The old adage “Health is wealth” cannot get any truer than in the present times! However, if medical emergencies come without warning, then the “wealth” part is sure to take a huge toll. Unplanned hospitalization is not only a traumatic experience but an expensive one too! Here is where medical insurance companies play a key role in securing your health without pushing you into a financial burden!
If you do not have a health insurance policy yet, then let us give you some additional information to convince you why you need one! According to a study, medical debts are the biggest reasons for poverty in India. Unforeseen emergencies like a sudden illness- example: COVID-19, accidents, etc. can exhaust all your savings and leave you in debt.
On the other hand, a health insurance policy can cover pre and post-hospitalization bills and reduce the amount of money you pay from your pocket. Some policies even offer ‘Cashless’ benefits, so you can get quality treatment at no cost!
In this article, we have put together some important information about India’s top health insurance companies and the benefits they offer. Read on to know which company aligns with your goals to proceed further.
15 Best Private Health Bima Companies Names:
Here are the details of the most trusted healthcare insurance providers in India which have high claim settlement ratios.:
1. Bajaj Allianz Health Insurance:
Bajaj Allianz Health Insurance is one of the leading private medical insurance companies in the country. The company is a strategic alliance between Bajaj Finserv Limited and Allianz SE. Bajaj has a wide range of health insurance plans for adults and children to cover the medical expenses for different ailments. It also has a large network of 5000+ hospitals in the country.
During the lockdown period in 2021, Bajaj created a record of issuing more than 5 lakh medical policies and close to 3 lakh settlement claims. The health claim settle ratio of Bajaj is 98% and individuals also get tax benefits under section 80D along with health coverage.
Some of the Best Health Insurance Policies of Bajaj Allianz:
- Bajaj Allianz Healthguard Insurance Policy
- Bajaj Allianz Premium Personal Guard Policy
- Bajaj Allianz’s Critical Illness Health Insurance Policy
- Bajaj Allianz Tax Gain Plan
- Bajaj Allianz’s Star Package Health Plan
2. Aditya Birla Health Insurance:
Aditya Birla Health Insurance is another big player in the private health insurance industry. The company offers customized health insurance policies to cover generic or specific ailments. It even has special policies like Corona Kavach, Cancer Secure, Global health secure etc, to cover secure yourself from escalating medical expenses.
Many of these policies also come free preventive health checkups after completion of 1-4 policy years. As a way to encourage people to maintain good track of health, the company offers rebates and discounts if they are fit and hale. Aditya Birla has a tie-up with about 6,000+ hospitals and its claim settlement ratio is 70.81%.
Some of the Best Health Insurance Policies of Aditya Birla Health Insurance:
- Active Assure Diamond
- Corona Kavach (Comprehensive COVID-19 Coverage)
- Cancer Secure
- Active Secure
- Senior Citizen Product
3. Bharati Axa Health Insurance:
Bharati Axa is a joint venture between Bharat Enterprises with 51% stake and AXA Group with 49% stake. The company boasts of a Pan Indian presence with over 135 branches. Apart from having a strong hold in general and crop insurance segments, Bharati Axa also has an unparalleled position the in health insurance business. It offers many innovative healthcare policies with add on benefits like critical health coverage, vaccination costs for new born, bariartric surgery costs etc.
The company also won several awards in 2020, 2019 and 2018 for different categories like customer service excellence, best claim settlements and best use of technology etc. Bharati Axa has a tieup with 4500+ hospitals across the country and it’s claim-settlement ratio is 76.01%.
Some of the Best Health Insurance Policies of Bharati Axa Health Insurance:
- Smart Health Assure Health Insurance Plan
- Smart Super Health Insurance Plan
- Bharti AXA Arogya Sanjeevani Health Insurance Plan
4. Edelweiss Health Insurance:
With a claim settlement ratio of 85.57%, Edelweiss Health Insurance is one of India’s leading players in medical and health insurance business. The company offers three types of insurance plans based on coverage amount – Silver (upto 5 Lakhs), Gold (upto 20 Lakhs) and Platinum (Upto 1 Crore). Another benefit is the ‘Health 241’ add-on which means, if the first year has no claims and you have good health records, the second year comes for free!
Edelweiss Insurance also provides the option of adding upto 8 family members in the plan. Whatever may be the policy, you can avail some benefits like medical monitoring cover, emergency medical evacuation, second medical opinion etc. The company has a network of 5000+ hospitals (Cashless) and the plans start from INR 408 per month*.
Subject to change
Some of the Best Health Insurance Policies of Edelweiss Health Insurance:
- Edelweiss Health Insurance Silver
- Edelweiss Health Insurance Gold
- Edelweiss Health Insurance Platinum
5. TATA AIG Health Insurance:
TATA AIG Health Insurance company is a joint venture of the TATA Group and American International Group Company, a leading insurance corporation. Since its commencement in 2001, the company is proving itself to be a game-changer in the insurance business. The leading medical health insurer offers simplified health insurance policies which provide extensive coverage.
Some of the unique benefits of TATA AIG health plans are bariatric surgery coverage, Global cover, coverage of Organ donor expenses, Dental treatments during accidents, AYUSH and vaccinations. The company has a tie up with 3000+ hospitals for cashless hospitalization and the settlement claim ratio is 96%.
Some of the Best Health Insurance Policies of TATA AIG Health Insurance:
- TATA AIG Medicare
- TATA AIG Medicare Plus
6. National Insurance Company Limited:
National Insurance company is one of the oldest and the longest running insurance companies in the country. The company formed as an independent insurance firm in 2002 and has a strong presence in India with over 1700 offices. NIC is known for its affordable range of health care policies which cater to the emerging medical needs of individuals.
Some of the key benefits of NIC – free health checkup after every two years, transfer of policy to another insurer, add-ons for diabetes, hypertension and critical illness. The benefits also cover alternate medicines like homoeopathy, Ayurveda etc. NIC has a tie-up with 6000+ Cashless hospitals and has a settlement claim ratio of 83.78%.
Some of the Best Health Insurance Policies of National Insurance Company Limited:
- National Mediclaim Policy
- National Senior Citizen Mediclaim Policy
- Corona Kavach Policy – National
- Arogya Sanjeevani Policy – National
- National Critical llness Policy
7. HDFC Life Insurance:
HDFC Life Insurance is one of the most reliable private health insurers in India. The company has a presence in over 980 cities in the country with headquarters in Mumbai. HDFC offers a wide range of policies which specifically cover the medical needs of women, senior citizens and children. The company is also one of the very few Indian insurers to provide a life cover till 99 years.
Currently, HDFC Life Insurance is offering different types of flexible health plans like Easy Health, Corona Kavach, Cardiac care etc. Additional benefits include guaranteed 1 Day Claim settlement and 19 critical illness benefit. The best part about going with HDFC? A 99% claim settlement ratio and 10000+ network hospitals!
Some of the Best Health Insurance Policies of HDFC Life Insurance:
- HDFC Life Easy Health
- Click 2 Protect Corona Kavach
- Click 2 Protect Health
- HDFC Life Cardiac Care
8. Star Health & Allied Insurance Co. Ltd:
Star Health and Allied Insurance Co. Ltd is a private health insurance provider which was launched in 2006. The company offers affordable and extensive health care plans to meet a wide range of medical needs. Star Health has over 300 branches and tie up with 8200+ hospitals in the country. It currently offers about 20 different types of medical plans which include Cardiac Care, Diabetes Safe, Corona Kavach, Corona Rakshak, Accident Care etc.
Star Health is one of the few insurers which offers special plan called ‘Red Carpet’ for senior citizens aged between 60-75 years. Irrespective of the policy, the insurance cover provides free health-checkup to all its insured members. The claim settlement ratio of Star Health is 78.62% with a option for lifetime renewal.
Some of the Best Health Insurance Policies of Star Health and Allied Insurance:
- Star Novel Coronavirus (nCov) (COVID-19) Insurance
- Corona Kavach Policy
- Young Star Insurance Policy
- Red Carpet
- Star Comprehensive
9. ICICI Lombard Health Insurance:
Icici Lombard is an award-winning health insurance provider which has about 273 branches all over India. It offers a range of comprehensive health plans to customers which cover even critical illnesses also. ICICI has a tie-up with 4500+ hospitals across country for cashless treatment and claims reimbursement. It has a claim settlement ratio of 99.87%.
The minimum age to signup for a policy in ICICI Lombard is 6 years and there is no maximum entry age. However, this age limit varies with the plan and children between 3 months to 5 years are covered under floater plan. Apart from usual coverage, ICICI add-on plans offer some benefits like Hospital daily cash, nursing at home, preventive healthcare checkups, newborn baby coverage etc.
Some of the Best Health Insurance Policies of ICICI Lombard Health Insurance:
- ICICI Lombard Complete Health Insurance
- ICICI Lombard Health Booster
- ICICI Lombard Personal Protect Insurance Policy
- Arogya Sanjeevani Policy
- Corona Kavach Policy
10. MAX Bupa Health Insurance Company Ltd:
Max Bupa Health Insurance is another trustworthy medical insurer in the country which operates as a joint venture between “True North” and Bupa. The company is renowned for offering a range of customer-centric health policies to cover the medical needs of individuals and families. It even has a plan specially tailored for Indian joint families which offers coverage to about 19 family members.
Max Bupa has a network strength of 4500+ hospitals across India. The claim settlement ratio is 96% and provides a lifelong renewal option. This multiple-award-winning company offers some special benefits like cashless claim settlement in 30 minutes, 24X7 Online assistance, a Smartphone app and 5 minutes renewal process.
Some of the Best Health Insurance Policies of Max Bupa Health Insurance:
- Max Bupa Health Companion Health Insurance Plan
- Max Bupa Health Premia Health Insurance Plan
- Max Bupa GoActive Health Insurance Plan
- Max Bupa Heartbeat Health Insurance Plan
- Max Bupa Criticare Health Insurance Plan
11. Care Health Insurance Company:
Care Health Insurance Company, formerly Religare Insurance is a reputed health insurance provider in the country. It operates as a strategic partnership between Care Enterprises Limited, Union Bank of India and Corporation Bank. The company earned an IRDAI approval in 2012, adding more trust to its name. It specializes in retail health insurance, personal accident, critical illness etc.
Care Health has a hospital network of 7400+ and a claim settlement ratio of 95%. The key benefits of this insurer – high CSR, 2 Hour cashless claim processing, all-inclusive policies, specific plans for 16 critical heart problems etc.
Some of the Best Health Insurance Policies of Care Health Insurance Company:
- Care Health care Health Insurance Plan
- Care Health Joy Health Insurance Plan
- Care Health care Senior Health Insurance Plan
- Care Health Corona Kavach Policy
- Care Health Care Heart Insurance Policy
12. IFFCO Tokio Health Insurance:
IFFCO Tokio is another trusted health insurance provider in the country which boasts of a pan-Indian presence and a network of 20,000 agents. The company believes that health insurance must be tailor-made to the specific needs of individuals. Hence, it offers a range of flexible policies which cover medical expenses and emerging health needs of people.
With IFFCO Tokio, you can opt for a cashless treatment at 6400+ network hospitals. They also a good track of settling 8.61 lakh claims in 2019 FY and have a CSR of 92.65%. IFFCO Tokio is also one of the few insurers which offers 100% reimbursement of full eligible claim, inclusion of pre-existing illness within 3 years as compared to 4 yrs by other companies.
Some of the Best Health Insurance Policies of IFFCO Tokio Health Insurance Company:
- Family Health Protector Policy
- Individual Health Protector Policy
- SwasthyaKavach Policy
- SwasthyaRakshaBima
- Corona Rakshak Policy
13. Oriental Health Insurance:
Oriental Health Insurance is a Delhi-based public sector health insurance company which was started in 1947. It offers a wide range of medical insurance policies for individuals and families at affordable costs. Many people, especially those with pre-existing illness prefer this company due to the omission of initial medical screen upto 55 years.
Oriental Health has a tieup with 4300+ hospitals for cashless hospitalization. The claim ratio is about 90%. Apart from the standard features, Oriental offers additional benefits to its policyholders such as: regular discounts on premiums, daily cash allowance, insurer portability etc.
Some of the Best Health Insurance Policies of Oriental Health Insurance:
- Oriental Individual Mediclaim Plan
- Oriental Happy Family Floater Plan
- Jan Arogya Plan
- PravasiBharatiyaBimaYojna
14. SBI Health Insurance:
SBI Health Insurance operates as a strategic alliance between State Bank of India with 74% stake and IAG with 26% stake. The company offers different types of medical policies for individuals, families and business holders at affordable premiums. Depending on the financial capacity, customers can choose coverage options starting from 50,000 INR to 5 Lakhs.
SBI Health has a tie-up with 6000+ hospitals for cashless treatment. The claim settlement ratio is about 96% and the company holds a record of handling 110 Billion INR worth claims. The main benefits with SBI are exclusion of medical screening upto 45 years, free health check after 4 claim years, add-on options for additional coverage.
Some of the Best Health Insurance Policies of SBI Health Insurance:
- SBI Arogya Premier Policy
- SBI Hospital Daily Cash Insurance Policy
- SBI Group Health Insurance Policy
15. Reliance Health Insurance:
Reliance Health Insurance is one of the leading medical insurance providers in the country with over 139 branches and 28,900+ intermediaries. It was established in 2000 and boasts of a wide range of customer-centric health insurance plans for individuals and groups. The company has a large network of 7300+ hospitals across India and CSR is 72.2%.
The growing popularity of Reliance health insurance is the comprehensive plans at affordable premiums. It also offers some unique benefits like 5% special discount for woman or girl child, extension of critical illness case policies by 1 yr, 33.33% bonus at the end of claim-free year etc.
Some of the Best Health Insurance Policies of Reliance Health Insurance:
- Reliance HealthGain Insurance Policy
- Reliance Health Infinity Insurance
- Reliance Arogya Sanjeevani
Those are some of the most trusted health insurance companies in India. The information only covers the basic details of each company and is not exhaustive. So, please check with dedicated insurance websites like Policy Bazaar or the company’s official website for accurate details.
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DISCLAIMER:
The article is written purely for informational purpose(s) only. The policy names, details and CSR percentages are subject to change every year. Please make sure you verify the information from an official website or a trusted agent of the company before signing up a policy. We are not responsible for any losses that may have been incurred due to following the information in the article.
