Are you looking for a good health insurance company to help you with uncertain medical risks? If yes, then you are in the right place. This list includes companies that have affordable coverage plans and satisfactory services. The selection of companies is based on several factors, including the variety of plans offered, the number of network hospitals, satisfied customers, and the claim-paid ratio.
So, let’s know more about the top 7 best health insurance companies.
What are the Benefits of Selecting the Right Health Insurance Company?
Selection of the right insurance company will help you in multiple ways. Some of its benefits are as follows:
- Availability of disease-specific plan
- Quick and simple claiming process
- Comprehensive medical coverage
- Availability of a variety of plans
- Quick resolution to customers
- Income Tax benefit under section 80D
List of Top 7 Health Insurance Companies In India
This list contains the names of insurers who are known for offering top health policies in the health insurance market. The names of the top 7 health insurance companies with their significance are as follows:
1. Aditya Birla Health Insurance Company
This insurance company existed after the collaboration of Aditya Birla Group and MMI Holdings of South Africa. Some of the major benefits offered are:
- This company offers several customized plans for its customers and offers wide coverage as well.
- From the first day, its health policy covers issues such as asthma, high blood pressure, and cholesterol.
- OPD and AYUSH treatment are also covered under this company’s policy.
- They provide easy assistance to the customers.
2. Star Health and Allied Insurance Company
This insurance company was established in the year 2006 and its headquarters is located in Chennai. They offer various affordable medical and comprehensive plans to customers. Some of their medical plans are as follows:
- This company offers customized plans to HIV patients and diabetic patients as well.
- It also gives a 20% wellness discount to the customers.
- Second medical opinion along with OPD and AYUSH treatment is also covered.
- It also provides in-house claim settlement for a cashless experience within the hospital.
3. Care Health Insurance Company
This was formerly known as Religare Insurance Company. It was established in 2012. Key elements that Care health insurance company signifies are:
- This insurance company offers unlimited E-consultation to the customer.
- A 30% wellness discount is available for the person getting insured.
- Pre-existing hyperlipidemia, asthma, diabetes, and hypertension are covered from day 1 under the Supreme Will Policy of Care health insurance policy.
4. Bajaj Allianz Insurance Company
Famous for its health insurance products, Bajaj Allianz was established in the year 2001. Being one of the leading private sector health insurance companies, this company offers the following benefits:
- This insurance company was the first to offer TPA services (third-party administrator).
- It offers coverage to every group of society including, family, senior citizens, and individuals.
- OPD expenses, maternity costs, and other hospital expenses are included.
- It has policies for life-threatening illnesses including cancer, tumors, and heart attacks.
5. ManipalCigna Insurance Company
This insurance company came into existence after the merger of Manipal Group and Cigna Corporation in the year 2014. The medical insurance plans offered by this company are:
- Almost 30 illnesses and diseases are covered under its critical illness plan.
- It settles 96% of its claim within two hours of the claim.
- Unlimited e-consultation is available along with premium waiver benefits.
6. HDFC Ergo General Insurance Company
This company provides many medical facilities in their health insurance plans to ensure the safety and financial protection of the customer. Some of its major benefits are:
- It offers customized plans for dengue, hypertension, and cancer as well.
- A 50% discount on family insurance is allowed.
- It settles cashless claims within two hours.
7. TATA AIG General Insurance company
This company was established after the collaboration between TATA Group and the American International Group and started its operation in the year 2001. The benefits of this health insurance company are as:
- The Criti Medicare Plan covers up to 100 complex diseases.
- It also offers family floater discounts of up to 32%.
- It provides compensation for medical treatment taken at home.
Top 7 Health Insurance Companies According to Number of Network Hospital and Claim Paid Ratio
| Health Insurance Company | Number of Network Hospital | Claims Paid Ratio |
| Aditya Birla Health Insurance Company | 11000+ | 94.52% |
| Star Health and Allied Insurance Company | 14000+ | 75.10% |
| Care Health | 11400+ | 88.06% |
| Bajaj Allianz Insurance Company | 12200+ | 90.29% |
| ManipalCigna Insurance Company | 8750+ | 88.48% |
| HDFC Ergo General Insurance Company | 12000+ | 86.90% |
| TATA AIG General Insurance company | 10000+ | 75.56% |
How to select an Ideal Health Insurance Company?
The selection of an ideal insurance company depends upon the preference of the customer. But there are some characteristics that you may consider before buying your health insurance. You can choose the right company and plan for you by considering the following features:
- Medical plans as per your need: An ideal company should have affordable and comprehensive plans as per the needs of the customers. Plans for individuals, families, senior citizens, children, etc.
- Claim settlement ratio: You should always choose a company with a higher claim settlement ratio (the number of claims considered out of the claims received). Any ratio above 80% is considered reliable and effective.
- Reasonable premium amount: Customers must look for a company that has availability of comprehensive plans at a reasonable premium as per their needs.
- Easily accessible customer service: You should consider the customer support service of the insurance company. The company which provides effective customer service can help you whenever you find any problem.
- Good ratings: A good insurance company always has positive reviews and ratings from its existing customers. Check the ratings of the company to get an idea of their past experiences.
Conclusion
After reading the whole blog, it is understandable that many factors affect the company’s selection. You can consider those factors to make the right decision. Look for affordability, the number of network hospitals the company is linked to, satisfied customers, and the claim-paid ratio of the health insurance company. Lastly, compare the health insurance plans of the selected companies before purchasing them.
FAQs – About Top 7 Health Insurance Companies
- What are the popular health insurance types?
The most popular insurance type is individual and family health policy.
- Can existing health insurance plans get ported to another company?
Yes, you can port your plan within 45 days before the expiry of the existing policy.
- Does OPD expense get covered in health insurance policies?
Yes, it gets covered in India along with medicine and diagnostic tests.
- Is there any government insurance company in India?
Yes, The name of the four public insurance companies working in India is as:
- National Insurance Company,
- Oriental Insurance Company,
- United Insurance Company, and
- The New India Insurance Company Limited.