.32%.
It has won many prestigious awards for delivering outstanding customer experience such as the 2016 Best Customer Experience Award of the Year. It has also been given the ‘iAAA’ rating by ICRA for its high claim paying ability.
The company offers dedicated health plans for individuals, family and parents. Some of the company’s health insurance plans are:
- Health Medisure Classic
- Health Suraksha Top-up
- Health Medisure Top-up
- Critical Illness insurance
- Women Health Insurance
5. ICICI Lombard
ICICI Lombard was founded in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings, a Toronto-based financial services company. The company is among the largest general insurance companies in India. It also offers online health insurance to make the customer experience more flexible and convenient.
It is also one of the top health insurance companies because of its phenomenal claim settlement experience. The company has had a steady average claim settlement ratio of around 99.87%.
Among its key health insurance products are:
- Complete Health Insurance
- Health Booster
- Personal Protect
- Disease Management Program
- Aarogya Sanjeevani Policy
6. Star Health Insurance
Star Health Insurance boasts a leading position being one of the largest insurance companies in India. Formed by Star Health and Allied Insurance Co. Ltd., its operations started in 2006. It has covered over 16.9 crores lives since inception and manages over INR 17,211 crores worth of assets. It is inarguably one of the fastest growing and prominent insurance providers in the country.
Among its range of unique Mediclaim policies, and health insurance plans, is a specialty policy – Star Cardiac Care, making it the first insurance company to offer a plan specially designed for people suffering from cardiac ailments. Star Health is one of the best health insurance companies when it comes to claiming settlements. The company’s incurred claims settlement ratio is 61.76%. It is also known for settling over 90% cashless claims with an average settlement time of less than 2 hours.
Here are more plans offered by Star Health Insurance:
- Senior Citizens Red Carpet Health Insurance Plan
- Star Comprehensive Insurance Policy
- Super Surplus Insurance Policy
- Family Health Optima Insurance Plan
- Medi-Classic Insurance Policy (individual)
- Star Health Gain Insurance Policy
7. Niva Bupa (Formerly known as Max Bupa)
A joint venture between Max Group and Bupa, a leading healthcare provider with over six decades of experience, Max Bupa came into being in 2010. The company’s claim settlement ratio for 2018-19 was 89%.
Max Bupa has built a network of 21 offices across the country. It also has a network of over 34,000 agents and a large network of hospitals that provide cashless treatments. It delivers exemplary claim settlement experiences and boasts of settling down 9 out of 10 cashless claims in less than 30 minutes. The company offers a comprehensive range of plans for individuals and families.
- Health Premia
- Health Companion
- Health Pulse
- Accident Care
8. Future Generali
The coming together of the Future Group and Generali in 2007, Future Generali India offers a wide and unique range of health insurance plans as demonstrated on its website. It boasts a vast product portfolio that caters to the diverse needs of a wide range of customers. Its customer-centric approach makes it one of the best health insurance companies in India. The company’s claim settlement ratio is 96.95%.
Some of its health plans:
- Health Total – Mediclaim Insurance
- Future Vector Care – Mosquito Insurance
- Future Hopicash – Hospital Cash
- Aarogya Sanjeevani Policy
- Future Criticare – Critical Illness
- Future Health Surplus – Top Up
6 Factors to Consider When Choosing a Health Insurance Company
Here are the 6 important factors to keep in mind when choosing your health insurance company as mentioned below:-
- Fee Structure
- Plan Renewability
- Claim Settlement Ratio
- Value-added Benefits
1. Coverage: List existing or potential health issues you’d like covered. Speak with a doctor or a certified application counselor for better insight.
(i) Your health plan should insure you against a range of medical issues. These include:
- Dental care
- Chronic conditions (if any)
- Prescription drugs
- Illnesses you are at risk of, considering your family medical history
(ii) It should also cover:
- Pre and post hospitalization expenses
- Transportation charges
- Ambulance or emergency care
- Daycare costs
(iii) Note down the health problems of every family member if you’re going for a family health plan.
Post this, you can compare plans and benefits offered by different insurance companies online to find one that best covers your medical needs. Make sure that you check the waiting periods and sub-limits for the coverage too. The top health insurance policies don’t put restrictive sub-limits and waiting periods and ensure the best possible coverage for their customers at reasonable premiums.
2. Affordability: Aim to strike a balance between what you can afford and the level of coverage that you find suitable.
- Begin with a reasonably-priced health plan so as to avoid a financial crunch. As time passes and you get married or your family size increases, review your requirements and increase coverage accordingly. You can opt for a family floater plan at this stage. Best health insurance plans offer you extensive coverage at highly reasonable prices and provide excellent value for money.
- Review the accessibility of your primary physician, preferred doctors, or the network of hospitals included in the plans. The top health insurance companies have huge networks of hospitals that allow their customers to get the best possible treatment.
3. Fee Structure: Analyse the fee structure of the plans available to you and understand how they affect copayments, coinsurance, deductibles, and out-of-pocket maximum.
- Deductible: A fixed amount you pay before health insurance starts to pay for covered costs.
- Copayment: A fixed amount you pay for covered medical services like doctor visits.
- Coinsurance: A percentage paid by the insured for covered services once the deductible is satisfied.
- Out-of-pocket Maximum: The maximum amount an insured could pay for medical services covered in a year.
4. Plan renewability: You are more likely to require a health plan in the later years of your life. So, go for one that offers lifetime renewability. The best health insurance plans come with no age restriction on the time of renewal and hence can be renewed throughout the lifetime.
5. Claim settlement ratio: A high claim settlement ratio reflects a company’s capability to settle claims.
- Always pick a health insurance provider that has a high claim settlement ratio. Top health insurance companies have very seamless and quick claim settlement procedures that settle valid claims without any hassles.
- Ideally, anything in the range of 75% and 90% would indicate you are in safe hands.
6. Value-added benefits: Look for additional benefits, if any, such as a website or mobile app, discount programs, online health insurance products, 24×7 support, and so on.
Picking the right medical insurance company from the many options available in the market is important and should not depend on one or two factors alone. Some of the key items on your checklist should be: the kind of insurance products offered, the fitment to your unique needs, the company’s financial strength and rating of the past few years, the location and customer service experience, and how friendly, accommodating and flexible the company policies and processes are. Ultimately, you need to know how health insurance works. Choosing the best health insurance policy for yourself helps you get robust financial protection from towering healthcare costs and medical emergencies.
Some of the other companies worth considering are: Aditya Birla Capital Health Insurance, with a 96% claim settlement ratio. ManipalCigna Health Insurance which started in 2011 provides diversified insurance plans for family, critical illnesses, Mediclaim for accidents and more. Another insurer serving India’s health insurance needs is Religare Health Insurance with over 7400 network hospitals and 93% claim settlement ratio. Many insurance companies also offer flexible online health insurance policies which offer a much more convenient customer experience.
FAST FACT: According to a study backed by TechVista, there are about 57 health insurance companies in India. And, it’s totally worth it to add health insurance to your personal finance planning.
Are you looking for the best medical insurance company that has feature-rich and flexible policies to meet your requirements? Reach out to us to know more about your chosen health insurance company.