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.
|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|
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.
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.
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.
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
There are two types of claim processes for health insurance policies:
In this, the hospital forwards the medical bills to the insurance company, who then settles the dues.
In this case, the insured pay their medical bills upfront and ask for reimbursement later.
The following are some benefits provided by top health insurance companies in India:
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.
Here are some factors to look out for when comparing health insurance policies in India:
How about an affordable health insurance policy 👨⚕️ starting at a monthly premium of just ₹235? Install the Navi app now and get your policy in under 2 minutes.
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.
|Karunya Health Scheme||Niramaya Health Insurance Scheme||Best Health Insurance Repositories|
|Pradhan Mantri Suraksha Bima Yojana||Best Personal Accident Insurance Plans||Best Insurance Policy For New Born Baby|
|Third Party Administrator (TPA)||What is Super Top Up Health Insurance Plan||Deen Dayal Swasthya Seva Yojana (DDSY)|
|Best Health Insurance Plan For Parents||Incurred Claim Ratio In Health Insurance||Chief Minister Comprehensive Health Insurance Scheme|
|Best Health Insurance Policies In India||Best Health Insurance Policies In India||Best Family Floater Health Insurance Plans in India|
|No Claim Bonus in Health Insurance||IRDAI Guidelines For Health Insurance||OPD Cover in Health Insurance|
|Maternity Health Insurance Plans||Health Insurance Plans For Senior Citizens||What is Portability Of Health Insurance|
TPA in Health Insurance – Meaning, Full Form, Functions and RolesTPA (full form - Third Party Administrator) is a licensed intermediary between health insurance pol... Read More »
5 Best Cancer Insurance Policy in India 2023 – Types and BenefitsCancer insurance plans can give individuals and families financial protection from expensive cancer... Read More »
10 Best Cashless Health Insurance Policy in India 2023 – Taxation and CoverCashless health insurance plans are policies that provide medical coverage to policyholders without... Read More »
6 Best Critical Illness Insurance Companies in India 2023Critical illness insurance is a type of health insurance policy that protects against fatal illness... Read More »
10 Best Personal Accident Insurance Policy in India 2023Accident insurance plans provide financial assistance to the policyholder in the event of an unfort... Read More »
Best Health Insurance for Parents in India 2023 and How to Buy?Health insurance for parents offer several perks, including a higher insured sum and full coverage ... Read More »
Best Dental Insurance Plans in India 2023: Benefits, Types and How to Claim?Dental insurance plans are policies that provide cover for expenses arising out of standard dental ... Read More »
7 Best Health Insurance for Newborn in India 2023 – Benefits and CoverHealth insurance for newborns are crucial in today’s time. When you are a new parent, the safety ... Read More »
Yeshasvini Health Insurance Scheme: Apply for Yeshasvini Health Card OnlineEveryone should have access to quality, affordable healthcare. Yeshasvini Health Insurance Scheme i... Read More »
5 Best Diabetes Health Insurance in India 2023 – Top Plans, Cover and Benefits OfferedDiabetes Health Insurance plans are specifically designed insurance covers for people who have diab... Read More »
Best Family Floater Health Insurance Plans in India (2023)A family floater health insurance plan covers the medical expenses of the entire family. It is more... Read More »
10 Best Cashless Network Hospitals in India 2023 – Benefits and Claim ProcessCashless Network hospitals are accredited hospitals that have partnered with a health insurance com... Read More »
Top 10 Chit Fund Schemes in India in 2023Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »
10 Best Gold ETFs in India to Invest in April 2023Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »
10 Best Demat Accounts in India for Beginners in 2023Creation of Demat accounts revolutionised the way trades were conducted at the stock exchanges. It... Read More »
20 Best Index Funds to Invest in India in April 2023What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »
Best Arbitrage Mutual Funds to Invest in India in April 2023Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »
10 Best SIP Plans in India to Invest in April 2023What is SIP? SIP or Systematic Investment Plan is a method of investing a fixed amount in ... Read More »
10 Best Corporate Bond Funds in India to Invest in April 2023Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »
10 Best Bank for Savings Account in India [Highest Interest Rate 2023]Savings account is a type of financial instrument offered by several banks. It lets you safely depo... Read More »