The Indian health insurance segment has grown tremendously in the last decade. Today, there are more than two dozen general insurance companies which are offering health insurance plans for the Indian population. Each company has a set of different varieties of health insurance plans which aim to fulfil the varied health related requirements of every individual. There are both private health insurers and Government owned health insurers. Here is a list showing the health insurance companies operating in the market today
Privately owned health insurers | Government-owned health insurers |
---|---|
Bajaj Allianz General Insurance Company Limited | National Insurance Company Limited |
ICICI Lombard General Insurance Company Limited | The New India Assurance Company Limited |
IFFCO Tokio General Insurance Company Limited | The Oriental Insurance Company Limited |
Reliance General Insurance Company Limited | United India Insurance Company Limited |
Royal Sundaram General Insurance Company Limited | |
TATA AIG General Insurance Company Limited | |
Cholamandalam MS General Insurance Company Limited | |
HDFC Ergo General Insurance Company Limited | |
Star Health and Allied Insurance Company Limited | |
Future Generali India Insurance Company Limited | |
Universal Sompo General Insurance Company Limited | |
Raheja QBE General Insurance Company Limited | |
Bharti AXA General Insurance Company Limited | |
SBI General Insurance Company Limited | |
Max Bupa Health Insurance Company Limited | |
Religare Health Insurance Company Limited | |
Magma HDI General Insurance Company Limited | |
Liberty Videocon General Insurance Company Limited | |
Manipal Cigna Health Insurance Company Limited | |
Kotak Mahindra General Insurance Company Limited | |
Aditya Birla Health Insurance Company Limited | |
DHFL General Insurance Company Limited |
Though there are so many insurance companies offering health insurance plans, plans of some companies are very popular among individuals. Here are top health insurance companies in India who offer diverse health insurance plans
Name of the company |
Company profile |
Popular plans |
Bajaj Allianz General Insurance Company Limited |
A joint venture between Bajaj Finserv and Allianz SE, Bajaj Allianz offers various types of general insurance plans, health insurance being one of them |
Health Guard Plan – a comprehensive health plan which comes both in the individual and family floater variants Silver Health Plan – a senior citizen health plan which covers pre-existing conditions after 12 months Extra care plus – a super top-up health plan which comes at very affordable premium rates Critical illness for women – a special critical illness plan for women covering women related illnesses |
HDFC Ergo General Insurance Company Limited |
The company has been formed as a joint venture between HDFC Limited and Ergo International AG. It has been given iAAA rating by ICRA |
HDFC Suraksha Gold – a family floater plan which has no entry age restrictions and sub-limits on coverage features HDFC Ergo my: Health Medisure Classic Insurance – this plan is for senior citizens which allows lifetime entry and covers all day care treatments Critical Illness Insurance Policy – the plan comes in two variants. One covers nine illnesses while the other covers 16 Health Medisure Super Top Up Insurance – a super top-up health plan at very affordable premium rates |
Care (Previously called Religare) Health Insurance Company Limited |
Religare is a standalone health insurance company which is formed by Religare Enterprises, Union Bank of India and Corporation Bank |
Care – this plan comes in many variants with sum insured levels going as high as Rs.6 crores Joy – a specially-designed maternity health plan, Joy covers maternity expenses after a very short waiting period of 9 months only Care freedom – this plan is a senior citizen health plan which is available without any medical check-ups |
The New India Assurance Company Limited |
A government backed company New India is a trusted name in the health insurance industry. It offers a range of health plans with varying coverage levels and benefits |
New India Mediclaim Policy – the policy is a comprehensive health plan which provides all the basic coverage features at affordable premium rates Asha Kiran – a health plan with the aim of providing coverage for the girl child, the plan is available to parents of a girl child Cancer medical expenses individual – a cancer oriented health plan which aims to pay for cancer related expenses |
Star Health and Allied Insurance Company Limited |
Star Health is another leading name in the health insurance sector. This is also a standalone health insurer with a gamut of health insurance products in its kitty |
Family Health Optima – a family floater plan which offers sum insured restoration feature and comes at affordable premiums Senior citizens red carpet health insurance policy – this is a senior citizen plan which offers sum insured levels of up to Rs.10 lakhs Star Cardiac Care Insurance Policy – a health plan for cardiac patients Star Net Plus – a one of a kind health plan for HIV positive individuals |
7.TATA AIG General Insurance Company Limited |
The company is formed as a joint venture between Tata Group and American International Group. A whole lot of general insurance products are offered by the company including health insurance |
Mediprime – a health plan which covers all health insurance features Wellsurance Woman – a women oriented health plan which covers 11 critical illnesses pertaining to women Medisenior – a senior citizen health plan with cashless coverage across 3000+ hospitals |
Bharti AXA General Insurance Company Limited |
The company is a venture between Bharti Enterprises and AXA Group and offers a lot of general insurance products |
Smart Super Health Insurance Policy – coverage under this policy is available for up to Rs.1 crore and there is no capping on room rent Smart Health Insurance Policy – this plan allows coverage for up to Rs.5 lakhs and has an inbuilt critical illness cover |
Reliance General Insurance Company Limited |
Reliance is a leading name in the Indian industrial sector. Its general insurance arm offers a wide variety of products including health insurance |
Health Gain – a health plan which gives attractive premium discounts to make the premiums affordable Critical illness plan – the plan covers 10 major illnesses with coverage of up to Rs.10 lakhs |
Manipal Cigna Health Insurance Company Limited |
The company is a joint venture between USA’s global health service provider Cigna Corporation and Indian industry TTK Group |
Cigna TTK ProHealth Insurance – a lot of variants are offered in the Pro Health category. Each plan comes with a different sum insured level suiting different coverage needs Lifestyle Protection Critical Care – two plans are available with 15 and 30 illnesses covered under the two variants Pro Health Cash – a health plan providing fixed benefit on each day of hospitalisation |
The above list of health insurance companies shows the company composition and the popular plans offered. Here’s a look into the salient features and benefits of each company mentioned in the above list of health insurance companies which are the best –
From the range of health insurance companies available in the market, choosing the best health insurance company in India might prove challenging. Here are some of the important factors which you can consider to find the top health insurance companies in India for your health insurance needs –
The health insurance needs of different individuals are different. Besides a medical insurance plan which covers hospitalisation expenses, other plans are also needed for an all-round protection. Plans like critical illness plans, disease specific plans, senior citizen plans, etc. are also needed for complete protection. Health insurance companies which offer a wide range of plans are recommended so that you can find solutions to all your health insurance needs at one place itself.
Besides the range of plans, the coverage benefits in the plans are an important parameter as well. The top health insurance companies in India often offer some of the most comprehensive health insurance plans which provide an all-round coverage. Such companies provide coverage even against medical costs which are otherwise excluded from coverage. So, if you choose health plans of the best health insurance company in India you would be comprehensively covered.
Another important factor is the pricing policy of health insurance companies. The best health insurance company in India would be the one which prices its plans affordably without compromising on the scope of coverage offered.
You should always choose a company which has a wide network of cashless hospitals throughout India. When the company has a wide network, it would be easy for you to locate the hospital wherein you can avail cashless claim settlement. So, look for top health insurance companies in India which have the largest hospital network in the country.
The last thing to check is the claim settlement ratio and process of the health insurance companies. The best health insurance company in India would be the one which has a high claim settlement ratio indicating that it settles most of its claims. Moreover, the top health insurance companies in India would also have an easy claim settlement process wherein you can get your claims settled without hassles. So, look for health insurance companies which have a claim settlement ratio of 90% and above and also those who have in-house claim settlement within the least amount of time.
Turtlemint is an online platform which is tied up with all the leading health insurance providers in India. At Turtlemint, you can find the available plans of all top insurers and buy a plan directly. Moreover, at the time of claim, you can seek assistance from Turtlemint’s dedicated claim settlement team which helps you in speedy settlement of your health insurance claims.
Many health insurers provide a specially designed plan covering critical illnesses. You can compare the various critical illness plans and buy a plan which covers the maximum illnesses.
Claim settlement depends on the coverage of the health insurance plan and the authenticity of your claims. Both private insurers and Government owned insurers ensure claim settlement if your claims are genuine and are covered under your health insurance plan.
Family floater health plans are those plans which cover the entire family under one plan. Family consists of the policyholder, spouse, dependent children and dependent parents.
Yes, the Insurance Regulatory and Development Authority of India (IRDAI) regulates the working of both life insurers and health insurers.
Yes, the premiums you pay for health insurance plans qualify for tax deduction under Section 80D up to Rs.25, 000. The limit increases to Rs.50, 000 if you are a senior citizen. You can also claim an additional deduction of up to Rs.50, 000 if you pay health insurance premiums for your dependent senior citizen parents separately.
Yes, you can cancel your health insurance policy after buying it. There are two types of cancellations. The first one is free-look cancellation wherein you cancel the policy within the free-look period. Medical insurance companies allow a free-look period of 15 to 30 days from the date of policy issuance to cancel the plan. If you cancel the plan during the free-look period, the premium would be refunded after deducting the applicable charges. The second one is mid-term cancellation, i.e. cancellation after the expiry of the free-look period. You can opt for mid-term cancellation and on such cancellation the percentage of premium refunded back would depend on the period for which the coverage was active. The longer the policy was active the lesser would be the amount of premium that would be refunded back.
Yes, you can cancel your health insurance policy after buying it. There are two types of cancellations. The first one is free-look cancellation wherein you cancel the policy within the free-look period. Medical insurance companies allow a free-look period of 15 to 30 days from the date of policy issuance to cancel the plan. If you cancel the plan during the free-look period, the premium would be refunded after deducting the applicable charges. The second one is mid-term cancellation, i.e. cancellation after the expiry of the free-look period. You can opt for mid-term cancellation and on such cancellation the percentage of premium refunded back would depend on the period for which the coverage was active. The longer the policy was active the lesser would be the amount of premium that would be refunded back.
Yes, you can switch to another health insurance company through the facility of porting. Portability is allowed by all medical insurance companies wherein you can switch to another health insurance policy offered by another company without losing out on the renewal benefits of the existing policy. Porting is free of cost and is allowed during renewals.
All health insurance companies can be contacted through phone, email, letters and messaging services. You can find the contact details of medical insurance companies on the company’s website itself and then contact the company using the contact details.