When you have a medical emergency or plan to visit the hospital, your health insurance will cover your hospitalization expenses and other expenses, as specified in your policy document. As medical technology and treatments advance, healthcare costs are also increasing every day. Having a health insurance plan can cover such expenses, making it much easier to protect finances without worrying about impending medical expenses. With a comprehensive health insurance plan, you will have access to a wide range of coverage options, such as cashless hospitalization, outpatient surgery, daily cash, and clinical costs. The person or family members involved in the plan are covered up to the sum assured.
The purpose of health insurance is to cover the costs of medical expenses incurred by insured members as a result of accidents, illnesses, or injuries. As part of the agreement, the insurer promises to cover the insured's hospitalization costs and other medical bills. The alarming spread of lifestyle diseases among people at all stages of life has increased the importance of health insurance in recent years. Even a one-day hospital stay can eat up your savings in no time! A health insurance policy can help you avoid a financial crisis in such a situation.
A health insurance policy covers your medical expenses due to an illness or injury. Your health insurer will cover the medical costs if you suffer from any medical emergency under your plan. A health insurance policy protects an individual or family from future medical expenses. Health insurance policies are contracts between insurance companies and their buyers. Regularly, the policyholder pays a small premium. During the policy term, SBI General is responsible for paying the medical expenses incurred.
A medical emergency policy offers a variety of sum insured options, which is the maximum amount the insurer would pay to the policyholder. The insured members promise to pay periodic premiums in return.
When it comes to health insurance, choosing the right plan is an important decision. With so many options available, it can be difficult to know where to start. Here are some tips to help you choose the best health insurance plan that suits your needs:
The cost of medical care is rising every day. Make sure your sum insured is sufficient to cover excessive medical costs, so that you can choose an optimal amount insured. It is also important to keep in mind that life expectancy is increasing, which means you may need to plan for long-term health insurance.
Take a look at the coverage benefits offered by health insurance plans. Select a plan that offers the most comprehensive coverage while also meeting your needs. Check the coverage benefit first before choosing a policy with the lowest premium.
There is nothing more important than an affordable premium. Check the coverage and make sure the premium is in line with the coverage. Make sure the premium is affordable for you as well. Make sure you set aside money since you need to pay the premium every year or every few years (depending on the terms of the policy).
Using a health plan with a large network of hospitals will make cashless claims easy. Choose health insurance plans that cover a wide range of hospitals. In addition, you will have a seamless experience when filing a claim.
Coverage is heavily influenced by the waiting period. You should choose plans with a shorter waiting period so that you can get coverage quickly. In the event of your greatest need, the last thing you need is a delay in processing the sum insured, so choose a plan and insurance company that will assist you.
A sub-limit limits the scope of coverage. When it comes to comprehensive coverage, the right policy would have no sublimits.
Finally, choose an insurance company that has a good reputation in the health insurance industry and has gained the trust of its clients. As well as checking the claim settlement ratio, you'll want to be sure you don't run into any trouble in the future.
Choosing the right health insurance company in India directly affects your financial security and access to quality healthcare. You may find it difficult to determine which health insurance provider is right for your needs, with 28 companies in the market. Several factors contribute to assessing the quality of health insurance companies, including coverage, claim settlement ratio, customer service, network hospitality, and affordability. Below is a list of the top 10 health insurance companies in India.
Health Insurance Company | Claim Settlement Ratio for FY (2023-24) | Cashless Hospitals |
Care Health Insurance Ltd | 100 % | 24800+ |
Aditya Birla Health Insurance Co. Ltd | 96 % | 11,000+ |
Manipal Cigna Health Insurance Company Limited | 94 % | 8500+ |
Niva Bupa Health Insurance Co Ltd | 99.99 % | 10420+ |
Star Health & Allied Insurance Co Ltd | 90 % | 14000+ |
HDFC ERGO Health Insurance | 90 % | 13000+ |
ICICI Lombard Health Insurance | 97 % | 9500+ |
TATA AIG Health Insurance | 96.7 % | 10000+ |
SBI Health Insurance | 95 % | 6000+ |
Reliance Health Insurance | 86.31 % | 10000+ |
Cashless Hospitals: 24800+
Claims Settled: 48 Lakh+
Lives Insured: 7 Crore+
Claim Settlement Ratio: 100 %
Official Website: careinsurance.com
Registered/Corporate Address: Vipul Tech Square, Tower C, 3rd Floor Sector- 43, Golf Course Road, Gurgaon -122009
Care Health Insurance is a specialized health insurer that offers products in the retail sector for health insurance, top-up coverage, personal accident, maternity, international travel insurance, and critical illness as well as group health insurance and group personal accident insurance for corporates, micro-insurance products for the rural market and comprehensive set of wellness services. Building on the key principle of 'consumer-centricity' with its operational philosophy, the company has consistently invested in the effective application of technology to deliver excellence in customer service, product innovation, and value-for-money services. Care Health Insurance was awarded the 'Claims Service Leader for the Year' and 'Best Health Insurance Company in Rural Sector' awards at the India Insurance Summit & Awards 2024; It was recognized for 'Excellence in Patient Service Delivery' at the FICCI Healthcare Excellence Awards 2023 and received the 'Smart Insurer' and 'Affable Insurer' awards in the field of health insurance at the 10th Annual Insurance Summit and Awards 2023. Care Health was awarded 'Best Health Insurance Company of the Year' at the India Insurance Summit & Awards 2023 'Smart Insurer of the Year' and 'Sales Champion of the Year' at The Economic Times Insurance Summit & Awards 2022. The company received the 'Best Health Insurance Product' and 'Best Health Insurance Agent' awards at the Insurance Alert Awards, 2021
Cashless Hospitals: 11000+
Claims Settled: 20.5 Lacs +
Lives Insured: 2.5 Cr +
Claim Settlement Ratio: 96 %
Official Website: adityabirlacapital.com
Registered/Corporate Address: One World Centre, Tower 1, Jupiter Mills Compound, 841, S B Marg, Elphinstone Road, Mumbai - 400013
Aditya Birla Health Insurance Company Limited is a leading health insurance company in India. It was founded in 2007 and is headquartered in Mumbai. The company offers a wide range of health insurance products for individuals, families, and employers. Its services are available across India through a network of branches and agents. Aditya Birla Health Insurance Company Limited is known for its customer-centric approach, prompt claim settlement, and comprehensive coverage. The company focuses on providing quality healthcare and strives to make health insurance accessible to all. The health insurance plans offered by Aditya Birla Health Insurance are innovative and are specifically tailored to address the changing healthcare requirements of families and individuals. Their policies provide coverage for a variety of medical expenses, such as pre- and post-hospitalization, maternity, and wellness benefits. Aditya Birla Health Insurance prioritizes a customer-centric approach and is expanding its network of hospitals.
Cashless Hospitals: 8500+
Claims Settled: 17.38 Lakh+
Lives Insured: 93000 +
Claim Settlement Ratio: 94 %
Official Website: manipalcigna.com
Registered/Corporate Address: 401/402, 4th Floor, Raheja Titanium, Off Western Express Highway, Goregaon (East), Mumbai - 400 063
"ManipalCigna Health Insurance Company Limited" is a leading health insurance provider in India. It was established in 2018 as a joint collaboration between the Manipal Group and Cigna Corporation. With a presence in various states, it offers comprehensive health insurance plans for individuals, families, and businesses of all sizes. The company's products and services meet the diverse healthcare needs of its customers, ensuring quality medical care and financial stability. With its strong market presence and customer-centric approach, ManipalCigna Health Insurance Company Limited has established itself as a leading player in the health insurance industry. ManipalCigna is a global health services organization that is a joint venture between Manipal Group and Cigna Corporation. They provide a variety of health insurance plans that provide comprehensive coverage, such as incidental disability and critical illness coverage. ManipalCigna offers exceptional customer service and maintains an extensive network of hospitals.
Cashless Hospitals: 10420+
Claims Settled: 15 Lakh+
Lives Insured: 1.4 Crore+
Claim Settlement Ratio: 99.99 %
Official Website: nivabupa.com
Registered/Corporate Address: C-98 Lajpat Nagar, Part 1, New Delhi-110024
Niva Bupa Health Insurance Company Limited is a leading health insurance company in India. It was founded in 2012 as a joint venture between Bupa, a renowned healthcare provider, and Max India Limited. With a presence in major cities, Niva Bupa offers a wide range of health insurance products to individuals, families and corporate customers. The company focuses on providing affordable and comprehensive healthcare solutions, ensuring access to quality healthcare facilities, and cashless treatment. With its focus on customer satisfaction and continuous improvement, Niva Bupa has gained a reputation in the market as a reliable and trustworthy health insurance provider. Known for its customer-centric approach, Niva Bupa is a prominent health insurance provider. A variety of health insurance policies are available, including coverage for alternative treatments, cashless hospitalization, and eternal renewability. Niva Bupa has a strong claim settlement history and an extensive network of hospitals.
Cashless Hospitals: 14000+
Claims Settled: 25 Crore +
Lives Insured: 17 Crore+
Claim Settlement Ratio: 90 %
Official Website: starhealth.in
Registered/Corporate Address: Star Health & Allied Insurance Co.Ltd. 1, New Tank Street, Valluvar Kottam High Road, Nungambakkam, Chennai- 600 034
Star Health and Allied Insurance Company Limited is a well-known insurance provider in India. It was founded in 2006 and is headquartered in Mumbai, Maharashtra. The company offers a wide range of insurance products including health insurance, travel insurance, and motor insurance. With its extensive distribution network and excellent customer service, Star Health has gained a significant market share in the insurance sector. The company's focus on innovation and customer satisfaction has helped establish it as a trusted brand within the industry.
Cashless Hospitals: 13000+
Claims Settled: 25 Crore +
Lives Insured: 1.6 Crore+
Claim Settlement Ratio: 90 %
Official Website: hdfcergo.com
Registered/Corporate Address: 5th floor, Tower 1, Stellar IT Park, C-25, Sector-62, Noida, UP, India - 201301
HDFC Ergo Health Insurance is a partnership between HDFC Limited and ERGO International AG. At present, HDFC Health Insurance is the second-largest private health insurance provider in the health insurance industry. HDFC Health Insurance has over 200 branches located in 170 locations and employs over 9700 individuals. Furthermore, it operates over 13,000 network hospitals throughout India. In 2021-22, the claim settlement ratio was 98.49, as indicated by the annual report of the Insurance Regulatory Development Authority of India (IRDAI).
Cashless Hospitals: 9500 +
Claims Settled: 1.6 Million
Lives Insured: 2.17 Crore +
Claim Settlement Ratio: 97.0 %
Official Website: icicilombard.com
Registered/Corporate Address: ICICI Lombard House, 414, Veer Savarkar Marg, Near Siddhi Vinayak Temple, Prabhadevi, Mumbai - 400025
In the Indian insurance sector, ICICI Lombard Health Insurance has established a significant competitive advantage. It is a partnership between Fairfax Financial Holdings Limited, a Canadian company, and ICICI Bank Limited, an Indian company. The organization provides a comprehensive selection of health insurance policies that encompasses ambulance fees, hospitalization, daycare procedures, and domiciliary hospitalization.
Cashless Hospitals: 10,000+
Claim Settlement Ratio: 96.70 %
Official Website: tataaig.com
Registered/Corporate Address: Peninsula Business Park, Tower A, 15th Floor, G.K.Marg, Lower Parel, Mumbai - 400 013, Maharashtra, India
Tata AIG General Insurance Company Ltd. is a collaborating entity between the TATA Group and the American International Group. In 2001, the insurer initiated operations. It has since become a well-known name in the Indian insurance sector. Tata AIG has established partnerships with more than 7,200 institutions throughout India to provide cashless treatment. The following benefits are included in Tata AIG's health insurance plans:
Cashless Hospitals: 6,000+
Claim Settlement Ratio: 95.04%
Official Website: sbigeneral.in
Registered/Corporate Address: 9th Floor, A & B Wing, Fulcrum Building, Sahar Road, Andheri(East), Mumbai - 400099
SBI Health Insurance Co. Ltd is a partnership between the Insurance Australia Group and the State Bank of India (SBI). Insurance Australia Group holds a 26% stake, while SBI holds a 74% stake. SBI General Insurance operates 139 branches throughout India. In the fiscal year 2021-2022, the company also reported a 50% increase in health insurance GWP.
The following are several of the primary characteristics of SBI Health Insurance Plans:
Cashless Hospitals: 10,000+
Lives Insured: 3 Crore +
Claim Settlement Ratio: 86.31%
Official Website: reliancegeneral.co.in
Registered/Corporate Address: 6th Floor, Oberoi Commerz, International Business Park, Oberoi Garden City, Off. Western Express Highway, Goregaon (E), Mumbai- 400063
Reliance Health Insurance is a subsidiary of Reliance Capital and is one of the most prominent health insurance companies in India. Reliance Health Insurance was established in 2000. Reliance Health maintains over 139 offices and 90,000 intermediaries throughout India. Additionally, it provides a variety of health insurance plans, including individual, family, and senior citizen health plans.
A health insurance plan pays for the treatment of illnesses and accidents and helps recover the surgical and medical expenses incurred by the policyholder or others insured under the policy. It is possible for the policyholder to claim this benefit through a cashless facility or reimbursement. Insurance policies offer a variety of benefits that you can avail. Some of the benefits of Health insurance are as follows:
Have you been hospitalized due to an illness or injury? When you have health insurance, you don't have to worry about room rent or treatment costs. A health insurance plan covers the cost of hospitalization, room rent, doctor's fees, treatment fees, nurse's fees, and all other expenses incurred on hospitalization. In such cases, a comprehensive medical insurance plan that includes hospitalization coverage can give you peace of mind.
If you choose a network hospital then you will not have to worry about hospital bills. You will not have to bear the burden of your medical bills yourself, as the insurance policy will settle them directly. It eliminates the stress and hassle of arranging funds in a short time to cover excessive hospital expenses.
Get coverage for your entire family with family plans. You can buy a family policy that covers all your loved ones, so if someone falls ill, the policy will cover the medical costs. As a result, you can rest assured that your family will be taken care of even when you are not around. Also, some family coverage plans are more affordable than buying separate plans for each member of the family.
Health insurance plans encourage you to monitor your health regularly. Health checkups at regular intervals are covered free of cost to monitor your health and catch complications early. Buying health insurance for parents is very beneficial as it encourages them to take an active interest in their health and ensures that they take necessary precautions as soon as the test results are available.
Section 80D of the Income Tax Act, 1961 allows you to claim tax benefits on the premiums paid towards your health insurance. Individuals below the age of 60 can deduct up to Rs 25,000.
You need health insurance to protect your financial well-being in case of unexpected medical expenses. These top 10 health insurance companies are a good start, but you should know deeply before choosing the right policy. When choosing a health insurance company, you should only consider your specific medical needs. The best health insurance company we recommend may not always meet your needs or budget. With the help of the above-mentioned information, you can always choose the best health insurance company for your needs and requirements.