Today’s age is the age of technology where medical treatments have become advanced and cutting edge. There are treatments for most chronic illnesses too and so life expectancy has increased. However, though medicine has advanced, it has also become expensive. Affording quality healthcare has become financially distressing in modern times. Moreover, as life expectancy has increased, so has the incidence of illnesses. You, therefore, need a health insurance plan to cover the rising costs of medicine and protect yourself financially in a medical emergency.
In India, there are more than two dozen health insurance companies which offer a range of health insurance plans for your needs. Some companies also feature in the top 10 health insurance companies from which you can choose the best health insurance policy.So, let’s have a look at the top 10 health insurance companies in India 2022 –
Here is a list of the top 10 health insurance companies in India that offer some of the best health insurance plans:
List of top 10 health insurance companies in India
|Name of the company||Type of ownership||Owned by||The network of cashless hospitals|
|Manipal Cigna Health Insurance Company Limited||Privately owned company||Manipal Group and Cigna Corporation||4000+ hospitals in India|
|National Insurance Company Limited||Public company||Government of India||Almost all leading hospitals of India|
|Care Health Insurance||Privately owned company||Religare Enterprises Limited||16500+ healthcare providers in India|
|Star Health & Allied Insurance Company Limited||Privately owned company||ICICI Ventures, Oman Insurance Company, Sequoia Capital, Alpha TC Holdings and TATA Capital Growth Fund||11,000+ hospitals in India|
|Universal Sompo General Insurance Company Limited||Public-Private ownership||Indian Bank, Indian Overseas Bank, Allahabad Bank, Dabur Investments, Karnataka Bank Limited and Sompo Japan Nipponkoa Insurance Inc.||4000+ hospitals in India|
|Aditya Birla Health Insurance Company Limited||Privately owned company||Aditya Birla Group||9000+ hospitals in India|
|HDFC ERGO Health Insurance Limited||Privately owned company||HDFC ERGO General Insurance||10,000+ hospitals in India|
|SBI General Insurance Company Limited||Public Sector Undertaking||State Bank of India and IAG (Insurance Australia Group)||6000+ hospitals in India|
|The New India Assurance Company Limited||Public company||Government of India||Almost all leading hospitals in India|
|Bajaj Allianz General Insurance Company||Private-owned||Allianz SE and Bajaj Finserv Limited||6500+ hospitals in India|
A brief overview of the top 10 health insurance companies
Here’s a quick look into what makes the above-mentioned health insurance companies the top 10 health insurance companies in India.
1. Manipal Cigna Health Insurance Company Limited
- The company has won various awards for its operations. The company’s Lifetime Health was voted as the “Product of the Year” in 2021.
- The company offers a range of tailor-made plans which can be customized as per your needs
- The premiums are affordable and the company’s wide hospital network ensures easy cashless claim settlements
- Manipal Cigna Health Insurance has an ICR (Incurred Claim Ratio) of 54%
2. National Insurance Company Limited
- The company has the largest Bancassurance tie-up with leading banks in India
- The company enjoys a huge customer base as it is one of the oldest insurers in India
- A range of health insurance products are offered by the company with affordable premium rates
- The company has been felicitated by the Economic Times Best Brands Award in recent times. It was also awarded the “Healthcare Excellence Award” in 2021.
- National Insurance Company Limited has an ICR (Incurred Claim Ratio) of 86.23%
3. Care Health Insurance Company Limited
- The company offers an in-house claim settlement department ensuring that your claims are settled at the earliest
- A wide range of health insurance plans is available with best-in-class coverage benefits and sum insured levels of up to INR 6 crores
- The company has won many awards with the latest being the ‘Best Health Insurance Company’ Award at the ABP News-BFSI Awards
- Care Health Insurance Company Limited has an ICR (Incurred Claim Ratio) of 55.15% and a Claim Settlement Ratio of 95.2%
4. Star Health & Allied Insurance Company Limited
- The company has won the “Most Innovative Product of the Year” Award in 2020
- The company has settled more than 4.9 million claims since it was established and therefore has a high claim settlement ratio
- There is an in-house claim settlement department which makes claim settlement easy and convenient
- Star Health & Allied Insurance Company Limited has an ICR (Incurred Claim Ratio) of 94.44%
5. Universal Sompo General Insurance Company Limited
- The company enjoys a high claim settlement ratio which is more than 90%
- The company has won the “Best BSFI Brands” Awards in 2021-22 by Economic Times.
- The company has a wide variety of health insurance products suitable for every individual
- Universal Sompo General Insurance Company Limited has an ICR (Incurred Claim Ratio) of 90.44%
6. Aditya Birla Health Insurance Company Limited
- The company has settled more than 63,000 claims ever since it has been established
- The company enjoys a wide customer base of more than 23 lakh individuals
- A range of health and wellness services are offered by the company to promote healthy living
- The company has been awarded the “Most Effective Recruitment and Retention Strategy” Award in 2019 at Employee Engagement Leadership Summit 2019.
- Aditya Birla Health Insurance Company Limited has an ICR (Incurred Claim Ratio) of 49.99%
7. Apollo Munich Health Insurance Company Limited
- The company offers the only Dengue care health plan at very low premium rates
- The HealthJinn application of the company allows you to buy a health plan from your mobile phones. You can also keep a record of your policy and make a claim through the application
- 90% of the claims are settled within an hour making the claim settlement process a breeze
8. HDFC Ergo General Insurance Company Limited
- The company has insured more than 1 crore lives till date
- The company allows you 24*7 support for any type of query or grievance that you have
- The company responds to 90% of the cashless claims within 20 minutes of intimation. Reimbursement claims, on the other hand, are approved within 3 days
- The company has launched a wellness application which helps you track your health and live healthily
- The company was awarded ETBFSI Excellence Award in 2021.
- The ICR (incurred Claim Ratio) of HDFC Ergo General Insurance Company Limited is 75.75%
9. SBI General Insurance Company Limited
- The company has a widespread presence in India with more than 23,000 branches through State Bank branches and more than 5500 branches of Regional Rural Banks
- The company offers health insurance solutions to retail customers, corporate customers and even to the SME sector
- The company won the Best BSFI Award in 2018.
- The ICR (incurred Claim Ratio) of SBI General Insurance Company Limited is 74.11%
10. The New India Assurance Company Limited
- The company not only operates in India but has its branches in 28 other countries of the world. The company, therefore, offers international standard to services to its customers
- The company has been rated AAA/Stable by CRISIL
- The company’s financial figures depict the company’s strong financial foundation. With its presence in 28 countries, New India Assurance made a global business of INR 31,573 crores in march 2021.
- The ICR (incurred Claim Ratio) of The New India Assurance Company Limited is 84.19%
Bajaj Allianz General Insurance Company
- Bajaj Allianz is a joint venture of two popular companies, Allianz SE from Europe and Bajaj Finserv Limited of India.
- The company is widely popular as the leading private insurance company and has offices in more than 1100 towns and cities of India.
- The company has been awarded the “Certificate of Merit” on 33rd CFBP Jamnalal Bajaj Awards for Fair Business Practices in 2020-21.
- The ICR (Incurred Claim Ratio) of Bajaj Allianz General Insurance Company is 70.74%.
There are different types of health insurance plans offered by these top 10 health insurance companies. Let’s have a look at how you can choose the most suitable plan now that you know about the top 10 health insurance companies.
How to choose a health insurance plan?
Among the different varieties of health insurance policies available in the market, choosing the most suitable health plan might prove to be a challenge. So, here are some pointers on how you can choose the best health insurance plan for yourself and your family.
Types of health insurance plans in India:
These top 10 health insurance companies in India offer different types of health insurance plans. Let’s find out the types of plans available and what exactly such plans cover –
Indemnity Health Insurance Plans: This type of plan pays only for the expenses incurred during hospitalization.
- Individual health insurance policies –
Individual health insurance plans cover a single person. The plan has a single coverage amount or sum insured which can be utilised by the insured individual for his medical costs.
- Family floater health insurance plans –
These health plans cover the entire family under one sum insured. Family members include you, your spouse, dependent children and dependent parents. Moreover, there are family floater plans which allow coverage for your extended family members too like your uncle, aunt, siblings, etc. Under family floater health insurance plans, a single health insurance plan is issued and the policy covers all family members. Every covered member would be covered for the full sum insured. However, if one member of the family makes a claim, the sum insured would be reduced. Subsequent claims in the same policy year would then be covered up to the reduced sum insured. Family floater health insurance plans have lower premiums compared to individual health insurance plans for different family members. As such, family floater health insurance plans are quite popular and the top ten health insurance companies offer one or more family floater health plans with comprehensive coverage.
- Senior citizen health insurance plans –
Normal health insurance plans might have a limit on the entry age. These plans usually allow the maximum entry age to 60 or 65 years. For older individuals, there are senior citizen health insurance plans.
Senior Citizen health insurance plans are specially designed for providing coverage individuals who are senior citizens, i.e. aged 61 years and above. Senior citizen plans can be taken to cover a single individual or both the husband and wife on a family floater basis. The sum insured under these plans is limited and the premiums are affordable so that older individuals can afford coverage. Moreover, the coverage benefit under senior citizen health insurance plans are also designed keeping in mind the health needs of senior citizens.
- Top-up and super top-up health insurance policies –
Top-up and super top-up health insurance plans act as complementary health insurance plans to increase your existing health insurance coverage. Under these health plans, there is a fixed deductible limit and a sum insured. You can choose both the limit and the coverage amount. These plans cover the actual medical costs that you incur provided that the costs exceed the selected deductible. If the claim is below the deductible limit, nothing would be paid. However, if the claim exceeds the deductible limit, the excess would be covered by top-up and super top-up health plans. Thus, if you have an existing health insurance plan, the coverage of the plan can be chosen as a deductible under a top-up or super top-up plan. Claims up to the deductible would be paid by your existing health insurance plan. Excess, if any, would be paid by the top-up or super top-up health insurance plans. Thus, you can get coverage for high sum insured levels at affordable premiums because top-up and super top-up plans have low premiums. Moreover, if you choose top-up and super top-up plans offered by the 10 best health insurance companies, you would also get a comprehensive scope of coverage which covers a range of medical expenses which you might incur.
- Disease specific health insurance policies –
Under disease specific health insurance policies, one or more specific illnesses are covered. Such illnesses are not considered pre-existing illnesses and you get coverage within a short time after buying the policy. Thereafter, if you suffer any medical complications due to the covered illnesses, the plans would pay the medical costs that you incur. Common illness or disease specific health insurance plans include diabetes care plans, cardiac care plans, dengue plans, etc. The 10 best health insurance companies offer unique disease specific health insurance plans for a comprehensive coverage against some of the most dreaded illnesses.
Types of Fixed benefit health insurance policies in India:
These types of plans pay a fixed amount of money on diagnosis of the listed ailment, irrespective of the amount spent on hospitalization.
Under fixed benefit health insurance plans, the following types of plans can be found –
- Critical illness health plan –
Critical illness health insurance plans cover specified critical illnesses and medical procedures. If during the term of the policy, you are diagnosed with any of the covered illness or you undergo any of the covered medical procedures, the plan pays the entire coverage amount in a lump sum. Common critical illnesses which are covered include cancer, first heart attack, open chest CABG, Coma, kidney failure where regular dialysis is required, etc. When you choose critical illness plans offered by the top ten health insurance companies, you can get coverage against an exhaustive list of critical illnesses.
- Hospital cash plan –
Hospital cash plan is also a fixed benefit health plan. Under this plan, if you are hospitalised for 24 hours or more, a fixed lump sum benefit would be paid daily for each day of hospitalisation. Moreover, there is a fixed daily benefit if you are admitted to the ICU. In case of ICU admission, the hospital daily benefit payable usually doubles. The fixed daily benefit is paid up to a specified number of days per instance of claim.
- Personal accident plans –
Under personal accident plans, accidental death and disablements are covered. If, in an accident, you suffer accidental death or total/partial permanent disablement, a lump sum benefit would be paid. The benefit depends on the contingency suffered. In case of accidental death and accidental total and permanent disability, 100% of the sum insured is paid. For partial disabilities, 25% to 75% of the sum insured is paid depending on the disability suffered. Personal accident plans also allow optional coverage benefits for loss of job, funeral expenses, fractures, children’s education fund, etc.
A list of all the top 10 health insurance companies are mentioned on this page from where you can take your pick of a health insurance product from the above-mentioned insurers and be assured that you would get the best health insurance coverage. Turtlemint provides you with a comprehensive overview of all the health insurance plans offered by the top 10 health insurance companies so that you can enjoy comprehensive coverage with some of the best features and the premiums would also be affordable. Moreover, with the wide network of tied-up hospitals which then top 10 health insurance companies have, your claims would be settled on a cashless basis and that too within the shortest possible time. So, choose these top 10 health insurance companies from Turtlemint and enjoy good health insurance coverage.