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Best Health Insurance Companies in India 2023

Health Plans Starting @ Rs 250* / month

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  • Factors
  • Top 29 Health Insurer
  • How To Choose
  • Types
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icon Health Insurance icon Companies

Health Insurance Companies

We have given below the latest extensive list of the best health insurance companies in India that is released every year. It’s important to go through this list of the best health insurance companies in order to select the top health insurance plans for you & your family.

While looking at this list, you must consider a few significant features before you buy health insurance from one of these top health insurance companies. Looking at the features helps you to evaluate the insurance company’s performance. These features include Cover amount, cashless network hospitals, Claim settlement ratio & Incurred Claim Ratio. On priority, you must consider the Claim settlement ratio & no. of network hospitals. So here’s the list of top 29 health insurance companies in India.

Health Insurance Plans for You

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Reliance General Insurer
Amount Covered: ₹ 1 Lakh
Deal Price: ₹ 2,094 / Year
Waiting period: 4 yrs

Health Insurance Companies in India 2023 Based on Claim Settlement Ratio

Check out the best health insurance companies doing business in India. Here you can check out their claim record along with the number of network hospitals providing cashless claim service to their customers.

HEALTH INSURANCE COMPANY
Health Claim Settlement Ratio FY 2021-22
NETWORK HOSPITALS
Bajaj Allianz Health Insurance Company
90.64%
6,500+
Bharti AXA Health Insurance Company
NA
4,500+
Cholamandalam Health Insurance Company
117.08%
7,240+
ManipalCigna Health Insurance Company
76.17%
6,500+
HDFC ERGO Health Insurance Company
97.47%
10,000+
IFFCO TOKIO Health Insurance Company
130.65%
6,400+
Niva Bupa Health Insurance Company
62.12%
7,000+
National Health Insurance Company
125.53%
6,000+
New India Health Insurance Company
124.54%
1,500+
Oriental Health Insurance Company
139.86%
4300+
Raheja QBE Health Insurance Company
109.54%
5,000+
Reliance Health insurance Company
98.76%
7,300+
Care Health Insurance Company
65.07%
15,500
Royal Sundaram Health Insurance Company
90.22%
5,000+
Star Health Insurance Company
87.06%
10,200+
TATA AIG Health Insurance Company
86.53%
7,200+
United India Health Insurance Company
120.21%
7,000+
Aditya Birla Health Insurance Company
94%
8,200+
ICICI Lombard Health Insurance Company
91.67%
6,500+
Universal Sompo Health Insurance Company
113.39%
4,000+
Acko Health Insurance Company
103.75%
6,500+
Liberty Health Insurance
89.30%
5000+
Edelweiss Health Insurance
112.32%
2578+
Future Generali Health Insurance
88.44%
5,100+
Digit Health Insurance
48.94%
6400+
Kotak Mahindra Health Insurance
72.11%
6,700+
Magma HDI Health Insurance
66.42%
4,300+
Navi Health Insurance
28.56%
10,000+
SBI Health Insurance
81.92%
24000+
Disclaimer: The Incurred Claim Ratio has been sourced from IRDAI Annual Report, and the network hospitals numbers have been compiled from the Insurance Company’s website. Last updated on 05-01-2022
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How to Choose The Best Health Insurance Company In India?

For further deeper evaluation, here’s a list of top 10 things you need to check while you select the top health insurance plans from the best health insurance companies list.

Claim paid
Claims paid against the premium received is higher.
Network Hospitals
High number of network hospitals providing cashless treatment.
Plans
A company offers Individual, Family & Senior Citizen plans.
Customer Supprt
A 24x7 availability of Customer Support Service.
itb_img
An easy, hassle free Claim Settlement Process with less paperwork.
Sold Policies
The amount of policies sold by the company till date.
Reviews % Rating
Reviews & Ratings of the company on social media.
Award
Any awards that the company has received for its performance.
Customer Support
Customer support available through phone, email & chats.
Acess Deatils
Strong online presence where you can access details within a few clicks.

Types of Health Insurance Plans

Corona Kavach Policy
Corona Kavach Policy
Corona Rakshak Policy
Corona Rakshak Policy
Arogya Sanjeevani Policy
Arogya Sanjeevani Policy
Individual Health Insurance
Individual Health Insurance
Family Floater Insurance
Family Floater Insurance
Group Health Insurance
Group Health Insurance
Critical Illness Insurance
Critical Illness Insurance
Personal Accident Insurance
Personal Accident Insurance
Maternity Health Insurance
Maternity Health Insurance
Health Insurance for Senior Citizens
Health Insurance for Senior Citizens
Women Health Insurance
Women Health Insurance
Cancer Insurance
Cancer Insurance
Cashless Health Insurance
Cashless Health Insurance

How to Buy Best Health Insurance Policy Online in India With Coverfox?

  • Step 1: Visit the official website of Coverfox.
  • Step 2: Select the health insurance tab under the insurance menu.
  • Step 3: Fill in your gender, no. of people, pin code, mobile no. & email.
  • Step 4: You’ll see a list of the top 10 recommended health plans with their quotes.
  • Step 5: You can increase your coverage in place of buying a new health plan altogether.
  • Step 6: You can also buy separate health policies for yourself & your parents.
  • Step 7: Once you have selected the right plan, select the Buy Now option.
  • Step 8: Make the payment online via your preferred mode.
  • Step 9: Congratulations, you have successfully insured your health.
  • Step 10: You will receive the policy details in your email shortly.
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Frequently Asked Questions

  • Q. Can an employer deny health insurance?
    • It is not mandatory for employers in India to offer health insurance to their employees. It is left to the discretion of employers to decide whether they want to offer this benefit to their employees.

  • Q. Should you buy health insurance if your employer offers it?
    • Yes, you should definitely buy health insurance from your employer in case the organization offers such a benefit. If you feel that the coverage offered by this corporate health insurance policy is not sufficient to meet your requirements, you can supplement it by purchasing a separate policy.

  • Q. What are the Government Health Insurance Companies in India? How do they work?
    • There are NO standalone health insurance companies run by the government of India. However, there is 1 Life Insurance and 4 general Insurance companies under the Public Sector which provide health insurance products to the public.

      • Life Insurance Corporation of India (LIC)
      • The New India Assurance Company Limited
      • United India Insurance Company Limited
      • Oriental Insurance Company Limited
      • National Insurance Company Limited
      • Health insurance companies have a varied range of plans that they have designed to cater to different health needs of individuals across ages, illnesses, etc. Applicants who meet the required criteria of a plan, as mentioned in the policy document, are eligible for purchasing it. Generally, health plans do not have stringent eligibility criteria, with certain exceptions being related to pre-existing illnesses, medical check-ups, etc. The health insurance plan pays for the medical expenses up to the sum insured in a particular policy year.

        There are two kinds of claims that health insurance companies settle - cashless claims and reimbursement claims. Every insurance company has their stipulated time frames for settling both types of claims.

  • Q. Can I switch between health insurance companies?
    • Yes, most leading health insurance companies in India enable policyholders to switch to other companies through the portability feature.

  • Q. How health insurance companies offer cashless claims?
    • Health insurance companies have a network of authorized hospitals. A policyholder of a certain insurance company can avail cashless benefits on hospitalization and medical expenses incurred in any of their network hospitals by showing their cashless health card subject to approval by the insurance company.

  • Q. What are the standalone health insurance companies in India?
    • The below is the list of standalone health insurance companies in India:

      • Aditya Birla Health Insurance
      • Star Health and Allied Insurance
      • Apollo Munich Health Insurance
      • Max Bupa Health Insurance
      • Religare Health Insurance
      • ManipalCigna Health Insurance
  • Q. How do health insurance companies work?
    • Health insurance companies have a varied range of plans that they have designed to cater to different health needs of individuals across ages, illnesses, etc. Applicants who meet the required criteria of a plan, as mentioned in the policy document, are eligible for purchasing it. Generally, health plans do not have stringent eligibility criteria, with certain exceptions being related to pre-existing illnesses, medical check-up, etc. The health insurance plan pays for the medical expenses up to the sum insured in a particular policy year.

      There are two kinds of claims that health insurance companies settle - cashless claims and reimbursement claims. Every insurance company has their stipulated timeframes for settling both types of claims.

  • Q. What is Solvency Ratio?
    • Solvency ratio refers to the size of the capital of an insurance company involved in the ongoing claims at a certain point of time with respect to all the risks undertaken by it. The ratio is a measurement of its current assets versus its liabilities in the form of commitment for claim settlement..

  • Q.Which health insurance companies are offering cashless hospitalisation service in India?
    • Almost all health insurance companies are offering cashless hospitalization facilities to you. CARE Health Insurance has the highest number of hospitals empanelled on its network, followed by HDFC ERGO, Star Health, Aditya Birla Health Insurance, Reliance, and so on. You can check the table above to know the number of hospitals empanelled by an insurance company.

  • Q.Which are the top 5 private health insurance companies based on the Incurred Claim Ratio (ICR)?
    • The top 5 private health insurance companies based on Incurred Claim Ratio (ICR) for the financial year 2018-19 are as under:

      • IFFCO TOKIO General Insurance Company - 95.66%
      • Reliance General Insurance Company - 89.36%
      • Raheja QBE General Insurance Company - 85.07%
      • Bajaj Allianz General Insurance Company - 81.96%
      • Bharti AXA General Insurance Company - 77.50%
  • Q. Which health insurer company is offering organ donor cover to kidney transplant patients in India?
    • Yes, almost all health insurance companies are offering cover for organ donor expenses. This benefit is available as an in-built feature or through an add-on. Before you decide, it is recommended to go through the product brochure and confirm what is included and excluded from the health insurance plan.

  • Q. Is it true that health insurance companies offer cover only for hospitalisation expenses in India?
    • It is a big myth that has plagued the health insurance sector. Health Insurance Plans are available in India with benefits that go beyond just hospitalization. Health insurance offers benefits like Pre and Post-Hospitalization, domiciliary treatment, organ donor expenses, ambulance expenses, daycare procedures, OPD expenses, and much more.

  • Q. Is it possible to port my health insurance policy from one health insurance company to another?
    • Yes, you can easily port your health insurance plan from one company to another. Our Article on “All You Wanted to Know About Health Insurance Portability” (https://www.coverfox.com/health-insurance/articles/health-insurance-portability-all-you-wanted-to-know/) gives you all the details required for porting your existing health insurance plan to a new insurance company.

  • Q. Which health insurance company in India covers insulin expenses arising from Diabetes?
    • Diabetes specific health insurance plans cover medical expenses arising due to diabetes. Diabetes Safe Insurance Policy from Star Health Insurance Plan, Energy from HDFC ERGO, Care Freedom from Care Health Insurance are some of the plans that you can look at to take care of your medical expenses arising out of diabetes.

  • Q. What is the count of health insurance companies in India?
    • There are 5 standalone health insurance companies and 25 general insurance companies offering health insurance products in India. In short, there are 30 companies providing health insurance to the vast population of India.

  • Q. Which is the best health insurance company in India?
    • For the financial year 2019-20, based on the Incurred Claim Ratio, IFFCO TOKIO General Insurance Company is the best health insurance company.

  • Q. Can you provide the names of all standalone health insurance companies in India?
    • The standalone health insurance companies operating in India are:

      • Aditya Birla Health Insurance
      • Care Health Insurance
      • Manipal Cigna Health Insurance
      • Max Bupa Health Insurance
      • Star Health and Allied Insurance
  • Q. Can you provide the names of public insurance companies offering health insurance in India?
    • The 4 public sector general insurance companies offering health insurance in India are:

      • National Insurance
      • New India Assurance Company
      • Oriental Insurance Company
      • United India Insurance
  • Q. How many private companies are offering health insurance in India?
    • There are 21 private general insurance companies offering health insurance products to the people of India.

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