We all know that health is the most important possession we have, therefore we must safeguard it. With the increase in lifestyle diseases, still, a medical emergency can attack us at any time. And such medical emergencies can leave your finances exhausted. Therefore, it is prudent to have medical insurance. In this post, let’s read about some best health insurance companies in India.
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Health Insurance
Health insurance is a type of insurance coverage that pays for medical expenses that arise due to an illness. These expenses could be critical illness expenses, surgical expenses, hospital expenses, etc.
Health Insurance Providers in India
In India, the health insurance industry has grown tremendously in the last 10 years. Now, there are more than two dozen insurance companies in the country that offer health insurance plans. It makes choosing India’s best health insurance company a difficult process.
If you’re planning to take health insurance and want to know which is best health insurance company in India quora. Which health insurance company is the best in India? And which is the no 1 health insurance company in India? Which is best medical insurance company in India? If your answer is yes then here’s a list of best health insurance company in India.
List of Health Insurance Companies in India
In the table below, I have compiled a list of all the health insurance companies in India.
| List of Health Insurance Companies in India | |||
| S. No. | Insurance Company Name | Founding Year | Headquarter |
| 1 | Acko General Insurance Ltd. | 2016 | Mumbai |
| 2 | Aditya Birla Health Insurance Co. Ltd. | 2015 | Mumbai |
| 3 | Bajaj Allianz General Insurance Co. Ltd. | 2001 | Pune |
| 4 | Bharti AXA General Insurance Co. Ltd. | 2008 | Mumbai |
| 5 | Care Health Insurance Ltd. (Formerly known as Religare Health Ins. Co. Ltd.) | 2012 | Gurugram |
| 6 | Cholamandalam MS General Insurance Co. Ltd. | 2001 | Chennai |
| 7 | Edelweiss General Insurance Co. Ltd. | 2016 | Mumbai |
| 8 | Future Generali India Insurance Co. Ltd. | 2007 | Mumbai |
| 9 | Go Digit General Insurance Ltd. | 2016 | Bengaluru |
| 10 |
HDFC ERGO General Insurance Co. Ltd. |
2002 | Mumbai |
| 11 | ICICI Lombard General Insurance Co. Ltd. | 2001 | Mumbai |
| 12 | IFFCO Tokio General Insurance Co. Ltd. | 2000 | Gurugram |
| 13 | Kotak Mahindra General Insurance Co. Ltd. | 2015 | Mumbai |
| 14 | Liberty General Insurance Ltd. | 2013 | Mumbai |
| 15 | Magma HDI General Insurance Co. Ltd. | 2009 | Kolkata |
| 16 | Manipal Cigna Health Insurance Co. Ltd. | 2014 | Mumbai |
| 17 | Max Bupa Health Insurance Co. Ltd. | 2008 | New Delhi |
| 18 | National Insurance Company Ltd. | 1906 | Kolkata |
| 19 | Navi General Insurance Ltd. | 2016 | Mumbai |
| 20 | Raheja QBE General Insurance Co. Ltd. | 2007 | Mumbai |
| 21 | Reliance General Insurance Co. Ltd. | 2000 | Mumbai |
| 22 | Royal Sundaram General Insurance Co. Ltd. | 2001 | Chennai |
| 23 | SBI General Insurance Company Ltd. | 2009 | Mumbai |
| 24 | Shriram General Insurance Co. Ltd. | 2006 | Jaipur |
| 25 | Star Health & Allied Insurance Co. Ltd. | 2006 | Chennai |
| 26 | Tata AIG General Insurance Co. Ltd. | 2001 | Mumbai |
| 27 | The New India Assurance Co. Ltd. | 1919 | Mumbai |
| 28 | The Oriental Insurance Company Ltd. | 1947 | New Delhi |
| 29 | United India Insurance Company Ltd. | 1938 | Chennai |
| 30 | Universal Sompo General Insurance Co. Ltd. | 2007 | Mumbai |
Types of Health Insurance in India
Mentioned below are the different types of health insurance available in India:
1. Individual Health Insurance
2. Family Floater Health Insurance
3. Critical Illness Insurance
4. Senior Citizen Health Insurance
5. Group Health Insurance
6. Maternity Health Insurance
7. Top-Up Health Insurance
8. Personal Accident Insurance
Best Health Insurance Companies in India 2021
Below is the list of health insurance best companies in India along with their claims settlement ratio of the financial year ended March 31, 2020. Please note that the higher the claims settlement ratio, the better is an insurance company. Let’s read about the top best health insurance company in India as per the claim settlement ratio.
The above table includes the best cashless health insurance company in India. The Claims Settlement Ratio Data Source: IBAI’s General Insurance Claim Insights Handbook – A Policy Holders Handbook – 5th Edition.). Network hospital and cashless facility data are sourced from the respective company’s website.
Which one is best health insurance company in India?
As per the above data, IFFCO Tokio General Insurance Co. Ltd is India’s best health insurance company in terms of claims settlement ratio. Its claims settlement ratio is 96.33% for the financial year 2019-2020.
How to choose the Best Health Insurance Company in India?
All health insurers in India have different varieties of health insurance plans. Also, no health insurer can suit every individual. It depends on one individual to another as per their varied health-related requirements.
Following are the parameters which you must keep in mind while comparing the best health insurance policy company in India.
1. Types of Health Insurance Plans
Different health plans by different health insurers are one of the primary factors of comparison. Always choose an insurance company that offers a plan matching your requirements.
2. Cashless Network Hospital
All health insurers partner with many hospitals for cashless treatment facilities. The strength of a cashless network hospital of an insurance provider is another major factor of comparison. Always look for the insurer with a maximum number of network hospitals.
3. Claims Settlement Ratio
Before choosing your insurance company, always check its claim settlement ratio. The claims settlement ratio tells the percentage of claims settled by the insurer out of the total claims received during a fiscal year. The higher the claims settlement ratio is better.
4. The reputation of the Insurer
Always check the insurance provider’s reputation before selecting it as your insurance provider. You can check its ratings on social media platforms and other online places.
5. Customer Support Service
The easy access to customer support service is another important factor for comparison while choosing a health insurer. Always choose a company that provides round-the-clock customer support to address your queries.
6. Business Volume
Always look for the number of policies that an insurer has sold and collected the premium. The more policies sold by the insurer means it has a larger market share and hence can be trusted.
7. Simple Claim Settlement Process
A simple and hassle-free claim settlement process is very important to consider while selecting an insurer. This is because you cannot afford to get involved in time taking paperwork at the time of emergency. Therefore, choose an insurance company that has simple claim formalities.
8. Insurance Premiums
Another important factor to consider while choosing a health insurer is the premiums you pay. Without compromising financial security, buy a policy with the best value for money.
Overview of Best Health Insurance Company in India 2021
Below is some useful information about the top best health insurance companies in India. Take a look and choose any of these health insurers that offer a health plan matching your requirements.
1. IFFCO Tokio General Insurance Co. Ltd.
IFFCO-Tokio General Insurance Company Limited was founded in the year 2000. IFFCO Tokio is a joint venture between the Indian Farmers Fertiliser Cooperative Ltd (IFFCO) and Tokio Marine Group, Japan.
Health insurance plans offered by IFFCO Tokio
- Family Health Protector Policy
- Individual Health Protector Policy
- Swasthya Kavach Policy
- Individual Medishield Policy
- Individual Personal Accident Policy
- Critical Illness Insurance Policy
- Health Protector Plus Policy
- Swasthya Raksha Bima
- Critical illness benefit policy
- MOS-BITE Protector Policy
- Arogya Sanjeevani Policy
- Corona Rakshak Policy
- Corona Kavach Policy
- Hospital Daily Cash Policy
2. Care Health Insurance Limited
Care Health Insurance is a specialized health insurer offering health insurance services to employees of corporate and individual customers.
It has been adjudged the “Best Health Insurance Company” once at the ABP News-BFSI Awards 2015 and again at the Emerging Asia Insurance Awards, 2019.
Health insurance plans offered by Care Health Insurance
- Care Comprehensive Family Health Plan
- Care Freedom
- Arogya Sanjeevani Policy
- Care Heart
- Senior Citizen Health Plan
- Care Advantage
- Care Health Insurance Top Up
- Joy Maternity Insurance with Baby Cover
- Care Cancer Mediclaim
- Care Critical Mediclaim
3. Magma HDI General Insurance Co. Ltd.
Magma HDI General Insurance Company is a joint venture between Magma Fincorp Limited, Kolkata, and HDI Global SE Germany. It caters to general insurance needs online covering health insurance, motor car insurance, home insurance, and fire insurance, etc.
Health policies offered by Magma HDI General Insurance
- OneHealth
- Individual Personal Accident
- Loan Guard Insurance Policy
- Group Health Insurance Policy
- Group Accident Suraksha
4. The Oriental Insurance Company Ltd.
The Oriental Insurance Company Ltd was incorporated in Mumbai in the year 1947. It is a government-owned general insurance company that offers various types of health products (insurance) in India.
Health policies offered by The Oriental Insurance Company
- Happy Family Floater Policy
- Mediclaim Insurance Policy (Individual)
- Mediclaim Insurance Policy (Group)
- Oriental Super Health Top-up
- Health of Privileged Elders
- Group Corona Kavach Policy
- Arogya Sanjeevani Policy
5. The New India Assurance Co. Ltd.
New India Assurance Co. Ltd is a multinational general insurance company owned by the Government of India. It was founded by Sir Dorabji Tata in the year 1919. It offers various health insurance policies.
Health plans offered by The New India Assurance Company
- Standard Group Janata Mediclaim
- New India Flexi Floater Mediclaim Policy
- Asha Kiram
- Jag Arogya Bima
- Universal Health Insurance
- New India Flexi Group Mediclaim Policy
- New India Medicliam Policy
- Cancer Medical Expenses – Group
- Senior Citizen Mediclaim
- New India Cancer Guard Policy
6. Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz General Insurance Company was founded in the year 2001 to conduct general insurance business in India. It is a joint venture between Allianz SE, the world’s leading insurer, and Bajaj Finserv Limited. It is one of the largest private insurers in the country.
Health policies offered by Bajaj Allianz General Insurance Co. Ltd.
- Individual Health Insurance
- Family Health Insurance
- Health Infinity Plan
- Arogya Sanjeevani Policy
- Corona Kavach Policy
- Top Up Health Insurance
- Critical Illness Insurance
- Global Personal Guard
- Senior Citizen Health Plan
- M-Care
7. MAX Bupa Health Insurance Co Ltd.
Max Bupa Health Insurance Co. Ltd was established in the year 2010. It is a joint venture between True North, a leading Indian private equity firm, and Bupa, the global experts in health plans. Max Bupa is one of the front-runners among health insurance companies in India. It offers a wide range of health policies, such as family floater insurance policy, individual health plans, and top-up insurance cover.
Health insurance plans offered by Max Bupa Health Insurance Co. Ltd.
- ReAssure
- Health Companion
- Max Bupa Super Saver
- Health Recharge
- Corona Kavach
- Money Saver
- Health Pulse
- GoActive
- Health Premia
- Heart Beat
- Accident Care
- CritiCare
- Arogya Sanjeevani
8. Navi General Insurance Ltd.
Navi General Insurance Limited was formed in the year 2016. It was formerly known as DHFL General Insurance Limited. It is a new age online insurance policy provider in India. Navi General Insurance Limited offers a variety of health insurance plans.
9. HDFC ERGO General Insurance Co. Ltd.
HDFC ERGO General Insurance Company Ltd is a joint venture between HDFC Ltd and ERGO International AG, the primary insurance entity of Munich Re Group. It offers a complete variety of general insurance products ranging from health, motor, home, travel, and personal accident.
Health plans offered by HDFC ERGO General Insurance Co. Ltd.
- Optima Restore
- My: Health Suraksha
- My: Health Koti Suraksha
- Corona Kavach
- My: Health Medisure Super Top-up
- My: Health Women Suraksha
- Critical Illness Insurance
- ICAN Cancer Insurance
10. Manipal Cigna Health Insurance Co. Ltd.
Manipal Cigna Health Insurance Co. Limited is a joint venture between the Manipal Group and Cigna Corporation. It was incorporated in the year 2014. The company offers a wide array of comprehensive healthcare plans that provide easy and lifelong access to quality healthcare.
Health plans offered by Manipal Cigna Health Insurance Co. Ltd.
- ManipalCigna Lifetime Health
- ManipalCigna ProHealth Insurance
- Arogya Sanjeevani Policy
- ManipalCigna ProHealth Select
- ManipalCigna Super Top-up
- Corona Kavach Policy
- ManipalCigna Lifestyle Protection Critical Care
- ManipalCigna Lifestyle Protection Accident Care
- Corona Rakshak Policy
- ManipalCigna ProHealth Cash
- ManipalCigna ProHealth Group Insurance Policy
- Global Health Group Policy
- ManipalCigna Lifestyle Protection Group Policy
- Group Overseas Travel Insurance Policy
- ManipalCigna Fexicare Group Insurance Policy
FAQs – Frequently Asked Questions
1. Which is the best health insurance company in India?
As per the claims settlement ratio, IFFCO Tokio General Insurance Company Limited is the best health insurance company of India. Its claims settlement ratio is 96.33% for the financial year 2019-20.
2. Which is the best government health insurance company in India?
The Oriental Insurance Company Ltd. is the best government health insurance company in India as per its claims settlement ratio. Its claims settlement ratio is 95.47% for the FY 2019-20.
3. Which health insurance company has the best claim settlement ratio?
IFFCO Tokio General Insurance Company Ltd has the best claim settlement ratio. Its claims settlement ratio is 96.33% for the FY 2019-20.
4. Who are the top 5 best health insurance company in India?
Following are the 5 best health insurance company in India as per claim settlement ratio:
1. IFFCO Tokio General Insurance Co. Ltd.
2. Care Health Insurance Ltd.
3. Magma HDI General Insurance Co. Ltd.
4. The Oriental Insurance Company Ltd.
5. The New India Assurance Co. Ltd.
Best Health Insurance Company in India Review
I hope now you are aware of the health insurance best companies in India. Just go through the features and benefits offered by these health insurers. After getting the required information, you should compare these insurers to find the best health insurer in India.
The companies mentioned in the above table are the health insurance best companies in India in terms of their claims settlement ratio. However, you should not forget that always choose an insurer as per your health-related requirements.
Disclaimer: MoneyManch does not rate, endorse or recommend any insurance company or insurance policy offered by an insurer.
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