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India's Oldest Top Health and General Insurance Companies with Its Best Health Insurance Plans for Family

In today’s fast-paced world, the majority of the working-class spends an ample amount of time on their desk. This mundane routine severely affects their health, and even the young ones are falling prey to the lifestyle. As the number of diseases is increasing, their treatment is getting costly as well.

There are numerous instances when a middle-class family cannot afford exhaustive medical care, so they compromise with their health instead. While this is always a big no-no, there are not many escapes for them considering the circumstances. Although the prior statement holds some truth to it, several health insurance plans can aid you in unfortunate events.

The next big obstacle arises when we go through the never-ending list of health insurance companies and their many plans. Everyone claims to be the best, so which plan should you choose? While no single plan is perfect, there are indeed specific plans that can suit your needs ideally.

Therefore, here is a compiled list of top 10 health insurance companies in India along with their best health insurance plans:

National Insurance Company Ltd

If you value experience over everything, then the National Insurance Company should be your first pick as they have 113+ years of experience under their belt. The company has a whopping ICR (Incurred Claims Ratio) of 107.64% in 2018-2019. Here are its pros:

  • They cover pre and post-hospitalization treatment along with care costs for 30 and 60 days.
  • They propose free checkup benefits as high as 1% of the total Insured Sum at the end of 4 years without any claim.
  • The company covers 6000+ hospitals proposing cashless care and treatment.
  • They offer extensive coverage for as many as six family members within one plan. Here is the company’s most renowned health insurance plan:

National Parivar Mediclaim Plan

The plan offers coverage against hospital expenses in case of accidents/diseases/illnesses. The policy covers self, partner/spouse, and a maximum of two dependent kids within a single floater policy.

Plan Features

  • The plan covers Boarding, RMO, and Room Charges: 1% of the insured sum per-day for a standard room and 2% in case of an ICU.
  • It covers consultant, surgeon, nursing, specialist, and anesthetist charges.
  • The plan also covers prior and after hospitalization charges for 15 and 30 days.
  • The policy offers cashless benefits availability via TPA.
  • It covers charges incurred for oxygen, surgical appliances, blood transfusion, artificial limbs, dialysis, chemotherapy, X-Ray, and diagnostic material.

Eligibility and Renewability

Anyone between 18 to 60 years is viable for the plan, and for children, the age ranges from 3 months to 25 years. You can also add extra members with the age range of 18 to 65 years. The policy can also be renewed lifetime, making it an ideal long-term pick.

Bajaj Allianz General Insurance

The company brought innovation on the table and was the first to propose captive services for TPA alongside additional benefits. The company is a result of the joint venture created between Allianz SE (26%) along with Bajaj Finserv Limited (74%) and has an ICR of 85% as of 2018-2019. Here are the company’s pros:

  • The company offers policies specifically aimed at diseases such as cancer, tumours, strokes, etc.
  • The company provides cashless facilities over 5000+ hospitals.
  • They state to wrap up cashless claims within 60 minutes.
  • The organization covers pre-existing illnesses after four years.
  • They cover medical charges 60 days prior and 90 days post-hospitalization.

Here is the company’s most renowned health insurance plan:

Health Guard - Bajaj Allianz’s Family Health Insurance Plan

The plan is specifically designed to cover the client’s family within one policy:

Plan Features

  • There is no medical test for the policy submission in the case of an applicant under 45 years.
  • It offers a 4% discount for a 2-year plan and an 8% discount for a 3-year policy. The discount would rise to 10% if the year went by without any claims. This can even amass to 100% depending on the claim-free year’s number.
  • The plan covers maternity costs alongside a new-born’s expenses.

Eligibility and Renewability

Anyone between 18 to 65 years old can apply for the plan. The policy also covers children as young as three months old and as old as 30 years. The insurance offers lifetime renewability alongside the availability of co-payment.

New India Assurance Health Insurance

New India is among the best-ranked government-owned health insurance companies in India. Alongside a 103.74% ICR, the company offers numerous health insurance plans suitable for different causes. Here are its pros:

  • They have an extensive cover over 1000+ prestigious hospitals all over India.
  • They offer free medical check-up alongside lifetime renewability feature.
  • The company covers medical charges 30 days prior and 60 days post-hospitalization. • The organization covers existing illnesses after the completion of 4 years.

Here is the company’s most well-known health insurance plan:

Family Floater Mediclaim Policy by New India

The plan is among the ideal picks amidst the family policies, and here is why:

Plan Features

  • It offers a 1% insured sum for nursing and room charges while 2% for ICU expenses.
  • It provides maternity coverage from birth until the policy’s completion. However, it excludes after natal care and delivery costs.
  • It covers organ donation hospitalization costs alongside specific day-care activities.
  • The policy covers up to 50,000 INR in the case of Cataract operation.
  • It also includes AYUSH treatments.

Eligibility and Renewability

You need to be at least 18 years old for availing the policy while the maximum age limit for the policy is 65 years. Children aging 18-25 years are also covered as long as they are dependent on the parents. The exception being an unmarried daughter or a mentally-challenged child. One major downside of the plan is its tenure period of a mere one year.

HDFC ERGO Health Insurance Company (Apollo Munich Health Insurance)

HDFC ERGO Health Insurance, previously Apollo Munich Health Insurance, is one of the best health insurance companies in India. The company boasts a staggering 62% incurred claim ratio, and that too within 15 days. Here are the benefits of opting for the company:

  • They provide the ultimate customer and possess a renewal rate of 80%.
  • The company offers customized cashless facility within a limited time of the claim.
  • They cover medical charges 60 days before and 90 days post-hospitalization.
  • The organization proposes cashless facilities in over 4,000 medical institutions over India.
  • They also cover existing illnesses after the completion of 3 years.

Here is the company’s most versatile health insurance plan:

My Health Suraksha Silver Smart Plan by HDFC ERGO

This health insurance plan offers comprehensive security for individuals along with the family members if met with any disease or medical emergency:

Plan Features

  • It proposes the availability of two amount options; 3 lakhs or 5 lakhs.
  • The plan offers policy tenure options of 1, 2, and 3 years.
  • The policy offers two co-payment options; 10% or 20%.
  • No health check-up is required before opting for the policy in case of an applicant under the age of 45.
  • It also covers hospital charges, including general and ICU ward expenses.

Eligibility and Renewal

Any applicant that is over the age of 18 is viable to apply for the policy. It also covers children as young as 91 days and as old as 25 years. The policy also offers lifetime renewability along with multiple discount options.

Star Health and Allied Health Insurance Company

Star Health Insurance should be your first pick if you are looking for an affordable health insurance plan. The company excels when it comes to health insurance plans, and has earned unrivalled fame in the niche. Star Health Insurance has also gathered multiple awards in its lifetime, one of them being the prestigious Award of Excellence by WHO in 2017.

The company boasts a incurred claim ratio of 63% for the year 2018-19 and has various pros like:

  • They offer coverage over 7,000 renowned hospitals in India.
  • They cover medical charges 30 days prior and 60 days post-hospitalization.
  • The organization covers pre-existing illnesses after the completion of 4 years.

Although the company proposes several affordable health insurance plans, its most-famous one is:

Star Family Health Optima Insurance

The policy offers extensive features, making it an ideal pick amidst the health insurance plans in India:

Plan Features

  • It automatically covers every new-born after the completion of 16 days.
  • The plan covers charges in case the insured went through an organ transplant.
  • The policy offers the availability of auto-recharge as high as 300% of the insured sum.
  • There is no involvement of third-party administration.
  • The plan covers up to 2% expenses on the room rent (max 4,000 INR daily.)

Eligibility and Renewability

An 18-65 years old Indian citizen can opt for the plan, and it also covers a 16 days old infant. The option of renewability extends to a lifetime in case you cross the age of 65.

In Summation

As the Indian market is abundant with countless health insurance companies, it is natural for consumers to face confusion. The confusions increase several-fold due to the sheer amount of health insurance plans offered by different companies. Therefore, it becomes necessary to thoroughly go through the various terms and benefits the health insurance companies are offering and weigh out the pros and cons of their policies. So, invest your money on the most-suitable health insurance plan and enjoy lifetime support for medical emergencies.

Recommended Link:All About Top Health Insurance Companies & Its Incurred Claim Settlement Ratio