8 Best Health Insurance Companies Online in India
People often run online Google searches for “best health insurance company” or ask for recommendations for insurers. It’s hard to point to one company as the best. Every insurance company offers different products, with distinctive features that have positive and negative aspects.
The best insurance company for any individual would depend on various factors – geographical location, products offered, quality of service, claims process, price, coverage benefits and policy offerings. Finding an insurer that matches all these needs can be tough in the Indian health insurance market. Let’s understand why.
India’s health insurance sector
Over the past few decades, the insurance market in India has seen more dynamism than ever before. The IRDAI liberalized and opened India’s insurance market to foreign companies in 1999. This encouraged private competition and created a vibrant insurance market in the country.
The insurance sector has shown massive potential owing to the increasing population, a growing middle class, increased spending capacity, and a boost in health spending. Add to it, the increase in lifestyle related diseases and health problems, and skyrocketing medical expenses.
With these shifts, insurers started moving beyond simple hospitalization coverage policies to more comprehensive plans. Some examples are; wellness plans, preventive care and critical illness, and special policies for women and senior citizens.
The Coronavirus pandemic, too, would have a huge impact on the sector. It has led both insured and insurers to rethink healthcare needs and possibilities.
To help our customers, we have put together a list of some of the most efficient health insurance companies in India. Not just a list, we have gathered all the important information about the company – history, product range, benefits and more.
If you’re looking to buy a health insurance plan, you can go through this checklist and find the policy that matches your requirements.
Read more about these health insurance companies:
- Bharti AXA General Insurance Company Ltd
- Tata AIG
- AEGON Life
- HDFC Ergo Health
- ICICI Lombard
- Star Health Insurance
- Max Bupa
- Future Generali
Bharti AXA General Insurance Company Ltd
It is a joint venture between Bharti Enterprises (leading Indian business corporation) and AXA Group of France (a leader in financial protection and wealth management). The company was formed in 2008.
The company offers all kinds of general insurance products to individuals and businesses; health, group health, life, and vehicle. It has around 60 corporate branch offices across the country.
It is the first Indian insurance company to receive the ISO 9001:2008 and ISO 27001:2005 certifications in its first year of operation. This validates the company’s efficiency, reliability and commitment. Moreover, it has a proven track record of high claim settlement ratio history, with 98.27% in 2018-19.
The company offers a range of health insurance plans:
- Bharti AXA Smart Health Assure Insurance Policy
- Bharti AXA Smart Super Health Insurance Policy
- Bharti AXA Smart Health Critical Illness Insurance Plan
- Bharti AXA Smart Personal Accident Insurance Plan
One of the largest health insurers in India, Tata AIG General Insurance Company Limited is a joint venture between the reputed Tata Group and American International Group (a finance and insurance company). The company started operations in 2001 and provides personal and business insurance plans.
The company has an average of 95% claim settlement ratio overall. Tata AIG offers a wide range of plans designed for family, women, seniors, for critical illnesses and more. Some of the plans are:
- Tata AIG MediCare
- Tata AIG MediCare Premier
- Tata AIG MediCare Protect
- Wellsurance Executive
- Wellsurance Woman
- Wellsurance Family
- Critical Illness Policy
AegonLife Health Insurance
AEGON Insurance is joint venture between AEGON Life (a leading Dutch financial services provider) and Bennett, Coleman & Company (publishers of Times of India). The company that started in 2008 is one of the most-awarded insurance companies in India.
It has had a consistent claim settlement ratio, which was 95.67% in 2017-18. The company offers various kinds of health insurance plans, as below:
- Critical Illness Health Plan
- iCancer Plan
- Senior Citizen Health Plan
- Surgical Cash Benefit Policy
- Mico-insurance Policy
- Unit-linked health plans
HDFC Ergo Health Insurance
A joint venture between HDFC Ltd. and Ergo International AG, HDFC Ergo is the 4th largest private sector general insurance company. The company offers a comprehensive range of health insurance products and has a claim settlement ratio of 90.32%.
The company offers dedicated health plans for individuals, family and parents. Some of the company’s health insurance plans are:
- Health Medisure Classic
- Health Suraksha Top-up
- Health Medisure Top-up
- Critical Illness insurance
- Women Health Insurance
ICICI Lombard was founded in 2001 as a joint venture between ICICI Bank and Fairfax Financial Holdings, a Toronto-based financial services company. The company is among the largest general insurance companies in India.
The company has had a steady average claim settlement ratio of around 99.87%.
Among its key health insurance products are:
- Complete Health Insurance
- Health Booster
- Personal Protect
- Disease Management Program
- Aarogya Sanjeevani Policy
Star Health Insurance
Star Health Insurance boasts a leading position being one of the largest insurance companies in India. Formed by Star Health and Allied Insurance Co. Ltd., its operations started in 2006.
Among its range of unique Mediclaim policies, and health insurance plans, is a speciality policy – Star Cardiac Care, making it the first insurance company to offer a plan specially designed for people suffering from cardiac ailments. The company’s incurred claims settlement ratio is 61.76%.
Here are more plans offered by Star Health Insurance:
- Senior Citizens Red Carpet Health Insurance Plan
- Star Comprehensive Insurance Policy
- Super Surplus Insurance Policy
- Family Health Optima Insurance Plan
- Medi-Classic Insurance Policy (individual)
- Star Health Gain Insurance Policy
7. Max Bupa
A joint venture between Max Group and Bupa, a leading healthcare provider with over six decades of experience, Max Bupa came into being in 2010. The company’s claim settlement ratio for 2018-19 was 89%.
Max Bupa has built a network of 21 offices across the country. The company offers a comprehensive range of plans for individuals and family.
- Health Premia
- Health Companion
- Health Pulse
- Accident Care
8. Future Generali India
The coming together of the Future Group and Generali in 2007, Future Generali India offers a wide and unique range of health insurance plans as demonstrated on its website. The company’s claim settlement ratio is 96.95%.
Some of its health plans:
- Health Total – Mediclaim Insurance
- Future Vector Care – Mosquito Insurance
- Future Hopicash – Hospital Cash
- Aarogya Sanjeevani Policy
- Future Criticare – Critical Illness
- Future Health Surplus – Top Up
Picking the right health insurance company from the many options available in the market is important and should not depend on one or two factors alone. Some of the key items on your checklist should be: the kind of insurance products offered, the fitment to your unique needs, the company’s financial strength and rating of the past few years, the location and customer service experience, and how friendly, accommodating and flexible the company policies and processes are. Ultimately, you need to know how health insurance works.
Some of the other companies worth considering are: Aditya Birla Capital Health Insurance, with a 96% claim settlement ratio. ManipalCigna Health Insurance that started in 2011 provides diversified insurance plans for family, critical illnesses, Mediclaim for accidents and more. Another insurer serving India’s health insurance needs is Religare Health Insurance with over 7400 network hospitals and 93% claim settlement ratio.
FAST FACT: According to a study backed by TechVista, there are about 57 health insurance companies in India. And, it’s totally worth it to add health insurance to your personal finance planning.
Are you looking for a health insurance company that best meets your requirements? Reach out to us to know more about your chosen health insurance company.
FAQs: Health Insurance Companies In India
Which are some of the best health insurance companies in India?
The insurance market in India is quite vibrant and competitive. For insurance seekers, it provides opportunities and complexities, equally. Some of the best health insurance companies to consider are:
Star Health Insurance
Aditya Birla Capital
I’m not happy with my health insurance company. What are my options?
A lot of people are not aware that if they are not happy with their insurance company or the plan that they have chosen, they do not need to stick with it; they can change it with the help of a service called health insurance portability. Health insurance portability allows the policyholder to shift to a new insurance company without additional charges when they opt for portability.
How to choose a good health insurance company?
The answer is comparison. Compare insurance companies on the basis of claim settlement ratio history, the performance history, reviews written by customers, the features of insurance products available with the company, and also the kind and range of products and services provided by the companies.