Do you know that the health insurance industry in India started back in 1986? It’s pretty amazing how much it has grown since then! Right now, there are about 30 insurance companies in the country that offer health insurance. Everyone should definitely consider getting good health insurance. It’s really important! So, it’s vital for you to take some time and figure out which health insurance plans and companies are the best in India. In this article, we will discuss the “Top 10 Health Insurance Companies in India.” Stay tuned!
Top 10 Health Insurance Companies in India
HDFC Ergo Health Insurance Limited:
The first on the list is HDFC Ergo Health Insurance Limited. Renowned for its innovation and customer-centric approach, HDFC Ergo Health Insurance has earned a well-deserved spot on this list. Their health insurance plans offer a multitude of benefits, setting them apart from competitors. One of the major perks is the wide network of 10,000 hospitals across India where policyholders can avail of cashless treatments. With an impressive claims ratio of approximately 62%, this company also enjoys robust financial stability.
ICICI Lombard General Insurance Company Limited:
ICICI Lombard boasts a comprehensive range of health insurance products, making it a top choice for many. A collaboration between ICICI Bank Limited and Fairfax Financial Holdings Limited, this company is known for its diverse offerings and customer-centric approach. Their ICICI general insurance plan is particularly popular among policyholders.
Star Health & Allied Insurance Company Limited:
With an Incurred Claims Ratio of 63 percent, Star Health & Allied Insurance Company holds a prominent position in India’s health insurance landscape. Since its establishment in 2006, the company has been recognized for introducing innovative options in the insurance market. Notably, their insurance schemes for international travel and personal accidents have garnered much praise.
The Oriental Insurance Company:
Headquartered in New Delhi, they have more than 29 regional offices and around 1,800 offices across various Indian cities. This extensive presence extends overseas with operations in Nepal, Dubai, and Kuwait. The Oriental Insurance Company prides itself on offering health insurance products that suit both urban and rural populations. Notably, their commitment to affordability has earned them a loyal customer base.
IFFCO Tokio General Insurance:
Established in 2000, IFFCO Tokio General Insurance is a joint venture between Indian Farmers Fertiliser Cooperative Limited (IFFCO) and the renowned Tokio Marine Group from Japan. Under the umbrella of a general insurance company, IFFCO Tokio goes beyond health insurance to offer comprehensive plans for cars, bikes, travel, homes, and corporate policies such as property and liability insurance.
Care Health Insurance:
Previously known as Religare Health Insurance, this company is a joint venture between Reliance Enterprises Limited, Union Bank of India, and Corporation Bank. Together, they formed Care Health Insurance, a standalone health insurance company dedicated to fulfilling your health requirements. At Care Health Insurance, they understand that health is our most precious asset. So, they’ve crafted a wide range of health insurance plans that cater to everyone’s unique needs.
ManipalCigna Health Insurance:
Founded in 2014, ManipalCigna Health Insurance has quickly gained trust as a standalone health insurance company. Their comprehensive coverage and diverse range of insurance solutions ensure all your needs are met. From personal accident plans to top-up health insurance and everything in between, ManipalCigna is your go-to partner for a secure and worry-free health journey.
Navi Health Insurance:
In the digital age, Navi Health Insurance steps up as a new-age online insurer, making health insurance simple, affordable, and accessible to all. Their parent company, Navi Technologies, drives their passion for innovation. With a hassle-free claim settlement process and an extensive network of more than 10,000 hospitals, Navi Health Insurance ensures your health needs are met with ease and efficiency.
Bajaj Allianz General Insurance:
Backed by the combined strength of Allianz SE and Bajaj Finserv Limited, Bajaj Allianz General Insurance has become a household name in India. Their impressive claim settlement ratio speaks volumes about their commitment to customers. With a vast network of over 6,500 hospitals, you can enjoy cashless treatment under their health insurance plans.
New India General Insurance:
The last on the list is New India General Insurance. Headquartered in the bustling city of Mumbai, New India General Insurance has a massive presence, operating in 28 countries worldwide. Their diverse portfolio includes more than 250 products, covering various sections of society. When it comes to health insurance, New India General Insurance shines with affordable plans that cater to your specific healthcare needs. From in-patient hospitalization expenses to road ambulance coverage, they’ve got you covered every step of the way.
Benefits of Buying Insurance Directly from Insurance Partner Company
Buying insurance directly from the insurance partner company, or what is commonly referred to as purchasing a policy without involving intermediaries like agents or brokers, offers several benefits to consumers. Here are some advantages of buying insurance directly:
Cost Savings: By eliminating intermediaries, direct insurance purchases often result in lower premiums. Commissions and fees paid to agents or brokers are bypassed, leading to potential cost savings for customers.
Transparency: Dealing directly with the insurance company provides greater transparency in understanding the policy terms, coverage, and exclusions. There is no intermediary who might add complexity or confusion to the information provided.
Convenience: Purchasing insurance directly is convenient, especially in the digital age. Many insurance companies have user-friendly websites and mobile apps that allow customers to get quotes, buy policies, and manage their accounts easily.
Customization: Direct insurers often offer a variety of policy options that can be customized to fit the specific needs of customers. This level of flexibility allows policyholders to select coverage that aligns with their individual requirements.
Direct Interaction with Insurer: When buying directly from the insurance company, customers have direct access to the insurer’s customer service team. This direct interaction can lead to faster query resolution and efficient customer support.
Swift Policy Issuance: Purchasing insurance directly can speed up the policy issuance process. Since there is no intermediary involved, there are fewer steps in the application process, which can result in quicker policy issuance.
Ease of Renewal and Policy Management: Managing policies, including renewal and endorsements, can be done conveniently through online portals or mobile apps offered by the insurance company.
Access to Information and Resources: Direct insurers often provide educational resources and tools on their websites to help customers make informed decisions about their insurance needs. This can include premium calculators, FAQs, and informative articles.
24/7 Access to Services: Many direct insurance providers offer round-the-clock access to customer services, making it convenient to seek assistance or file a claim at any time.
Claims Processing: Direct insurers may offer streamlined claims processing, as policyholders interact directly with the insurance company during the claims settlement process. This can potentially lead to quicker resolution and payment.