In India there are around 27 general insurance companies out of which 5 are standalone health insurance companies. They are often ranked on the basis of the services they provide, their performance and few other factors like claim settlement ratio, incurred claim ratio, solvency ratio etc.
How to choose the best health insurance companies in India?
Every health insurance company offers a variety of health plans catering to the needs of various age groups and people with various medical conditions. The list of best health insurance companies in India is often categorized based on the individual requirements.
However, one can compare health insurers based on factors like network hospitals, claim settlement ratio. They assess their credibility as insurers. These factors are
Every insurance company has a network hospital list where we have the cashless claim facility. So it is essential to find a cashless hospital near your locality during an emergency. The wider the hospital network, the better will be the chance of initiating a cashless claim. Further, it also determines the strength of the insurer.
Claim settlement ratio
An insurance claim settlement ratio is the ratio between the number of claims settled to the number of claims made in a financial year by an insurance company. Higher the ratio, higher the reliability and consistency of the insurer.
Types of health insurance plans
A major component to compare different health insurance companies is the type of health insurance plan the company offers. One can choose a health insurance policy on the basis of individual requirements. A variety of companies offer health insurance plans specifically for senior citizens, women, children etc. There are other basic plans like individual health insurance policies and family health insurance policies that the insurance companies offer.
Ease of claim procedure
Choose a health insurance company that settles the health insurance claims smoothly. It is often recommended to go for an insurer with minimum TPA intervention. The whole process must be easy and simple and not time consuming.
Top 5 health insurance companies in India
Here is a list of top health insurance companies in India with various coverage benefits, features, claim settlement ratio to make your decisions simple. Every year IRDAI releases its annual report revealing details like solvency ratio, underwritten policies etc. Hence, the below mentioned statistics are according to the IRDAI annual report 2022-23.
Star health insurance
Star Health and Allied Insurance Co. Ltd offers health insurance plans for individuals and families. They have special plans for senior citizens and for people suffering from chronic illnesses like diabetes and HIV. They also offer top-up health insurance plans to increase the sum insured.
- The Star health insurance claim settlement ratio is 78.62%.
- The solvency ratio according to IRDAI’s annual report is 2.14 (March 2023).
- The company has around 9500+ network hospitals.
Major advantages in a Star health insurance plan are
- They come with a lifetime renewability option.
- They have an in-house claim settlement team to deal with cashless claim settlement.
Aditya Birla Health Insurance
Aditya Birla Health Insurance Co. Ltd is a subsidiary of Aditya Birla Capital Ltd. They have a variety of health insurance plans to care for senior citizens, people suffering from chronic illnesses etc. They offer plans which are beyond health insurance like access to care managers, health coaches, nutritionists, etc.
- The Aditya Birla health insurance claim settlement ratio is 94%.
- The solvency ratio according to IRDAI’s annual report is 2.63 (March 2023).
- The company has around 9000+ network hospitals.
Major advantages in a Aditya Birla health insurance plan are
- They offer access to fitness centres, gyms, yoga centres and more. Moreover, they come with special access to nutritionists, wellness coaches and care managers.
- A few plans cover AYUSH treatments and have discounts on medicines across 2100+ pharmacies.
HDFC Ergo Health Insurance
HDFC Ergo health insurance offers comprehensive coverage for individuals and families. They also have policies for women, individuals with critical illnesses and cancer cover for all stages. Additionally they offer a super top-up feature which can be of use once the sum insured is exhausted.
- The HDFC Ergo health insurance claim settlement ratio is 89.07%.
- The company has around 13000 network hospitals.
- The solvency ratio according to IRDAI’s annual report is 1.81 (March 2023).
Major advantages in a HDFC Ergo health insurance plan are
- A few plans cover hospitalization expenses due to mental illness.
- The claims are settled easily and faster as they have an in-house claim settlement department.
- They also offer lifelong renewability and free health check-ups within 60 days of policy renewal.
Niva Bupa Health Insurance
Niva Bupa health insurance formerly known as Max Bupa health insurance offers health insurance policies for a variety of age groups. They also offer plans for senior citizens. They also offer plans for specific needs like personal accidents and critical illnesses.
- The Max Bupa health insurance claim settlement ratio is 89.46%.
- The company has around 7600+ network hospitals.
- The solvency ratio according to IRDAI’s annual report 1.67 (March 2023).
The advantages of Max Bupa health insurance plan are
- The claims are settled directly by the in-house claim settlement department without involving TPA.
- The insurer claims to initiate the claim processing within 30 minutes.
Care Health Insurance
Care health insurance was formerly known as Religare health insurance. They offer health insurance products that cater the needs of individuals and families. They even offer a comprehensive health insurance plan with no upper age limit.
- The Care health insurance claim settlement ratio is 95.2%.
- The company has around 10000+ network hospitals.
- The solvency ratio according to IRDAI’s annual report 1.82 (March 2023).
The advantages of Care health insurance plan are
- A large number of plans offer annual health check-ups annually over policy renewal.
- The claims are settled by an in-house claim settlement department who claims to initiate claim processing within 2 hours at a cashless hospital.
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