Just like life insurance, health insurance is also necessary to have a fully secured health and life. People often dissolute their lifetime’s earnings to meet the expenses incurred during medical emergencies.
With the increase in the occurrence of diseases and the rise in the cost of treatment, people are turning towards health insurance companies.
Health insurance companies provide multiple health insurance products, according to the need and budget of the insured.
Qualities of Best Health Insurance Companies
Numerous health insurance providers have cropped up in India in recent years. This can confuse the customer when it comes to buying a health plan. Here is a comprehensive checklist of factors that should be kept in mind before opting for a health insurance plan.
- The Ratio of Claim Settlement: Claim settlement ratio of a company presents the number of claims that have been settled against total claims raised. The higher the ratio, the greater is the chance that the insured will get his/her claim approved.
- The Proportion of Liability: Otherwise known as the solvency ratio, refers to the proportion of assets owned by the company. This assures the insured that in case of bulk claims, the company can pay off the bills using its resources.
- The Procedure of Settlement: Simpler claim settlement method saves time and efforts of the insured.
- Time for Claim Settlement: One should choose a plan from a company that takes less time to process and settle the claim.
- The Network of Hospitals: The larger network of tied-up hospitals enables the insured to avail of cashless hospitalization.
- Variety: A top health insurance company should be able to offer a variety of plans, catering to the specific needs of the customer.
Top 10 Health Insurance Companies of 2023
Based on the range of health insurance products and benefits, the following health insurance companies constitute the top 10 health insurance providers.
Apollo Munich Health Insurance Company:
- It is a joint venture between the Apollo Group of Hospitals and Munich Health of Germany.
- Claim ratio: 54.99%.
- Network hospitals: It has a tie-up with 4500 hospitals for cashless treatment requiring hospitalization.
- Best feature: Claim settlement time of 2 hours.
- Best plans: Easy Health Plan, Optima Restore Family, Maxima Health.
Max Bupa Health Insurance Company Ltd:
- It is a joint undertaking between Max India Limited and U.K based Bupa Finance PLC.
- Claim ratio: 51.96%.
- Network hospitals: Tie-up with more than 3500 hospitals across India.
- Best feature: Lenient terms and conditions, free health check-up every 2 years.
- Best plans: Heartbeat health plan, Health Companion Health Insurance Plan.
HDFC ERGO Health Insurance Company:
- This company is run jointly by HDFC Limited and ERGO International AG.
- Claim ratio: 76.90%.
- Network hospitals: Health insurance plans by HDFC ERGO General Insurance provide cashless treatment in over 6000 hospitals across India.
- Best feature: HDFC ERGO health insurance policies offer comprehensive packages at a competitive cost.
- Best plans: Health Suraksha Gold Insurance Plan, My: Health Medisure Classic, Critical Illness Silver Plan.
ManipalCigna Health Insurance Company:
- It is a joint venture of the Cigna and Manipal group.
- Claims ratio: 48.14 %
- Network hospitals: 4000+
- Best feature: Additional proactive health and lifestyle health covers.
- Best plans: ProHealth Protect Plan, ProHealth Plus Plan.
Bharti AXA General Insurance Company:
- This was founded by Bharti Enterprises and AXA group of Europe.
- Claims ratio: 76.88%
- Network hospitals: 4500+
- Best feature: Customized health cover plans with numerous optional features.
- Best plans: Bharti AXA Smart Health Insurance Plan
Star Health And Allied Insurance Company:
- It is the first standalone health insurance company in India.
- Claims ratio: 60.51%
- Network hospitals: 6000+
- Best feature: Hassle-free settlement procedure, free health check-ups for each claim-free year.
- Best plans: Family Health Optima Insurance Plan, Senior Citizens Red Carpet Health Insurance Plan.
National Insurance Company:
- This is a public health insurance company that also provides the widest choice for all different kinds of insurances.
- Claims ratio: 97.25%
- Network hospitals: 6000+
- Best feature: Highest claim settlement ratio, coverage for alternative treatment procedures.
- Best plan: National Pariwar Mediclaim, National Mediclaim Plus Policy.
SBI General Insurance Company Limited:
- It is a joint venture of the SBI and Insurance Australia Group. Apart from general insurance, it also provides health insurance plans.
- Claims ratio: 75.01%
- Network hospitals: 4400+
- Best feature: Comprehensive health insurance plans with free health check-up upon completion of 4 claim-free years.
- Best plan: SBI Health Insurance, Arogya Premier.
Bajaj Allianz General Insurance Company:
- It is run jointly by Bajaj Finserv Limited and Allianz SE.
- Claims ratio: 78.50%
- Network hospitals: 5700+
- Best feature: Coverage against 6 family members, free health check-up every 4 years.
- Best plan: Health Guard, Bajaj Allianz Extra Care.
New India Assurance Company:
- This is a government-owned general insurance company.
- Claims ratio: 91.26%
- Network Hospitals: 2000+
- Best feature: Health cover for 6 family members and free health check-up every 3 years.
- Best plan: New India Asha Kiran Policy, New India Floater Mediclaim Policy.
Making an informed choice can prevent one from taking a wrong or unsuitable policy. Health insurance plans from public sector undertaking, information on company background, and policy details should be studied mandatorily.