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Top 10 Health Insurance Companies in India

Updated on : Mar 14, 2024 2:26 PM
Top 10 Health Insurance Companies in India

When making a decision to get health insurance in a nation such as India, most people follow the advice of their peers.  as being taken away by friends, family, coworkers, and relatives. When it comes to purchasing health insurance, Indians typically choose the most conventional plans and anticipate the best possible benefits. Naturally, it is a good idea to get counsel from others when making a purchase as significant as health insurance; nevertheless, despite the claims of experts, there are a few things to keep in mind. Recent data released by major health businesses indicates that the cost of health insurance is primarily determined by variables like brand name and simplicity of settlement.

Examining the characteristics that health insurance gives in comparison to other firms that make similar claims about their advantages is the best way to evaluate health insurance. Even though the middle class makes up the majority of the population in India, many people disregard and undervalue health insurance. Given the significant medical costs, it is something that cannot be overlooked. It is advisable to have health insurance merely to be cautious, as the cost of prescription drugs and surgeries is always rising.  As a result, making the investment is worthwhile.


Some important numbers to take a look at (Fact Source: IBEF)

  • There are 57 insurance companies in all. of which thirty-three are non-life insurance firms and the remaining twenty-four are life insurance companies.
  • In 2018, the insurance industry in India was valued at INR 4.50 trillion. The entire valuation is at 5.50 trillion Indian rupees. There appears to be a 3% or 4% increase overall.
  • It is anticipated that the growth rate will increase by 10% to 12%.
  • Thus, based on data from other websites like MouthShut.com, it appears that the insurance industry has a bright future.
  • By 2020, the insurance industry's total market value would be $280 billion. There's a potential that in the next three to five years, the health insurance firms will grow by 12% to 15%.
STAR Health Insurance Photo1
Rating and Reviews
3.2
9,673 Votes
Description

Star Health & Allied Insurance Co. Ltd. is India's leading private health insurance company. It was founded in 2006 and is headquartered in Chennai. The company began its operations as India's first standalone health insurance provider. Star Health operates to cater to the needs of all sections of society. It has long-standing partnerships with several banks and is a leader in the field of bancassurance.

Key Highlights of STAR Health:

  • 14000 + network hospitals

  • Affordable Health Insurance plans

  • Up to 2 crore health coverage

  • 850+ branch offices spread across the country

  • Over 6.40 lakh agents

  •  Dedicated in-house claim settlement team that settles more than Rs. Four crores as claim amount every hour

  •  89.9% Cashless claims settled in less than 2 hours

  • Paid over Rs. 30,300 crore in claims

  • Cashless facility anywhere

Star Health Insurance Plans and Their Approximate Premium Cost:

1. Star Women Care Insurance Policy: A policy with benefits tailored for women, including coverage for delivery expenses and automatic restoration of the sum insured.

  • Sum Insured:  Ranges from Rs. 500,000 to Rs. 1 crore.

  • Premium Cost:  Starts from Rs.8000, note premium varies based on factors like age, coverage, and policy term.

2. Star Comprehensive Insurance Policy: Offers buy-back for pre-existing diseases and mid-term inclusion of family members.

  • Sum Insured:  Ranges from Rs. 500,000 to Rs. 1 crore.

  • Premium Cost:  Starts from Rs.8000, note premium varies based on factors like age, coverage, and policy term.

3. Senior Citizens Red Carpet Health Insurance Policy: Designed for individuals aged 60-75 years, offering outpatient cover and no pre-insurance screening required.

  • Sum Insured:  Ranges from Rs. 100,000 to Rs. 2500000

  • Premium Cost:  Starts from Rs.5000, note premium varies based on factors like age, coverage, and policy term.



Niva Bupa Health Insurance Photo1
Rating and Reviews
1.21
4,056 Votes
Description

Max Bupa Health Insurance was founded in the year 2008 on Feb 27th. For over a decade the company has been offering some great health insurance which offers the maximum benefits to the insurer. It is the perfect combination of service and healthcare altogether. The total evaluation of the company is +500 crore. Also, the company has been offering services through Max Financial Services. Honored with the Golden Peacock Award. 

Facts & Figures

  1. More than 3800 cashless hospitals across India
  1. The total claim ratio is over and above 52%
  1. The total claim settlement ratio is over 88%
  1. To date 3,10,000 policies issued since inception.
  1. Renewable at any point in time.
  1. The settlement is done on an in-house 
  • GoActive-Approx 4 Lakh
  • Health Recharge-Approx 2 Lakh
  • Health Companion-Approx 2 Lakh
  • Criticare-Approx 3 Lakh

The best insurance plans include:-

Religare Health Insurance Company Ltd (Reliance) Photo1
Rating and Reviews
1.8
6 Votes
Description

Religare Health Insurance Company is an insurance organization which is based in Gurgaon. And was founded in 2012, July. The company houses several insurances for as per the comfort and use according to the buyer. The company has collaborated with the Corporation Bank and Union Bank of India. Promoted by the Fortis Healthcare, Religare Wellness & SRL Diagnostics. Known to be giving the best health insurance solutions as it ensures the insurer that he will be insured against any anomalies.

Facts & Figures:-

  1. More than 10,000 cashless hospitals across India
  2. The total claim ratio is over and above 52%
  3. The total claim settlement ratio is over 87%
  4. To date 4,30,000 policies issued since inception.
  5. Renewable at any point in time.
  6. The settlement is done on an in-house basis.

The best insurance plans include:-

  • Super Mediclaim-Approx 1 Lakh
  • Care Senior-Approx 3 Lakh
  • Assure-Approx 5 Lakh
  • Critical Mediclaim-Approx 10 Lakh
  • National Insurance
Bajaj Allianz Life Insurance Photo1
Rating and Reviews
4.43
3,105 Votes
Description

Bajaj Allianz General Insurance Company is one of the most trustworthy companies when it comes to buying health insurance in India. Bajaj Finserv & Allianz SE came together and formed this company. As the firm is headquartered in Pune and began its operation in 2001, May 1st. The company has a wide array of insurance options to suit the need of all kinds of insurance buyers. The best move of the company was to amalgamate the local experience with global expertise. Hence a better view of what the customer exactly needs and demands.
Facts & Figures

  1. More than 5,800 cashless hospitals across India
  2. The total claim ratio is over and above 75%
  3. The total claim settlement ratio is over 92%
  4. To date 5,10,000 policies issued since inception.
  5. Renewable at any point in time.
  6. The settlement is done on an in-house basis.

The best insurance plans include:-

  • Women Specific Critical Illness Insurance-50 Thousand
  • Premium Personal Guard-Approx 10 Lakh
  • Silver Health-Approx 50 Thousand
  • Health-Guard Family Floater-Approx 1.5 Lakh

The New India Assurance Health Insurance Photo1
Rating and Reviews
2.95
207 Votes
Description

Believed to be one of the biggest insurance companies in India. As the foundation was laid on July 1919. One of the oldest companies in the country. In terms of premium collection, it is the biggest insurance company. Established by  Dorabji Tata in the year 1919 and was legalized in the year 1973. The company just doesn't have business operations in India but countries such as New Zealand and Japan as well. As being an Indian and very old country by age, it is seen in most cases that the people of India trust this company more than any other insurance company in India.

Facts & Figures

  1. More than 1,000 cashless hospitals across India
  2. The total claim ratio is over and above 95%
  3. The total claim settlement ratio is over 93%
  4. To date 16,80,000 policies issued since inception.
  5. Renewable at any point in time.
  6. The settlement is done on an in-house basis.

The best insurance plans include:-

  • Cancer Mediclaim Policy-Approx 50 Thousand Rupees
  • Mediclaim Policy-Approx 1 Lakh
  • Premier Mediclaim Policy-Approx 15 lakh
  • Floater Mediclaim-Approx 2 Lakh.
SBI Health Insurance Photo1
Rating and Reviews
2.18
207 Votes
Description

SBI General Insurance Company was established in the year 2009 and is a collaboration among the companies Insurance Australia Group (IAG) and State Bank of India. The IAG has control over 27% share while SBI has 73%. As any customer taking insurance from this company enjoys the best insurance benefits. The company has its operations managed from Mumbai and is quite popular among the Indian masses as known to be offering the best variety of Inbsuanace plans so to make it reachable to one and all. Also, the company is into offering health, life, motor, auto fire, aviation insurances, etc. 

Facts & Figures

  1. More than 2800 cashless hospitals across India.
  2. The claim ratio is more than 53%.
  3. The claim settlement ratio is over 51%.
  4. Right from the day of inception about 4,20,000 policies have been issued.
  5. Renewable throughout life.

The best insurance plans include:-

  • Arogya Plus Policy-Approx 1 Lakh
  • Critical Illness Insurance Policy-Approx 2 Lakh
  • Arogya Premier Policy-Approx 10 Lakh
  • Hospital Daily Cash-Approx 500/- per day.
ICICI Lombard Health Insurance Photo1
Rating and Reviews
1.43
1,826 Votes
Description

The ICICI Lombard Health Insurance is a combined effort among the 2nd largest bank of India and Fairfax Holdings Ltd which is a market leader in the home country, Toronto. It began its operation in 2001 and is one of the leading insurance companies in India. It also offers insurance for the car, auto, home, international travel, and so on. In the year 2018, it had a record-breaking business of Rs 1.20 Billion. Yet it never fails to offer the best insurance for families, individuals and senior citizen

Facts and Figures

  1. More than 3,500 cashless hospitals across India
  2. The total claim ratio is over and above 69%
  3. The total claim settlement ratio is over 75%
  4. To date 10,12,000 policies issued since inception.
  5. Renewable at any point in time.
  6. The settlement is done on an in-house 

The best insurance plans include:-

  • Rishtey-Approx 2 Lakh
  • Complete Health Insurance-Approx 5 Lakh
  • Health Booster-Approx 5 Lakh.
National Insurance Company General Insurance Photo1
Rating and Reviews
1.58
113 Votes
Description

National Insurance is one of the most trusted and oldest companies as had been started in 1906. Right after the company was nationalized along 20 foreign countries 11 Indian firms, hence forming the company National Insurance. The company has its roots in Kolkata. Also, it offers a wide range of insurance policies and services to the people as per the need. 

Facts & Figures

  1. More than 5,900 cashless hospitals across India
  2. The total claim ratio is over and above 97%
  3. The total claim settlement ratio is over 71%
  4. To date 17,90,578 policies issued since inception.
  5. Renewable at any point in time.
  6. The settlement is done on an in-house basis.

The best insurance plans include:-

  • National Mediclaim-Approx 50 Thousand
  • Critical Illness Insurance Policy- Approx 1 Lakh
  • National Mediclaim Plus-Approx 2 Lakh.
Apollo Munich Health Insurance Photo1
Rating and Reviews
1.28
1,995 Votes
Description

Apollo Munich Health Insurance company is a  privately help insurance company based in India. It is a company that came into existence after the collaboration between Munich Health & Appollo Hospital group. The company has over 150 centers across India. The company earlier was known as Apollo DKV Insurance Company Limited. It was later renamed to Apollo Munich Health Insurance in the year 2009. The owner of this insurance company is Munich Re. The best insurance plans include 

Facts & Figures

  1. 4,700+ network hospitals
  2. 8,05,348 policies issued to date.
  3. The claim ratio nears about a ratio of 61%
  4. The settlement ratio is over 82%.
  5. Renewable for a lifetime.
  6. The settlement is done on an in-house.

The best insurance plans include:-

  • Optima Restore (Bestselling) - Approx 3 lakh 
  • Easy Health (Affordable) - Approx 3 lakh 
  • Health Wallet (A plan for all) - Approx 3 lakh 
  • Energy (Best for diabetes) Approx 2 Lakh.
Oriental Insurance Company Ltd Photo1
Rating and Reviews
1
1 Vote
Description

Oriental Insurance Company began its operations in the year 1947, September 12. The basic motto of the company was to help people know more about insurance and to motivate the purchase of insurance across India. As in the earlier days, people hardly knew anything about insurance and never really bought it. But the company through its endeavors succeded in doing so and the company today is mentioned in the list of the most trusted companies when it comes to buying health insurance. The company has a presence in over 25+ locations & 1700+ branches and is also present in countries like Dubai, Nepal, and Kuwait.

Facts & Figures:-

  1. More than 3,900 cashless hospitals across India
  2. The total claim ratio is over and above 98%
  3. The total claim settlement ratio is over 91%
  4. To date 12,10,000 policies issued since inception.
  5. Renewable at any point in time.
  6. The settlement is done on an in-house basis.

The best insurance plans include:-

  • Individual Mediclaim Policy-Approx 1 Lakh
  • HOPE (Health of Privileged Elders)-Approx 1 Lakh
  • Happy Family Floater Policy-Approx 1 Lakh.
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