Best Health Insurance Companies
There are 28 health insurance companies available in India that offer various health insurance plans to meet each and every health insurance requirement of individuals. Out of these health insurance companies, 5 are standalone health insurance companies, and 23 are general health insurance companies. All these health insurance companies provide health insurance plans with unique features for the customers.
Finding the best health insurance companies for yourself can be a daunting task for anyone. RenewBuy has listed all the health insurance companies available in India and their USPs, which will help you choose the best health insurance company for you and your family.
Why Compare Health Insurance Companies?
When it comes to health insurance, not all health companies are equal. Comparing health insurance providers allows you to evaluate their offers, coverage benefits, exclusions and premium structures. Doing so helps you find a company that aligns with your needs and provides the coverage you need at competitive rates.
Important Factors To Consider Before Choosing a Health Insurance Company
It is hard to find the best suitable health insurance company (health insurer) as many health insurance companies are available in India. So, we have listed some of the significant factors that you should consider before choosing a health insurance company:
Claim Settlement Ratio
The claim settlement ratio is important in determining how reliable a health insurance company is. The claim settlement ratio is the percentage of claims settled against the total number of claims a health insurance company raises. Hence, choosing a health insurance company with a higher ratio indicates that you have a better chance of settling your claim in times of need.
Cashless Network Hospitals
Network hospital is one of the most important factors we should consider before choosing a health insurance company. Health insurance companies have partnered with several hospitals across the country where policyholders can avail of cashless hospitalization, and the health insurance company settles the hospitalization bill directly with the hospital. It is important to check the list of network hospitals to locate your preferred hospitals in your area.
Solvency Ratio
The solvency ratio is another important factor you should check before choosing any health insurance company. It helps us to analyze the financial capability of the insurance company and whether the health insurance company can meet its short and long-term financial obligations. As per IRDAI, every health insurance company must maintain a minimum solvency ratio of 1.5.
Wide Range of Health Plans
It is always good to select a health insurance company that offers a variety of health insurance plans. Some health insurance companies offer individual health plans and family health plans. In contrast, some other health insurance companies offer health plans to target specific groups, such as child health insurance, women's health insurance, critical illness health insurance, etc. Therefore, always choose a health insurance company that offers a health plan that matches your needs.
Customer Reviews
Customer testimony is the most reliable parameter to judge a health insurance company. This ensures that the health insurance company you have chosen to buy a health plan with a good reputation in the market. It is always important to check customer reviews before choosing a health insurance company to buy a health plan.
Best Health Insurance Companies in India 2024
There are 28 health insurance companies available in India, and all health insurance companies come with some unique features. In the below table, RenewBuy have listed all the health insurance companies available in India and their claim settlement ratio, solvency ratio and network hospitals.
| S.No | Company Name | Incurred Claim Ratio (2022-23) | Solvency Ratio (2022-23) | Network Hospitals (2022-23) |
|---|---|---|---|---|
| 1. | Acko General Insurance Co. Ltd. | 83.88 | 4.26 | 14,300+ |
| 2. | Bajaj Allianz General Insurance Co. Ltd. | 74.27 | 3.68 | 11,000+ |
| 3. | Cholamandalam MS General Insurance Co. Ltd. | 67.88 | 2.07 | 10,000+ |
| 4. | Future Generali India Insurance Co. Ltd. | 79.18 | 1.86 | 8430+ |
| 5. | Go Digit General Insurance Ltd. | 71.87 | 1.96 | 16,400+ |
| 6. | HDFC ERGO General Insurance Co. Ltd. | 79.04 | 1.75 | 12,000+ |
| 7. | ICICI Lombard General Insurance Co. Ltd. | 77.33 | 2.51 | 7,500+ |
| 8. | IFFCO Tokio General Insurance Co. Ltd. | 111.18 | 1.73 | 7,000+ |
| 9. | Kotak Mahindra General Insurance Co. Ltd. | 56.01 | 2.95 | 7,700+ |
| 10. | Liberty General Insurance Co. Ltd. | 74.17 | 2.34 | 5,000+ |
| 11. | Magma General Insurance Co. Ltd. | 72.10 | 2.19 | 7.200+ |
| 12. | Navi General Insurance Co. Ltd. | 59.28 | 2.69 | 12,000+ |
| 13. | Raheja General Insurance Co. Ltd. | 138.67 | 1.96 | 5,000+ |
| 14. | Royal Sundaram General Insurance Co. Ltd. | 83.36 | 2.17 | 10,000+ |
| 15. | SBI General Insurance Co. Ltd. | 73.92 | 1.86 | 6,000+ |
| 16. | Tata General Insurance Co. Ltd. | 78.33 | 1.97 | 10,000+ |
| 17. | Universal Sompo General Insurance Co. Ltd. | 82.84 | 1.73 | 4,000+ |
| 18. | Zuno General Insurance Co. Ltd. | 89.59 | 1.72 | 10,000+ |
| 19. | National Insurance Co. Ltd. | 102.35 | 0.16 | 3,000+ |
| 20. | The New India Assurance Co. Ltd. | 103.33 | 1.82 | 2055+ |
| 21. | The Oriental Insurance Co. Ltd. | 130.09 | -0.63 | 3,500+ |
| 22. | United India Insurance Co. Ltd. | 89.57 | 0.15 | 6,500+ |
| 23. | Aditya Birla Health Insurance Co. Ltd. | 64.68 | 2.37 | 11,000+ |
| 24. | Care Health Insurance Ltd. | 53.82 | 1.83 | 22,900+ |
| 25. | ManipalCigna Health Insurance Co. Ltd. | 64.66 | 1.57 | 18,000+ |
| 26. | Niva Bupa Health Insurance Co. Ltd. | 54.05 | 1.79 | 10,000+ |
| 27. | Reliance Health Insurance Ltd | 86.31 | 1.60 | 9,100+ |
| 28. | Star Health and Allied Insurance Co. Ltd. | 65.00 | 2.03 | 14,000+ |
*Disclaimer: RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer, and this list is just an illustration of the plan offered by different health insurance companies available in India.
** The data of Solvency Ratio and Claim Settlement Ratio has been sourced from the annual report of IRDAI 2022-23
*** The data of network hospitals have been sourced from the official website of the general and standalone health insurance companies
Top Health Insurance Companies in India 2024
All health insurance companies in India offer uniquely designed health insurance plans to meet the health insurance needs of each individual. But, sometimes, choosing the best health insurance company for yourself is challenging. Therefore, RenewBuy has shortlisted the top 10 health insurance companies in India based on their claim settlement ratio, solvency ratio and vast network hospital list. Below are the top 10 health insurance companies and their USPs:
Acko Health Insurance is a private sector health insurance company in India. It uses an entirely online-based strategy to market and sells its products to consumers. Acko health Insurance has more than 50 million unique customers in India.
Highlighted Points- Started in the year 2016
- More than 7000 network hospitals
- Offers free annual health checkups
Aditya Birla Health Insurance is a joint venture between MMI Holdings and Aditya Birla Group. It is a subsidiary of Aditya Birla Capital Ltd.
Highlighted Points- Started in the year 2015
- Offers Wellness Coaching
- Offers Chronic Management Programs
Care Health Insurance, earlier known as Religare Health Insurance Company Limited. It is a subsidiary of Religare Enterprises Limited (REL).
Highlighted Points- Started in the year 2012
- In-house Claim Settlement
- 158 branches across PAN India
- Cashless claim approval within 2hr
Digit Health Insurance is an insurtech startup in Bangalore. In 2021, Go Digit health insurance was awarded "Digital Insurer of the Year" at the Asia Insurance Industry Awards.
Highlighted Points- Started in the year 2016
- Wide range of Network Hospitals
- More than 50 Lakhs Customers
HDFC Health Insurance is a joint venture between ERGO International AG and HDFC Limited. In 2000, HDFC Ergo Health Insurance merged with Apollo Munich Health Insurance.
Highlighted Points- Cashless claim approval within 20mins
- 640+ branches across PAN India
- Free renewal health checkup
- In-house claim settlement
ICICI Lombard Health Insurance is a joint venture between ICICI Bank Limited and Fairfax Financial Holdings Limited. In 2021, ICICI Lombard General Insurance merged with Bharti AXA Health Insurance Company.
Highlighted Points- Started in the year 2001
- Mobile App for all your concerns
- 24x7 Customer Care Support
- Rewards for every claim-free year
- More than 270 branches across the country
Niva Bupa Health Insurance, previously known as Max Bupa Health Insurance. Niva Bupa health is a joint venture between Fettle Tone LLP and Bupa Singapore Holdings Pte. LTD.
Highlighted Points- Started in the year 2008
- Cashless claim processing within 30mins
- 24x7 Customer Care Assistance
- Online Reimbursement Process
SBI Health Insurance is a joint venture between the State Bank of India (SBI) and the Insurance Australia Group (IAG). SBI health insurance offers comprehensive health insurance plans to its customers.
Highlighted Points- Started in the year 2009
- Free Health Checkup Benefit
- More than 10.19 Cr customers
- More than 24700 branches across PAN India
Star Health Insurance is India's first standalone health insurance company. Last year, Star Health Insurance filed for its initial public offering (IPO).
Highlighted Points- Started in the year 2006
- 640 branch offices across PAN India
- Launched specialized health plan for Autism patients
- In-house Claim Settlement
TATA AIG Health Insurance is a joint venture between TATA Group and American International Group (AIG). In 2021, TATA AIG completed 20 years of service as one of the leading insurance companies in India.
Highlighted Points- Started in the year 2001
- Reimbursed the claim in just 21 days
- 24x7 Customer Support
Top 10 Health Insurance Companies in India 2024 Based on Claim Settlement Ratio
Choosing the best health insurance company in India is important as it directly affects your financial security and access to quality healthcare. With 28 health insurance providers in the market, it can be overwhelming to determine which company is the most suitable for your needs. Factors such as coverage, claim settlement ratio, customer service, network hospitals, and affordability play crucial roles in assessing the quality of health insurance companies. Here, we have made a list of the Top 10 Health Insurance Companies in India Based on Claim Settlement Ratio (CSR) 2021-22:
| Health Insurance Company | Claim Settlement Ratio (CSR) 2021-22 |
|---|---|
| Care Health Insurance | 100 |
| Niva Bupa Health Insurance | 99.99 |
| Navi General Health Insurance | 99.99 |
| ManipalCigna Health Insurance | 99.90 |
| Aditya Birla Health Insurance | 99.41 |
| Star Health Insurance | 99.06 |
| Reliance General Health Insurance | 98.65 |
| HDFC Ergo Health Insurance | 98.49 |
| Liberty General Health Insurance | 97.30 |
| Zuno General Insurance | 97.26 |
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Care Health Insurance
Care Health Insurance, formerly known as Religare Health Insurance, is a standalone health insurance company in India that offers a range of health insurance plans to individuals, families, and corporate groups. They provide comprehensive coverage for medical expenses, including hospitalization, pre and post-hospitalization expenses, day-care procedures, ambulance charges, and more. Care Health Insurance has 24x7 customer support and a wide range of network hospitals.
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Niva Bupa Health Insurance
Niva Bupa is a prominent health insurance provider known for its customer-centric approach. They offer a range of health insurance policies with features such as lifelong renewability, cashless hospitalization, and coverage for alternative treatments. Niva Bupa has a vast network of hospitals and a good claim settlement track record.
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Navi Health Insurance
Navi Health Insurance was earlier known as DHFL General Insurance Limited and started in 2017. It is a digital finance lending company owned by Sachin Bansal. Navi Health Insurance has developed a Navi Health Insurance App for digital strategies and marketing its insurance products. Navi Health Insurance offers a complete paperless buying process to sell its comprehensive health insurance products. Moreover, Navi Health Insurance offers a simple and hassle-free claim settlement process. And as per the annual report of IRDAI (Insurance Regulatory Development Authority of India), it has a claim settlement ratio of 99.99 in the year 2021-22.
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ManipalCigna Health Insurance
ManipalCigna is a joint venture between Manipal Group and Cigna Corporation, a global health services organization. They offer a range of health insurance plans with comprehensive coverage, including critical illness and accidental disability coverage. ManipalCigna has a vast network of hospitals and provides quality customer support.
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Aditya Birla Health Insurance
Aditya Birla Health Insurance offers innovative health insurance plans designed to meet the evolving healthcare needs of individuals and families. Their policies cover various medical expenses, including pre and post-hospitalization, maternity, and wellness benefits. Aditya Birla Health Insurance emphasizes a customer-centric approach and has a growing network of hospitals.
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Star Health Insurance
Star Health is a leading health insurance company known for its comprehensive coverage and excellent claim settlement ratio. It offers various health insurance plans that cater to individuals, families, senior citizens, and specific health conditions. Star Health is particularly renowned for its policies covering critical illnesses and specialized treatments.
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Reliance Health Insurance
Reliance Health Insurance is one of India's leading health insurance companies and is a subsidiary of Reliance Capital. Reliance Health Insurance was started in the year 2000. Reliance Health has more than 139 offices and 90,000 intermediaries across India. Moreover, it offers various health insurance plans, such as individual, family, senior citizen health plans, etc.
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HDFC Ergo Health Insurance
HDFC Ergo Health Insurance is a joint venture between ERGO International AG and HDFC Limited. HDFC Health Insurance is currently the second-largest private health insurance provider in the health insurance industry. HDFC Health Insurance has 200+ branches spread over 170+ locations and employs more than 9700 people. Additionally, it has more than 13000 network hospitals across India. And as per the annual report of IRDAI (Insurance Regulatory Development Authority of India), it has a claim settlement ratio of 98.49 in the year 2021-22.
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Liberty General Health Insurance
Liberty Health Insurance started its operations in the year 2013. It is a joint venture between Liberty Citystate Holdings PTE Ltd, a US-based Liberty Mutual Insurance Group and DP Jindal Group, an industrial conglomerate. Liberty Health Insurance has 110 offices in 95 cities across 29 states with over 1200 employees nationwide. It has tie-ups with more than 5000 hospitals across the country, where policyholders can avail of cashless medical treatment during emergencies.
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Zuno Health Insurance
Zuno Health Insurance (earlier known as Edelweiss Health Insurance) is a health insurance company that started in the year 2017. It offers a variety of health insurance plans for individuals, families, and corporate companies. Zuno Health Insurance is committed to providing affordable and comprehensive health insurance plans to take care of your and your family's healthcare needs.
How Do You Identify The Top 10 Health Insurance Companies In India?
To identify the top 10 health insurance companies in India, you can consider the following factors:
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Claim Settlement Ratio (CSR)
This ratio shows the percentage of claims settled by the health insurance company compared to the total claims received. Look for health companies with consistently high CSR (ideally above 90%) over the last few years. Health insurance claim settlement ratio data can be found on the IRDAI website or RenewBuy.
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Online Reviews and Ratings
You should check out customer reviews, which provide valuable insight into customer’s experiences with different health insurance companies. Check reviews to understand the claim settlement processes, customer service responsiveness and product offerings.
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Industry Awards and Recognition
Recognition by industry bodies or publications highlights a company's commitment to quality and customer satisfaction. Check if the company has recently received any awards or been included in industry rankings.
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Product Portfolio
Consider the variety of health insurance plans offered by the company. Look for companies with plans catering to different needs (individuals, families, seniors) and budgets.
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Network Hospitals
Check the number and quality of network hospitals associated with each insurance company. A wide network of cashless hospitals across various tiers (Tier 1, Tier 2, Tier 3) across India, easy access to quality healthcare services. Check network coverage in your city and preferred hospitals.
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Premiums and Pricing
Consider the premium rates health insurance companies charge and compare them to ensure affordability. However, don't base your decision solely on price; It is important to balance cost and coverage.
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Customer Service
Health insurance companies with competent and responsive customer service. Check reviews and feedback from existing policyholders to measure customer satisfaction levels.
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Claim Settlement Process
Always choose the health insurance companies that offer an easy and efficient claim settlement process. A smooth and hassle-free claim settlement experience is crucial during times of medical emergencies.
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Additional Features
Health insurance companies that provide additional features or value-added services, such as cashless hospitalization, online policy management, teleconsultation services and wellness programs.
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Expert Opinions
Refer to any insurance expert, such as a RenewBuy partners. Our partners will help you identify the Top 10 Health Insurance Companies in India based on extensive research, customer feedback, and financial performance of the health insurance companies.
How Much Does Health Insurance Cost in India?
The cost of health insurance plans is based on different factors, including type of health insurance plan and provider, age, lifestyle habits, policy tenure, smoking habits, etc. In the table below, we have listed different health insurance plan premium costs for any individual living in Gurugram, based on different age criteria and sum assured selected:
| Health Insurance Plan | Selected Sum Assured (1 year policy) | Age | ||
|---|---|---|---|---|
| 30 years | 40 years | 50 years | ||
| Star Comprehensive Insurance Policy | Rs. 5 Lakhs | Rs. 7,864/ year | Rs. 9,051/ year | Rs. 14,798/ year |
| Rs. 10 Lakhs | Rs. 10,903/ year | Rs. 13,200/ year | Rs. 22,268/ year | |
| Niva Bupa Reassure Health Insurance | Rs. 5 Lakhs | Rs. 8,752/ year | Rs. 10,942/year | Rs. 18,213/ year |
| Rs. 10 Lakhs | Rs. 9,507/ year | Rs. 12,867/ year | Rs. 21,407/ year | |
| HDFC Ergo Optima Secure | Rs. 5 Lakhs | Rs. 12,331/ year | Rs. 14,013/ year | Rs. 21,579/ year |
| Rs. 10 Lakhs | Rs. 15,134/ year | Rs. 17,376/ year | Rs. 27,465/ year | |
| TATA AIG Medicare Plan (LITE) | Rs. 5 Lakhs | Rs. 9,366/ year | Rs. 11,378/ year | Rs. 17,176/ year |
| Rs. 10 Lakhs | Rs. 10,055/ year | Rs. 12,319/ year | Rs. 18,390/ year | |
| Care Classic Health Insurance Plan | Rs. 5 Lakhs | Rs. 10,256/ year | Rs. 12,329/ year | Rs. 18,576/ year |
| Rs. 10 Lakhs | Rs. 13,497/ year | Rs. 16,169/ year | Rs. 24,421/ year | |
| Bajaj Allianz Health Insurance Plan (Gold Plan) | Rs. 5 Lakhs | Rs. 7,120/ year | Rs. 8,560/ year | Rs. 13,480/ year |
| Rs. 10 Lakhs | Rs. 8,280/ year | Rs. 9,960/ year | Rs. 15,760/ year | |
| ManipalCigna ProHealth Prime - Protect Plan | Rs. 5 Lakhs | Rs. 8,182/ year | Rs. 10,752/ year | Rs. 14,372/ year |
| Rs. 10 Lakhs | Rs. 10,912/ year | Rs. 14,253/ year | Rs. 19,169/ year | |
| Reliance Health Gain Insurance Plan | Rs. 5 Lakhs | Rs. 4,777/ year | Rs. 7,136/ year | Rs. 9,542/ year |
| Rs. 10 Lakhs | Rs. 6,755/ year | Rs. 10,090/ year | Rs. 13,492/ year | |
| Royal Sundaram Lifeline Supreme Plan | Rs. 5 Lakhs | Rs. 6,559/ year | Rs. 10,521/ year | Rs. 18,859/ year |
| Rs. 10 Lakhs | Rs. 8,577/ year | Rs. 13,758/ year | Rs. 24,662/ year | |
* Disclaimer:
RenewBuy does not endorse any specific insurance company or insurance product offered by any insurer. This list is just an illustration of the premiums offered by different health insurance companies in India. The premium rates mentioned above are subject to changes. We suggest you go through the official websites of health insurance companies to calculate the premium for your personalized requirements.
Benefits of Best Health Insurance Company
Buying a health plan from the best health insurance company (health insurer) has various benefits. Below are the benefits of choosing the best health insurance company in India:
- Wide Range of Health Plans
- Quick Grievance Redressal
- Easy Claim Settlement Process
- Flexible Premium Payment Option
- Renewal Benefits
- Portability Option Available
You will now see the options available to you as well as the premiums required for each plan. You may select the health insurance online plan that best meets your needs and budget. If you have any questions, RenewBuy's Partners would be happy to help you.
How To Choose The Best Health Insurance Companies in India
To select the top health insurance companies in India from the 28 available options, consider the below-mentioned factors before buying a health insurance plan and match them to your specific needs and preferences:
Wider Coverage at Low Premiums
Always choose a health insurance company that offers wider coverage benefits in their health plans at low premium amounts. Compare different health plans and their premiums before selecting your health insurance company.
Network Hospitals
Choose a health plan from a health insurance company (health insurer) with a vast list of network hospitals where you can get cashless hospitalization in case of medical emergencies.
Customer Care Support
Always choose a health insurance company (health insurer) that provides round-the-clock customer care support to resolve your insurance-related queries.
Online Services
Select a health insurance company through which you can raise your claim, buy a health plan, or renew your health insurance online.
Network Hospitals
How to Compare Health Insurance Companies?
You can compare the health insurance companies with the help of the below-mentioned factors such as:
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Evaluate Coverage Options
Explore coverage benefits from different health insurance companies. Look for comprehensive health plans that cover essential services like hospitalization, doctor consultations, diagnostic tests, medicine coverage and maternity benefits.
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Consider Network of Hospitals
Check the network hospitals and healthcare providers associated with each health insurance company. Make sure that the hospitals in your preferred locations are part of their network so that you can get quality cashless healthcare services without any hassle.
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Review Policy Benefits
Carefully analyze the policy benefits offered by various health insurance companies. Look for additional features like cashless hospitalization, no-claim bonus, wellness programs and coverage for pre-existing conditions. Comparing these benefits will help you determine which health insurer offers the most comprehensive coverage.
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Compare Premiums and Deductibles
Compare the premiums and deductibles associated with each health insurance plan. Assess how much you must pay out of pocket before the coverage begins. Consider your budget and choose a plan that balances affordability and adequate coverage.
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Read Customer Reviews
Review customer reviews and feedback about the health insurance companies you are considering. It will provide information about their customer service, claim settlement process and overall customer satisfaction. Choose a company with positive reviews and a reputation for excellent service.
Find the Best Health Insurance Companies with RenewBuy
RenewBuy offers a convenient platform for comparing health insurance companies. Our user-friendly interface allows you to easily navigate through a wide range of providers and their offerings. With RenewBuy, you can:
- Compare multiple health insurance companies side by side.
- Get detailed information about each provider's plans, benefits, and exclusions.
- Access customer reviews and ratings to make an informed decision.
- Secure the best health insurance policy with just a few clicks.
Visit RenewBuy today and find the perfect health insurance company to protect your health and financial well-being. Compare, choose, and secure your coverage hassle-free!
Conclusion
Your unique medical needs are the only factors you should consider when choosing a health insurance company. There is a chance that the best health insurance company we recommend will not always meet your needs or your budget. You can always choose the best health insurance company based on your needs and requirements by taking the help of the above-mentioned information.
