Best Health Insurance Companies in India

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16 October 2023

India's health insurance market offers diverse plans for individuals, families, seniors, women, and parents, with over 25 providers. Choosing the right insurer involves evaluating factors like their Incurred Claim Ratio (ICR), Claim Settlement Ratio (CSR), and premium rates to ensure you get optimal coverage and benefits.

Best health insurance companies in India: Overview

In today's world, medical emergencies are unpredictable and can hit anyone at any time. To avoid the financial burden, health insurance policies help to cover the expenses of medical treatment. With the increasing demand for health insurance policies, there are various insurance companies operating in India. Choosing the best health insurance company that suits your needs can be overwhelming. Let us look at some of the best health insurance companies in India. But before that know the things you must consider when choosing a health insurance from any insurance company.

Why Choosing the Right Insurance Company Matters

Selecting the best health insurance company in India is crucial for securing your financial well-being during medical emergencies. A reliable insurer ensures timely claim settlements, reducing your out-of-pocket expenses and providing peace of mind. The right company offers comprehensive coverage, a wide network of hospitals, and excellent customer service, making your healthcare journey smoother. Evaluating factors like claim settlement ratios, network hospitals, and policy inclusions helps you make an informed decision and safeguard your health effectively.

Why you should compare health insurance companies in India?

Comparing health insurance companies in India is crucial to identify the best insurer that aligns with your needs. With numerous insurers offering varying coverage options, premium rates, and services, a comprehensive comparison helps you assess critical factors like claim settlement ratios, network hospitals, and added benefits. By evaluating these aspects, you can select a provider that not only offers comprehensive coverage but also provides the most value for your premium, ensuring reliable service and peace of mind when you need it most.

Which is the best health insurance company in India?

The best health insurance company in India offers a combination of affordable premiums, extensive coverage, and reliable services. It’s essential to evaluate factors such as claim settlement ratios, network hospitals, and the inclusion of additional benefits. Carefully comparing these aspects ensures that you select a provider that meets your healthcare needs and financial goals.

List of the 5 best health insurance companies in India

Here’s a list of the top 5 health insurance companies in India partnered with Bajaj Finance that offer affordable health insurance in India.

Aditya Birla Health Insurance

One of the best health insurance providers, Aditya Birla Health Insurance, stands out as the best medical insurance company in India, offering a range of health insurance policies, including critical illness cover, personal accident cover, cancer cover, and more. Aditya Birla Health Insurance plans also cover pre-existing diseases such as Asthma, Blood pressure, Cholesterol, and Diabetes (ABCD). With an extensive network of over 10,000 network hospitals, Aditya Birla offers the benefit of cashless hospitalisation. They have a 96% claim settlement ratio, indicating prompt and hassle-free claim settlements.

Bajaj Allianz General Insurance

Bajaj Allianz offers a wide range of health insurance policies for individuals, families, senior citizens, and more. The Bajaj Allianz General Insurance has over 7,000 network hospitals and offers coverage for pre-existing diseases, maternity expenses, and a host of other benefits. You can also avail a host of add-on covers to enhance your health insurance policy for better coverage.

Care Health Insurance

Formerly known as Religare Health Insurance, Care Health Insurance offers affordable health insurance policies with extensive coverage for critical illnesses. The company has over 7,400 network hospitals and offers comprehensive medical coverage. They offer health insurance policies for individual and family needs, where family policies come with benefits like no age capping and additional discounts on the premium payments.

ManipalCigna Health Insurance

ManipalCigna Health Insurance offers a range of innovative health insurance products with worldwide coverage. They have over 10,000 network hospitals in India and offer a range of benefits such as personal accident cover, critical illness cover, and more.

Niva Bupa Health Insurance

With an impressive 98% claim settlement ratio, Niva Bupa is one of the most reliable health insurance companies in India. They offer comprehensive coverage for medical expenses and have an extensive network of over 8,500 hospitals across India. Their policies also offer additional features like wellness programs, health coaches, and more to enhance the overall well-being of the individual.

Pro Tip

Avail hospitalisation and treatment benefits with health insurance plans starting at just Rs. 15*/day.

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Key factors to consider when selecting the best health insurance company in India

When choosing a health insurance company, especially when seeking the best health insurance company in India, it’s essential to evaluate several factors to ensure you receive comprehensive coverage, reliable service, and good value for money. Below are key aspects to consider:

1. Claim settlement ratio

A higher claim settlement ratio indicates the insurer’s ability to handle claims efficiently. It’s vital to choose a company with a good track record of settling claims on time, ensuring you are supported when you need it the most.

2. Variety of health insurance plans

Health insurance companies offer a wide range of plans, such as individual health insurance, family floater health insurance, and critical illness policies. It’s important to select an insurer that provides various options, allowing you to pick a plan tailored to your specific needs.

3. Reviews and reputation

The reputation of an insurer can tell you a lot about its customer service and reliability. Checking online reviews and ratings from existing customers can give you insights into the insurer’s overall service quality and trustworthiness.

4. Claim process

A smooth, hassle-free claim process is essential when selecting a health insurer. Choose a company that offers a simple, transparent, and quick claim settlement process, whether cashless or reimbursement, to ensure peace of mind.

5. Solvency ratio

The solvency ratio reflects an insurance company’s financial stability and its ability to meet long-term obligations. A higher solvency ratio indicates that the insurer is financially robust and can cover your health expenses without issues.

6. Waiting period

The waiting period refers to the time before certain benefits under your policy can be claimed. Ensure you choose a health insurance company with a reasonable waiting period for pre-existing conditions and specific treatments, ensuring you’re covered when needed.

7. Sub-limits and room rent capping

Many health insurance policies have sub-limits or caps on room rent and treatment costs. It’s important to check for these limits to avoid surprises when you require hospitalization. Choose a policy with flexible or no capping on room rent to ensure the best treatment options.

8. Maternity and newborn cover

If you plan to start a family, consider a policy that includes maternity and newborn coverage. These plans can help cover expenses related to pregnancy, delivery, and postnatal care, ensuring comprehensive protection for both mother and child.

9. Chronic and critical illness coverage

Ensure the health insurance policy provides coverage for critical and chronic illnesses like cancer, heart disease, and diabetes. Such coverage can protect you from high treatment costs and offer long-term financial support for serious conditions.

Key features of the best health insurance companies in India

Conducting thorough research and comparing these factors can help you identify the best medical insurance company in India that meets your specific needs and preferences. Here are some key features to consider when looking for the best health insurance companies in India:

Comprehensive coverage

A good health insurance company must provide a comprehensive range of coverage, including outpatient care, diagnostic tests, hospitalisation, and more. It should also cover pre-existing conditions, maternity care, and critical illnesses to provide financial security in unforeseen circumstances.

Affordable premiums

When calculating your health insurance premium, most companies take into account factors such as age, medical history, and specific medical needs. It's imperative to find a health insurance policy that offers sufficient coverage for the value of the premium paid. Most reputable health insurance companies, including the best company for medical insurance in India, offer a variety of policy options with different premium options and features tailored to meet individual and family healthcare needs.

Network hospitals

A broad network of hospitals is a critical feature of the best health insurance companies. As it enables policyholders to avail cashless treatment at network hospitals, which saves them the hassle of managing bills.

Claim settlement ratio

The claim settlement ratio is the number of claims settled by an insurance provider out of the total number of claims made. It is a critical metric that denotes the company's reliability and customer satisfaction. A high claim settlement ratio is always desirable as it denotes prompt and hassle-free claim settlements.

Add-on benefits

Additional benefits such as critical illness cover, personal accident cover, and wellness benefits can enhance the overall value of a health insurance policy. The best health insurance companies, among the medical insurance companies in India, offer a range of add-on benefits that cater to individual needs, providing comprehensive coverage and peace of mind for policyholders.

Key benefits of health insurance policies

The top health insurance companies in India offer comprehensive medical coverage, cashless hospitalisation, and additional benefits that cater to individual needs. Let us look at some of the key benefits of having a health insurance policy.

Comprehensive medical coverage

Health insurance provides comprehensive coverage for medical expenses, which includes hospitalisation expenses, daycare procedures, diagnostic tests, pre-and post-hospitalisation expenses, and more. This ensures that policyholders receive timely medical attention without worrying about the expenses involved.

Cashless hospitalisation

Health insurance policies come with the added benefit of cashless hospitalization. Policyholders can access medical treatment at network hospitals without having to worry about bill payments, as the insurance provider covers the expenses.

Additional benefits

Health insurance policies may cover additional benefits like teleconsultations with doctors, wellness programs, and more. These additional benefits ensure comprehensive medical coverage and promote overall wellness.

Pre-and post-hospitalisation expenses

Health insurance policies also cover pre-and post-hospitalisation expenses. This ensures that medical expenses incurred before and after hospitalisation are covered, providing complete financial security. Insurers cover pre-and post-hospitalisation expenses for a limited period only.

Daycare procedures

Health insurance policies also cover daycare procedures, which are medical procedures that do not require an overnight hospital stay. This could include chemotherapy, dialysis procedures, and more.

Online doctor consultations

Many health insurance providers now offer online doctor consultations. This is especially useful during the current pandemic when it may not be safe to visit medical facilities in person.

Diagnostic and lab tests cover

Health insurance policies also cover expenses related to diagnostic tests and laboratory services. This ensures that policyholders receive timely diagnosis and care without worrying about the expenses involved,Check factors to consider before choosing a health insurance company making it a crucial aspect provided by the best health insurance company in India.

How to choose a health insurance company in India?

Choosing the best mediclaim insurance company in India can be challenging. Here are some factors to consider while making your choice, such as reputation, coverage options, network hospitals, claim settlement process, customer service, and premium affordability. Discussed below are the same in brief:

1. Network hospitals:

Check the list of hospitals that come under the network of the insurance company to ensure hassle-free cashless treatment.

2. Claim settlement ratio:

It is important to choose an insurer that has a high claim settlement ratio in health insurance, indicating prompt, and hassle-free claim settlements.

3. Premium amount:

Ensure the premium amount is reasonable, and the coverage matches the amount paid. It is imperative to find a health insurance policy that offers sufficient coverage for the value of the premium paid.

4. Features and benefits:

The policy should offer features that cater to your specific needs, such as coverage for pre-existing diseases, add-on benefits, etc.

5. 24x7 customer support service:

Choosing a health insurance company that offers round-the-clock customer support is crucial. It ensures that you can reach out at any time, especially during emergencies or when you have questions about your policy. A reliable customer service team helps resolve issues promptly, ensuring you feel supported whenever needed.

6. Easy claim procedure:

An insurer with a streamlined claim process makes filing claims quick and hassle-free. The ideal company should minimize paperwork and third-party administrator (TPA) involvement, ensuring that the process is straightforward and efficient, providing peace of mind when it’s time to file a claim.

Check factors to consider before choosing a health insurance company

Choosing the right health insurance company is a critical decision that can impact your financial security and access to quality healthcare. To make an informed choice, consider the following factors:

  • Coverage options
    Evaluate the range of coverage options offered by the insurance company, including individual, family, or group plans.
  • Network of hospitals and doctors
    Ensure the insurer has a comprehensive network of healthcare providers, including hospitals and doctors, in your area.
  • Cost and premiums
    Compare premiums, deductibles, and out-of-pocket costs to find a plan that suits your budget.
  • Pre-existing conditions
    Check how the company handles pre-existing medical conditions and whether they offer coverage or waiting periods.
  • Additional benefits
    Look for additional perks like wellness programs, telemedicine services, or maternity coverage.
  • Claims process
    Understand the ease and efficiency of the claims process and the insurer's track record in claims settlement.
  • Exclusions and limitations
    Be aware of any exclusions or limitations in the policy, such as non-covered treatments or waiting periods.

How to apply for health insurance plans on Bajaj Finance Insurance Mall?

Step 1: Click here to open our online application form.

Step 2: Fill in the application form with your basic details or the person that you want to insure. Provide your name, gender, and mobile number. Also, date of birth, and residential PIN code.

Step 3: Now click on ‘Get Quote’ to proceed.

Step 4: From the list of policies shown, choose your preferred family health insurance plan by clicking the ‘Buy Now’ button placed under each plan. You can further modify the insured amount, policy term, and plan-type to get a list of policies tailored to your preference.

Step 5: Based on the plan you choose, you may get the option to select the policy term and premium amount.

Step 6: Enter your email ID and check if all personal details shown are correct. Click ‘Next’ to proceed.

Step 7: Enter some additional details, such as height, weight, nationality, marital status, address, and nominee details (if applicable).

Step 8: Answer a few questions about your health and lifestyle by clicking the relevant checkboxes. Click on the ‘Next’ button to proceed.

Step 9: Verify if the previously filled details are correct. Click on the ‘Proceed’ button to visit the payment page.

Step 10: Make the payment through net banking, UPI, debit, or credit card to buy the policy.

After successful payment, your policy document will be available for you to download instantly. You will receive a copy of the policy document on your registered email ID within from 5 to 7 working days.

You will also receive an SMS confirmation immediately after the payment processed successfully.

Reasons to buy health insurance

Here’s why you should buy a health insurance policy: It provides financial protection against unexpected medical expenses, ensuring you receive quality healthcare without straining your finances. Choosing the best health insurance company in India ensures robust coverage and reliable claim settlements.

Financial assistance:

A medical emergency can create a significant dent in your savings. A health insurance policy ensures that you do not have to worry about medical expenses and focus on getting well.

Comprehensive medical coverage:

A comprehensive health insurance policy covers a range of medical procedures, including surgeries, procedures, medication, and more.

Preventive care:

Many health insurance companies offer preventive care programs, ensuring early detection of health issues and timely intervention.

Peace of mind:

A health insurance policy helps to provide peace of mind, knowing that in case of any medical emergency, you have the necessary financial support.

Conclusion

To secure a healthy and stress-free life, it's vital to invest in a strong health insurance policy from one of the best health insurance companies in India. Carefully assess your individual needs, select a comprehensive plan that meets those requirements, and ensure financial security for both yourself and your family.

Frequently asked questions

Which are the best health insurance companies in India?

India has many health insurance companies offering comprehensive coverage and benefits. It is easy to buy policy online on platforms like Bajaj Finance Insurance Mall. Here you can opt for an insurance policy from any of the leading insurance providers.

What should I look for while choosing a health insurance company?

While choosing a health insurance company, factors such as network hospitals and healthcare providers, policy coverage and benefits, insurance premiums, claim settlement ratio, reputation and customer service, sub-limits and co-payments, waiting periods for pre-existing illnesses, renewal process, add-ons and value-added services, and online accessibility and convenience should be taken into consideration.

How can I compare health insurance companies and their policies?

To compare health insurance companies and their policies, you can visit insurance aggregators and websites that offer comparisons of different policies or consult with insurance agents. It is advisable to do thorough research and compare the coverage and benefits, premiums, and other features of different policies to make an informed decision.

Can I buy health insurance policies online?

Yes, most health insurance companies offer the option to buy policies online. Customers can visit the insurer's website, select the policy of their choice and make the payment online. The policy document is sent via email, making the process quick, convenient, and hassle-free.

How can I choose the right health insurance company in India for my needs?

While choosing a health insurance company in India, it is essential to consider factors such as the policy coverage, premium amount, the claim settlement process, network hospitals, and customer service. Comparing different companies and policies, reading customer reviews, and seeking expert advice can help in making an informed decision.

Which health insurance company is best in claim settlement?

Determining the best health insurance company for claim settlement involves considering factors like customer satisfaction, network coverage, and efficiency in processing claims. Conducting thorough research, reading reviews, and comparing performance metrics can help individuals identify the most reliable provider for their needs.

Which is the largest medical insurance company?

The largest medical insurance company is a prominent player in the healthcare industry, providing extensive coverage and services to millions of individuals and families worldwide. Known for its wide network, comprehensive plans, and efficient claim settlement process, it stands out as a leader in the insurance sector.

Which are the top 3 insurance companies in India?

The top insurance companies in India are recognized for their extensive product offerings, strong market presence, and financial stability. These companies provide a variety of plans, ensuring comprehensive coverage, reliable customer service, and efficient claim settlement processes.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services.  Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.