If you are in India, you are certainly aware of the inflation in medical care. With a rate of 14% for healthcare services, it is clear that an expensive treatment that costs around Rs. 1 lakh now might cost around Rs. 2 in five years from now. This is why you should consider getting a medical insurance policy to get much-required financial support in medical emergencies.
However, there are multiple health insurers in the market so it is quite understandable if you feel a little lost. This article will go over how you can compare the health insurance companies in India to get your ideal coverage.
Do you want to purchase a health insurance plan for your family but are not sure about the best options for you? Well, there are tons of them in the market and each one makes its own mark on its services. Here are some factors that you would like to consider when shopping for the best health insurance in India.
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.
Here is an overview of the health insurance companies in India:
Here is a list of government health insurance companies in India:
Which are the Standalone Health Insurance Companies
Here is a list of standalone health insurance companies in India:
Here is a list of government health insurance schemes in India:
PMJAY is currently the world's biggest health assurance plan. The scheme seeks to provide financially vulnerable families with healthcare coverage of INR 5 lakhs per family annually for secondary as well as tertiary care hospitalisation.
AABY is a fixed-benefit health insurance scheme which offers accidental life coverage to the insured with an additional component of life cover. However, the coverage is exclusively for the family’s earning member or head who is practising any of the 48 listed occupations.
ESI scheme is a social multi-faceted security scheme which is accessible for workers operating in factories around India. Workers earning less than INR 21,000 per month are eligible to enrol in this program. For those with ongoing disabilities, the limit is raised to INR 25,000.
PMSBY is a fixed-benefit accidental health insurance scheme which covers individuals from 18 years to 70 years who have an active bank account and a valid Aadhaar Card.
The Central Government Health Scheme is provided to workers and retirees from the various central government ministries included in the plan. Under this program, qualifying central government personnel can receive treatment from a variety of systems, including allopathy and homoeopathy, as well as Ayurveda, Siddha, Unani, and Yoga.
The Mahatma Jyotiba Phule Jan Arogya Yojana was introduced by the Maharashtra state government to give healthcare coverage to those who are financially vulnerable. This plan gives cashless insurance coverage to families that have a yellow ration card, orange ration card, red ration card, Annapurna ration card, Antyodaya Anna Yojana ration card, kids in public orphanages, inmates of public Mahila Ashrams, individuals in senior citizen homes, and so on.
The Rajasthan Government launched BSBY, a cashless medical insurance plan, on 13th December 2015. Families that qualify for this plan may receive free healthcare treatment up to a limit of INR 30,000 for common illnesses and INR 3 lakhs for the listed critical illnesses.
The RSBY provides health insurance coverage to low-income people and families, as well as those in unorganised industries. The scheme provides a floater amount of sum insured of INR 30,000.
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.
If you have been trying to think of ways in which you can protect yourself financially, getting the best health insurance plan in India is certainly one of them. If you make the right plans ahead of time, you will be prepared for an emergency and won't have to worry about how to pay for it. You can even renew health insurance plans online. Furthermore, the easy availability of government-aided health insurance online has made it possible for people from every section of society to get healthcare coverage.
Everyone deserves to have access to the best health insurance policy; this coverage is your future protection, and it should be made a top priority.
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.
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.
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.
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.
Yes, most leading health insurance companies in India enable policyholders to switch to other companies through the portability feature.
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.
The below is the list of standalone health insurance companies in India:
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.
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..
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.
The top 5 private health insurance companies based on Incurred Claim Ratio (ICR) for the financial year 2018-19 are as under:
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.
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.
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.
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.
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.
For the financial year 2019-20, based on the Incurred Claim Ratio, IFFCO TOKIO General Insurance Company is the best health insurance company.
The standalone health insurance companies operating in India are:
The 4 public sector general insurance companies offering health insurance in India are:
There are 21 private general insurance companies offering health insurance products to the people of India.
