Health insurance is the need of the hour! Thankfully, more and more people are waking up to this reality nowadays. As a result, a lot many health insurance policies are being sold every day. The top health insurance companies in India have some very good medical insurance plans on offer. If you are looking to buy health insurance, you will have many options at your disposal. However, to know what your ideal health care coverage should be, you first need to assess your own needs and requirements. Take a look at this article know how you can correctly assess your needs and find the best plan from the top health insurance provider in India.
List of Top Health Insurance Companies in India 2021
- SBI Health Insurance
- Star Health Insurance
- Bajaj Allianz Health Insurance
- Oriental Insurance
- Niva Bupa Health Insurance
- Care Health Insurance
- ManipalCigna Health Insurance
- HDFC ERGO Health Insurance
- ICICI Lombard Health Insurance
- New India Assurance
HDFC ERGO Health Insurance
To begin with, we have the much renowned HDFC ERGO Health Insurance Company. This company has been around for many years and has been consistently offering excellent plans at excellent rates. When you buy your health insurance policy from HDFC ERGO, you get these benefits:-
- Wide selection – The insurance company has one of the widest range of medical insurance plans on offer. You can buy family health insurance covers, individual health insurance plans, senior health insurance plans.
- Great service – HDFC ERGO is known for the great service they offer. They have a very helpful customer support team who always help you out, no matter what your queries are.
- Digital presence – They are a very modern medical insurance company that has an excellent mobile app and very advanced website through which you can buy and service your health care coverage at any time.
Star Health Insurance
Next, we have the Star Health and Allied Insurance Company. Another excellent and very well reputed health insurance provider in India, the company has been offering excellent health insurance products for many years. When you buy your medical insurance cover from Star Health, you get the following advantages:-
- High claim record – Star Health has a very high claim settlement record. As a result, you stay assured of getting your health insurance claim settled when there is a need. This is something crucial for you to note when you choose your health insurance company.
- Great customer support – You will need assistance from time to time in relation to doubts that crop up in your health insurance cover. You, therefore, need a good insurance provider who would be willing to help you out. If you decide to make Star Health your insurance provider, you will always get the assistance you need.
- Many options – Whether you need a small top-up policy or a large family health insurance plan, you will find many options from Star Health.
Niva Bupa Health Insurance
Niva Bupa is a name that everyone is familiar with. The company has many interesting and useful health insurance plans on offer. Here are some handy benefits the company has on offer:-
- Efficient and Professional – One of the main advantages you get is efficient and professional services. The insurance company is known for offering some excellent service in all areas, from the way they sell their plans to the way they handle queries to the way they settle the health insurance claims. You will, therefore, have a smooth experience with your medical insurance provider for sure.
- Different Types of Plans – If you are looking for a variety of health insurance plans from the same health insurance company, you may gain a lot by exploring the options available from Niva Bupa. they have many different types of health insurance all in one place, making it easy for you to get what you want.
ManipalCigna Health Insurance
ManipalCigna is a very good health insurance provider in India. You get a lot of different policies from this insurer. Here are some benefits to offer:-
- Affordable Rates – The health insurance quotes offered by ManipalCigna Health Insurance are amongst the lowest in the country. This makes it very economical for you to buy health insurance and use it to your advantage as well. So if you want good insurance coverage at a pocket-friendly rate, do check out the plans available from this health insurance company.
- Extensive Coverage – The medical insurance plans offered by this insurance company have some very unique and beneficial features. This makes the cover very extensive and wholesome, something that you greatly benefit from.
New India Assurance Health Insurance
The health insurance plans from the New India Assurance Insurance Company are among the very best in the country. This is because this insurance company is one of the oldest and most trusted names in the Indian health insurance industry. When you buy a health care plan from the New India Assurance Insurance Company, you are assured of the following benefit:-
- Very Ethical – Being one of the oldest and most trusted names in the Indian health insurance sector, the New India Assurance Insurance Company works with the highest standards of ethics. You, therefore, find a lot of transparency and truthfulness in the services they offer, making it very easy for you to maintain your health insurance coverage from the insurer.
- High Claim Record – And since they are ethical, they do not believe in holding back the health insurance claims unnecessarily. It is very heartening to know that the New India Assurance Insurance Company settles a large majority of the claim requests it receives on a daily basis.
ICICI Lombard Health Insurance
Next, we have ICICI Lombard. This is one of the largest private insurance companies in India operating in the country. You can find all kinds of insurance covers, including some of the very best health insurance policies from ICICI Lombard. Here are some benefits to offer:-
- Technologically Advanced – If you want a truly smooth and efficient service, on the best possible digital platform, you have got to consider buying health insurance from ICICI Lombard. Undoubtedly one of the most digitally advanced health insurance providers in India, the company has an excellent mobile app and website through which you can get all your work done in an instant.
- Settles Most Claims – Another huge benefit of going with this medical insurance company is that it settles a large number of insurance claims. You are thus assured of getting your own claim settled too when you buy a health insurance policy from ICICI LMaxombard.
Oriental Health Insurance
To round off the list, we have the Oriental Health Insurance Company. This is another old and trusted health insurance company in India. They have many different types of health insurance plans on offer. Here are some of the advantages they offer:-
- Wide Range of Plans – You get a very wide selection to choose your health insurance coverage from. You may need an individual health insurance plan, a family health insurance cover or a senior health insurance policy. You will find all these covers and even more from this health insurance company.
- Easy to Access – Oriental Insurance has a good customer support team who always help you with queries related to your health insurance cover. This makes it easy for you to own and work with health care coverage. They also have a good digital presence and you can use their website and app for the same purpose.
These are some of the very best health insurance companies in India. All the insurers have different plans with different rates on offer. Choose your ideal cover and make a purchase thereafter.
SBI Health Insurance
SBI General Insurance Company, a joint undertaking between the State Bank of India and Insurance Australia Group (IAG). The company provides a wide-ranging series of general insurance products both in the retail and commercial sectors at least cost. SBI General Insurance is planned in a way to make insurance available to every individual as well as businesses. Health Insurance is the most common insurance under the General Insurance umbrella which the company provides. The company has an Incurred Claim Ratio of 52.93% for the financial year 2018-2019 with more than 14000 branches worldwide. Keeping in mind the earning capacity across people with widespread coverage plans. With the facility of guaranteed renewal and renewal of any current health insurance, makes the health insurance easy for people.
- Affordable Premiums and Sum Insured: SBI General health insurance policy offers the minimum and maximum Sum Insured of INR 50,000 and INR 500, 000 respectively which caters to all the segments of the society. One can choose as per his/her needs and financial limits without any hassle.
- Availability of All-Inclusive Plan: Under SBI General Insurance Family Floater policy, you can get comprehensive protection for your family members under one single Policy.
- Coverage in Every City: Available plans under SBI General health insurance policy are for Metro Plan, Semi Metro Plan & Rest of India.
- Online Facility: SBI General health insurance policy can be purchased or renewed online. One can also get free quotes on buying policies.
- Renewal of Other Policies: At SBI General Insurance, you can renew other insurer Mediclaim policies.
- Round the Clock Assistance: 24*7 claim assistance services are available because of the well-trained customer support team.
Care Health Insurance
Care Health Insurance is a dedicated Health Insurer providing health insurance facilities to individuals as well as corporate employees in association with Religare Enterprise Limited, Union Bank of India and Corporation Bank. The company has a high Incurred Claim Ratio which is 93% for the financial year 2018-2019. With a huge network of more than 5000 hospitals in India and an in-house settlement facility, the company has established a very strong presence in the county.
- Affordable and Various Range of Sum Insured: The company provides coverage from Rs 400000 to 75 Lakhs and also with global coverage plans covering from 50 Lakhs to 6 Crores.
- Wide Network of Hospitals: One can choose amongst network hospitals for more than 6000.
- Tailormade Plans: The plans are modified with affordable premiums and thus, help one to choose and buy accordingly.
- Claims Settlement: The company has a very strong existence across India with 122 branches thereby providing easing out the process of claim settlement.
- Availability of Online Plans: The existence of Online Plans helps one to buy from the company website directly thereby reducing the cost of the insurance policy.
- Advantage of Tax Benefit: One can avail the tax benefit under Section 10(10D) of the Income Tax Act, 1961.
Bajaj Allianz Health Insurance
Bajaj Allianz General Insurance Company Limited is a joint partnership between Bajaj FinServ Limited and Allianz SE. The company has a strong reputation, stability and strong foundation in the field of General Insurance. The journey was started way back in 2001 and is still continuing. Bajaj Allianz Health Insurance policy offers the finest healthcare and medical insurance plans that keep one economically and mentally fully secured. The company has a high Incurred Claim Ratio which is 98% for the financial year 2018-2019. The company provides various plans which suit the requirement of all segment of customers.
- Largest Network of Hospitals: The company has the cashless facility which is available in more than 6500 network hospitals in India, which is one of the highest numbers of hospitals available in any health insurance company.
- Internal Claim Settlement Team: There is the presence of an In-house Health Administration team which processes the claims much faster with their expertise and becomes hassle-free also for anyone. The company provides a cashless claim settlement within 1 hour.
- Coverage for Women: A must mention here is about the company’s offering the coverage of 8 critical illnesses which is specifically designed for women.
- Digital Platform: Online facility is also available for anyone who wishes to buy Bajaj Health Plans online. An online settlement option is also available through the company’s app Health Claim by Direct Link which makes the claim an easy process.
- Assistance and Support: The company provides the facility of very easy buying and renewability throughout life with 24*7 support through experts and knowledgeable professionals.
- Advantage of Tax Benefit: One can avail the tax benefit under Section 10(10D) of the Income Tax Act, 1961
How to Choose the Best Health Insurance Company in India
As promised, we now tell you how to choose the ideal health insurance plan from all the options that you have. As mentioned above, there are many plans available from some of the excellent health insurance companies. You, therefore, need to make your choices with care. Before you buy health insurance, keep the following points in mind:-
- Who Needs Insurance – Who in your family needs insurance? Will the health plan cover just yourself or other family members too? Once you have answers to these questions, you will be able to find your ideal cover in no time.
- What other Covers Do I Have – If you already have a group health plan offered by your employer, you may just need an extra individual health insurance plan as a top-up. Assess this very crucial point and then buy your health insurance policy accordingly.
- What Premiums Do I Have to Pay – Premium is also an important consideration when buying a health insurance plan. Once you have four-five plans offering the sum insured you want, compare them based on the premium they come with. So, it’s obvious the plan with the least premium and the required sum assured is for you.
- Which Plan Comes with the Least Waiting Period – If you have a disease or ailment before buying a policy, health insurance companies won’t cover up to a specified period i.e. waiting period. Usually, this period stretches to as long as 4 years from the date of policy commencement. But there could be some plans having a much shorter waiting period. So for you having already caught illnesses, that very plan would be good.
- Which Comes with the Least or no Sub-limit on Room Rent – Health insurance companies, usually, come with certain sub-limits on room rent. So, these companies cover the cost up to a specified limit set on room rent. In case the room rent cost exceeds the limit set by the insurer, you will need to bear the extra amount. However, some insurance companies don’t apply any sub-limit on room rent. So, you could consider buying a health plan from such an insurer.
- Which Offers Extended Pre and Post-hospitalization Cover – Health insurance companies not only cover your hospitalization expenses but also the ones incurred before and after admission to a hospital. But the key is the number of days for which you will get covered for each of the two situations. While pre-hospitalization cover can extend up to 30-60 days, post-hospitalization cover could be available for up to 60-180 days.
- Check for Any Co-payment/Deductible Clause – Some health insurance plans come with a co-payment clause wherein both insurer and insured will need to bear expenses. The insured will need to pay first before the insurer will do its bit. So, if a plan comes with a 10% co-payment clause and the admissible claim amount is INR 3 lakh, you will need to pay INR 30,000 first before the insurer will pay the remaining INR 2,70,000. Even in a deductible clause, the expenses will need to be shared between the insurer and the insured. But the difference is that the insurer will cover only when the expenses cross a specified limit i.e. deductible. So, if the deductible amount is INR 3 lakh and the total sum insured is INR 6 lakh, the insurer will pay only when the expenses go past the INR 3 lakh mark. Remember, in both co-payment and deductible situations, the maximum liability of the insurer is restricted up to the sum insured only. The benefit of these clauses is a reduced premium. But the reduced coverage as a result might bother you! So do consider these clauses carefully before accepting a plan.
Keep these important points in mind before you make your final health insurance selection.
As you can see, there are some very good health insurance companies offering some of the best possible medical insurance covers. You just need to go over your own requirements and then see which plan suits you the best. Compare insurance quotes and find the best health insurance plan at the best possible price. You can then stay covered yourself and keep all the members of your family secured under the health insurance umbrella as well.