10 Best Health Insurance Companies In India You Should Know About
There are more than 50 insurance companies in India, with over 30 of them in the non-life insurance category. Since its opening in 1986, the insurance market has seen considerable growth. As of July 2021, standalone private health insurance providers have witnessed a 27.5% increase in premium growth on a year-over-year basis.
Today, health insurance is indispensable for every individual as it pays for increasingly expensive medical treatments. In regard to this, you might want to look for the best health insurance company in India offering the best value for plans and benefits.
So, which are the best insurance providers right now?
Take a look at the following sections to find out.
List of Best Health Insurance Companies in India
| Name of the Insurance Company | Features |
| IFFCO Tokio General Insurance | Claim settlement ratio: 99.71%Number of network hospitals: 6400+Claim processing time: NA |
| Navi Health Insurance | Cover up to Rs.1 croreNumber of network hospitals: 10,000+Claim processing time: 20 minutes |
| Care Health Insurance | Claim settlement ratio: 95.2%Number of network hospitals: 8350+Claim processing time: 2 hours |
| Magma HDI Insurance | Claim settlement ratio: 95.17%Number of network hospitals: 4300+Claim processing time: |
| The Oriental Insurance Company | Claim settlement ratio: 93.96%Number of network hospitals: 4300+Claim processing time: NA |
| New India General Insurance | Claim settlement ratio: 92.68%Number of network hospitals: 1500+Claim processing time: NA |
| Bajaj Allianz General Insurance | Claim settlement ratio: 92.24%Number of network hospitals: 6500+Claim processing time: 1 hour |
| Max Bupa Health Insurance | Claim settlement ratio: 89.46%Number of network hospitals: 7600+Claim processing time: 30 minutes |
| HDFC Ergo General Insurance | Claim settlement ratio: 86.52%Number of network hospitals: 10,000Claim processing time: 20 minutes |
| Manipal Cigna Health Insurance | Claim settlement ratio: 85.72%Number of network hospitals: 6500+Claim processing time: 2 hours |
Benefits of Buying Health Insurance Plans in India
Comprehensive financial coverage
Besides hospitalization expenses, the best health insurance companies provide a wide range of benefits as part of the coverage. This includes compensation for daycare procedures, OPD expenses, vector-borne diseases, maternity benefits and specific illnesses.
Increases your savings
Getting a health insurance policy at a younger age lets you plan your finances for the future. As you do not need to set aside funds for medical emergencies, you can make other long-term investments and increase your savings at the same time.
Lifetime renewability
Many health insurance policies offer lifetime renewability, meaning you can extend your insurance cover well beyond retirement. So, you can get lifetime protection for you or your loved ones at affordable premiums.
Free health check-ups
Insurers want their customers to have good health so that fewer people need medical treatment. Hence, many health plans offer complimentary check-ups every year as a preventive measure.
Tax deductions
Under Section 80D of the Income Tax Act 1961, you can claim income tax benefits on premiums paid for insurance policies. You can claim up to Rs. 25,000 worth of tax deductions for insurance premium and an additional deduction of Rs. 50,000 for the insurance of your parents if they are more than 60 years old.
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Common Exclusions under Health Insurance Policies
- If the policyholder is already suffering from a medical condition (pre-existing disease), the policy will not cover it till the end of the waiting period.
- Most insurance policies have a standard waiting period during which illnesses are not covered.
- Non-necessary cosmetic surgery and gender-change treatments are excluded from health insurance policies.
- Medical injuries sustained when the country is experiencing war, mutiny, civil unrest etc., are excluded.
- Health insurance policies also do not cover the costs of buying vitamins and other dietary supplements.
- These plans also exclude self-inflicted harm and injuries suffered from attempted suicide.
- Injuries suffered owing to alcohol usage, drug abuse, participation in hazardous activities or criminal acts also fall under the exclusions.
- Experimental, unproven and unscientific treatments are also excluded.
Eligibility Criteria for Health Insurance Policies
Different insurance policies have their own rules regarding the eligibility criteria of health insurance products. Some of the common requirements for eligibility are as follows:
Entry age
For a child plan, the minimum age of entry is between 16 days to 18 years. The entry age for adults’ health insurance ranges from 18 years to 65 years. Every insurer has to provide a minimum entry age of 65 years, as per an IRDA (Insurance Regulatory and Development Authority) mandate.
Pre-existing medical conditions
If a policyholder has pre-existing medical conditions, he/she has to disclose them to the insurer. Policyholders over 45 years of age may need to go through some medical tests to get a health insurance plan.
Things to Consider When Picking the Best Health Insurance Plan
The best health insurance companies will offer comprehensive coverage at a cost that you can afford to pay. However, it is advisable to check things like the deductible, co-payment and sub-limit clauses before purchasing a health insurance policy.
Coverage
A good health policy should cover the costs of pre and post hospitalization treatments, ambulance services, medical tests, doctor’s fees etc.
Cashless treatment facility
You can get treatment from a network hospital without paying any cash as your insurer will directly settle your bills with them. It is better to pick an insurance provider with a long list of network hospitals for easy access to cashless treatment.
Customer service
You should select a health policy from an insurer that focuses on delivering a hassle-free experience. This will ensure that you can claim the policy in times of dire need.
Claim settlement ratio
This lets you know how many claims the insurer has settled against the total claims received.
For example, Navi has an industry-leading claim settlement ratio of 97%, which means you are most likely to receive your claim amount. You can download the Navi app from Google Play Store and get your cashless claim approved in 20 minutes.
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Final Word
The best health insurance company in India will be different for every individual based on their needs. You may want to look at various factors like quality of services, the number of network hospitals etc., to decide which suits you the best.
FAQs
What is meant by the waiting period of a health insurance policy?
Health insurance policies come with a waiting period, and within this timeframe, the insurance provider does not accept any claim. For pre-existing diseases or specific conditions, the waiting period can vary from 24 to 48 months.
What is the claim process for health insurance policies?
There are two types of claim processes for health insurance policies:
Cashless claim
In this, the hospital forwards the medical bills to the insurance company, who then settles the dues.
Reimbursement claim
In this case, the insured pay their medical bills upfront and ask for reimbursement later.
What benefits are offered by health insurance policies in India?
The following are some benefits provided by top health insurance companies in India:
- Hospital room rent
- Cashless treatment
- Transportation costs
- Daycare procedures
- OPD expenses
- Domiciliary treatment
- No claim bonus
- Organ donor expenses
- Online buying facility
Is it possible to port my health policy to another insurer?
Yes, you can choose to port your existing health insurance policy if your insurer offers portability benefits. You will have to contact the new insurer and place a request with them to port your policy.
What factors to look for when comparing health insurance policies?
Here are some factors to look out for when comparing health insurance policies in India:
- Sum insured
- Scope of coverage
- Waiting period clause
- Number of cashless hospitals
- Claim settlement ratio of the insurer
- Co-payment clause
Before you go…
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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