Which is the Best Health Insurance Company in India for 2023- 2024?

Aditya Birla Health Insurance:

Aditya Birla Health Insurance is a subsidiary of Aditya Birla Capital Ltd, established with the aim of simplifying general insurance services for its clientele. The company has garnered a strong reputation, collaborating with insurance providers globally, including in South-East Asia, the Middle East, and South Asia.

Highlighted below are the advantages and features of opting for medical insurance from Aditya Birla Health Insurance:

• The insurer facilitates cashless treatment in over 8700 hospitals spanning 650 cities in India.
• Access is provided to more than 800 fitness centers, yoga studios, gyms, and more.
• Policyholders can enjoy discounts on medicines at over 2300 pharmacies in over 250 cities.
• In-patient Ayush treatment coverage is included based on the chosen plan.
• The company extends access to fitness assessment centers, wellness centers, and diagnostic facilities, in addition to hospitals.

Bajaj Allianz Health Insurance:

Bajaj Allianz General Insurance Company offers health products designed to benefit customers in specific age groups. It was the first to introduce captive Third-Party Administrator (TPA) services with additional benefits. Key features of Bajaj Allianz Health Insurance plans include:

• Options to choose from three major health insurance products: Health Guard, Silver Health, and Star Package.
• Coverage available for individuals, families, and senior citizens.
• Tailored health plans covering life-threatening illnesses such as strokes, tumors, and cancer.
• Cashless claim settlement in over 6500 hospitals.
• International coverage through the Global Personal Guard health plan.
• Swift cashless claim settlements, often within 60 minutes.

Bharti AXA Health Insurance:

Established in August 2008 through a collaboration between Bharti Enterprises and AXA, Bharti AXA Health Insurance has become a trusted and emerging player in the insurance sector. Key benefits of purchasing health plans from Bharti AXA Health Insurance include:

• Many Bharti AXA health plans have no co-payment requirement.
• Some plans offer unlimited hospital room rent.
• Flexibility to choose plans with comprehensive medical cover up to Rs. 1 Crore.
• Lifelong policy renewal facility across all health insurance policies.

Care Health Insurance:

Care Health Insurance Limited has rapidly grown to set a benchmark in the Indian insurance market. Key features of Care Health Insurance plans include:

• Tailored plans for individuals, families, diabetes and hypertension patients, senior citizens, and top-up plans.
• Cashless claim approval within 2 hours in most cases.
• Annual health check facilities in many plans.
• Specialized Care Health Care Heart plan for pre-existing health ailments and annual cardiac check-ups.

Cholamandalam MS Health Insurance:

Cholamandalam General Insurance Company, founded in 2001, operates on the principles of Trust, Technology, and Transparency (T3). Noteworthy aspects of Cholamandalam health insurance plans are:

• A vast network of more than 136 branches across India.
• Coverage for critical illnesses and accidents in selected health plans.
• Pre-hospitalization expenses covered for 30 days and post-hospitalization expenses for 60 days.
• Extensive offerings, including family health plans, individual health plans, top-up plans, and critical illness insurance plans.

Digit Health Insurance:

Digit General Insurance Limited, led by CEO Mr. Kamesh Goyal, has gained recognition for issuing over 10 lakh policies in a year and settling 87% of claims within one day. Reasons to consider Digit Health Insurance include:

• Sum assured options ranging from Rs. 1 lakh to Rs. 3 crores.
• Cashless hospitalization in nearly 6400 hospitals across India.
• Online and digital-friendly plans with minimal paperwork.
• No sub-limits on hospital room rents.

Zuno (Formerly Edelweiss) Health Insurance:

Zuno (Formerly Edelweiss) General Insurance, part of the esteemed Zuno (Formerly Edelweiss) Group, offers health insurance plans covering in-patient, pre and post-hospitalization expenses, critical illnesses, accidents, and more. Advantages of Zuno (Formerly Edelweiss) health insurance plans include:

• Policies designed for comprehensive coverage with sums insured ranging from 1 lakh to 5 crores.
• Zero deposit and guaranteed bed facilities for policyholders.
• Zero discharge time for 14 medical procedures across most hospitals.

Future Generali Health Insurance:

Future Generali India Insurance Company Limited, a joint venture between the Future Group and the Generali Group, provides health plans catering to diverse needs. Benefits of Future Generali health plans include:

• Various health insurance policies, including Personal Accident plans, Critical Illness policies, Hospital Cash, Arogya Sanjeevani policy, mosquito insurance, Mediclaim insurance, Top-up plans, and Senior Citizen insurance.
• Cashless hospitalization in over 5100 hospitals across India.
• Lifelong renewability option for most health plans.
• Quick cashless hospitalization approval within 90 minutes.
• Easy access to policy details through the Future Generali mobile app.

IFFCO Tokio Health Insurance:

IFFCO-Tokio General Insurance, established in 2000 in collaboration with IFFCO, Nichido Fire Group, and Tokio Marine, boasts a high incurred claim settlement ratio. Reasons to consider IFFCO Tokio health insurance include:

• Coverage for sudden illnesses, diseases, injuries, and hospitalization expenses.
• Compensation for expenses related to chemotherapy, pacemaker, organ transplant, and more.
• Focus on catering to the rural population.
• Technical expertise for timely and hassle-free claim settlement.

Kotak Mahindra Health Insurance:

Kotak Mahindra General Insurance Company emerged as a subsidiary of Kotak Mahindra Bank, aiming to cater to the general insurance sector, including health insurance and other domains. With over 13 branches across PAN India, Kotak Mahindra Health Insurance provides customers with a variety of customized medical policies, featuring the following benefits:

• Kotak health plans offer coverage for basic emergency hospitalization and life-threatening illnesses such as benign tumors, end-stage liver diseases, coma, loss of speech, etc.
• Coverage includes heart attacks, cancer, organ transplants, and personal accidents.
• The Kotak Secure Shield plan provides benefits for loss of job and child education in addition to standard coverage.
• Special coverage benefits encompass air ambulance cover, home nursing, compassionate visit, maternity cover, newborn baby cover, among others.

*All savings are offered by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

Liberty Health Insurance:

Liberty General Insurance Limited, established in 2013, operates through collaboration among Liberty Mutual Insurance Group, DP Jindal Group, Liberty City State Holdings PTE Ltd., and Enam Securities. With a presence in over 23 states PAN India and a network of 5000+ hospitals, Liberty Health Insurance offers the following benefits:

• Unique Loyalty Perk Benefits, with the sum assured increasing by 10% to 100% for every claim-free year.
• A 15-day free-look period allows policy cancellation post-purchase.
• Health plans are designed for wider health protection coverage and higher sum assured options.
• Innovative features include preventive care facilities such as first medical opinion and live health talk.

Niva Bupa Health Insurance:

ManipalCigna Health Insurance:

Manipal Cigna Health Insurance Company, launched in 2014, is a relatively new entrant in the Indian insurance market with an Incurred Claim Ratio of 61.13% for the fiscal year 2020-2021. Key features of Manipal Cigna health insurance plans include:

• Various health plans, including top-up health plans, critical illness plans, accidental care, lifestyle plans, etc.
• Sum insured ranges from Rs. 0.25 lakh to up to 10 crores.
• Customizable health plans to meet individual needs and preferences.
• Comprehensive critical illness plans covering nearly 30 major illnesses.
• 100% sum restoration of the sum insured in most medical plans.
• Online tracking of health insurance claims.

National Health Insurance:

National Insurance Company Ltd., a government entity operating for over a century, offers health insurance coverage with the following benefits:

• Cashless treatment in more than 6000 hospitals.
• Coverage for pre-hospitalization expenses for 30 days and post-hospitalization expenses for 60 days.
• Free health check-up benefits up to 1% of the Sum Insured after 4 claim-free years.
• Extensive family health plans, including the Parivar Mediclaim policy covering up to 6 family members.

National General Insurance Company also offers Varishtha Mediclaim covering senior citizens.

New India Assurance Health Insurance:

New India Assurance, a fully government-owned entity since 1919, is known for its Mediclaim policy. Notable features of New India Assurance health insurance include:

• Comprehensive health insurance plan for families, covering self, spouse, and two dependent children.
• Specialized cancer coverage plan, New India Cancer Guard Policy.
• New India Pravasi Bhartiya Beema Yojana for emigrants with ECR or ECNR.

Oriental Health Insurance:

Oriental General Insurance, another government-owned company, offers a wide range of health insurance products in India. Key benefits of Oriental health insurance plans include:

• Incurred Claim Ratio of 92.97% for the fiscal year 2020-21.
• Family floater and individual health insurance plans.
• Customizable health insurance policies to meet customer needs.
• Tie-ups with over 4300 network hospitals for cashless treatment.

Reliance Health Insurance:

Reliance General Insurance Co. Ltd. is a renowned insurer with 139 offices across India, providing accessible Reliance health insurance plans with the following features:

• Flexibility to pay premiums online through debit card, credit card, net banking, etc.
• Restoration upon exhaustion of the base sum insured.
• Coverage for pre-existing diseases after a waiting period of 4 years.
• Reimbursement of health check-up expenses after 4 claim-free years in most plans.

Raheja QBE Health Insurance:

Raheja QBE General Insurance Company Limited offers a variety of health policies, including basic health plans, comprehensive health insurance plans, A-La-Carte plans with add-ons, super saver medical plans, etc. Key features and benefits of Raheja QBE health insurance include:

• Wide range of health policies catering to different needs.
• 10% increase in sum insured for cashless treatment in a network hospital.
• No-claim bonus benefits and domiciliary hospitalization cover.
• Sum insured limits ranging from Rs. 1,00,000 to Rs. 50,00,000.

Royal Sundaram Health Insurance:

Royal Sundaram General Insurance Co. Ltd. has received awards for efficient claim management services, offering comprehensive insurance plans with innovative features. Key features of Royal Sundaram health insurance plans include:

• Worldwide emergency hospitalization expenses covered by Royal Sundaram Lifeline Elite.
• Second opinion for 11 major critical illnesses in Royal Sundaram Lifeline Supreme.
• No-claim bonus (NCB) benefits between 10-50% of the sum assured.
• 100% restoration of the sum insured and No-claim discount if the coverage amount is exhausted during treatment.

Star Health Insurance:

Star Health & Allied Insurance Company provides comprehensive medical plans with coverage as high as 2 crores. Coverage benefits offered by Star Health insurance plans include:

• In-house claim settlement procedure for cashless hospitalization facilities.
• Coverage for Diabetes and HIV+ patients.
• Cashless medical treatment in more than 13,000 hospitals.
• Lifetime renewability option for most Star health plans.
• Top-up health insurance plans customizable based on individual needs.

SBI Health Insurance:

SBI Health Insurance Co. Ltd., a joint venture between the State Bank of India (SBI) and Insurance Australia Group, offers plans with key features:

• Choose the sum assured amount between Rs. 50,000 and Rs. 1 crore.
• Applicants with a clean medical record do not require medical screening up to the age of 45 years.
• Coverage for pre and post-hospitalization expenses, including nursing expenses.
• Online renewal of SBI health insurance plans.

Tata AIG Health Insurance:

Tata AIG General Insurance Company Ltd., in collaboration with the American International Group and the TATA Group, offers health plans with a range of benefits:

• Customized health plans for individuals, families, senior citizens, critical illnesses, and medical emergencies.
• Lifelong renewability with the new premium based on the revised age without any loading if no claim has been filed.
• Compensation for medical treatment taken at home if required as part of the treatment.
• Coverage for Homeopathy, Siddha, Unani, and Ayurveda treatment costs.

United India Health Insurance:

United India Insurance Co. Ltd., one of the oldest general insurance companies in India, offers affordable and personalized health plans. Benefits of United India health insurance policies include:

• Cashless medical treatment in more than 7000 hospitals across India.
• Free medical check-ups after 3 consecutive claim-free years.
• 5% family discount on the premium for self, spouse, and dependent children under one plan.
• 15-day free look period for policy analysis after inception.
• Premium payment eligible for tax exemption benefits.

Universal Sompo Health Insurance:

Universal Sompo General Insurance Company, established in 2007 as a public-private undertaking, offers diversified plans for families, individuals, groups, students, SMEs, NGOs, and more. Features and benefits of Universal Sompo health insurance include:

• Cashless hospitalization in more than 5000 hospitals across India.
• Lifetime renewability for almost all medical insurance plans.
• Special Mediclaim plans for people working abroad, rural individuals, and groups.

*All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.

These health insurance companies in India provide a range of products to suit various needs, including individual, family floater, and specific plans. Comparing different insurance plans online can help individuals find the best insurance policy for their requirements. If you have any more questions or need further information, feel free to ask.

• Q1. Is there any health insurance company in India that covers insulin expenses?Ans: Several health insurance companies offer diabetes health plans that cover insulin expenses. Examples include the Star Health Diabetes Safe Insurance Plan and the National Varishtha Mediclaim Plan. It is advisable to explore other insurers as well.Q2. Can I transfer my health insurance policy to a different company?

  Ans: Yes, you have the option to port your health insurance policy from one company to another without losing the accumulated benefits. According to IRDA regulations, policyholders have the right to transfer their health insurance policy to another insurer of their choice.

  Q3. Do any health insurance companies provide dental coverage?

  Q4. Do any health insurance companies cover expenses related to cancer treatment?

  Ans: Many health insurance companies offer coverage for cancer treatment. Examples include Future Generali Cancer Protect Plan, Bajaj Allianz Critical Illness Insurance, Aditya Birla Activ Secure – Cancer Secure, Digit Cancer Health Insurance, Chola MS Critical Healthline Plan, Zuno (formerly Edelweiss) Platinum plan, Raheja Cancer Insurance, Care Health Cancer Insurance Policy, and Star Cancer Care Gold Insurance Plan. It is recommended to explore and compare these options on platforms like Policybazaar.com before making a purchase.

  Q5. Is there any health insurance company that covers the cost of kidney transplantation or kidney failure treatment?

  Ans: Kidney transplantation or failure is covered under critical illness health insurance policies. Some insurers providing such coverage include Bajaj Allianz Health Insurance, National Critical Illness Medical Insurance Plan, SBI Critical Illness Plan, Tata AIG Health Insurance, and Universal Sompo Critical Illness Policy.

  Q6. Do medical insurance companies in India cover outpatient department (OPD) expenses?

  Ans: Yes, many health insurance companies in India cover OPD expenses. While most providers primarily cover inpatient or hospitalization expenses, some plans also offer additional benefits, such as coverage for daycare procedures, ambulance charges, and domiciliary treatment. It’s important to carefully review the policy to understand the specific coverage.

  Q7. How can I verify the reputation of a health insurance company?

  Ans: Currently, there are 30 general insurance companies in India providing health insurance plans, as listed on the official IRDAI website. To verify the reputation of a health insurance company, check if it is approved by IRDAI and review important details such as Incurred Claim Ratio (ICR) and claim settlement ratio on the official website or through annual reports.

  Q8. How can I ensure the reputation of a health insurance company?

  Ans: To ensure the reputation of a health insurance company, start by confirming that the selected company is approved by IRDAI. Additionally, gather essential details such as Incurred Claim Ratio (ICR), claim settlement ratio, and other relevant information from the official website or annual reports.

  Q9. Do all health insurance companies in India provide cashless hospitalization?

  Ans: While most health insurance companies in India offer cashless hospitalization facilities at their network hospitals, it is recommended to confirm this feature before purchasing a specific plan. Policies may vary, and it’s important to be aware of the terms and conditions.

  Q10. How do I select the best health insurance company?

  Ans: To choose the best health insurance company, consider finding a plan with comprehensive coverage within your budget. Evaluate the company’s reputation, the number of network hospitals, and the range of options it offers. Check for a high Claim Settlement Ratio (CSR) and prompt claims settlement. Read the policy details and company policies thoroughly for a clear understanding of the benefits offered.

  Q11. Are there any public insurance companies in India offering health insurance?

  Ans: Yes, there are four public health insurance companies in India offering various health plans. These include The New India Assurance Co. Ltd., Oriental Insurance Co. Ltd., National Insurance Co. Ltd., and United India Insurance Co. Ltd.

  Q12. Is Claim Settlement Ratio (CSR) a reliable criterion for selecting the best health insurance company?

  Ans: Yes, CSR is an essential criterion to gauge the reputation of a health insurance company in India. However, it should not be the sole deciding factor. Consider other crucial factors such as the number of network hospitals, cashless hospitalization availability, Incurred Claim Ratio (ICR), and time taken to settle claims. For a comprehensive policy comparison, check health plans on platforms like Policybazaar.com.

  Q13. How can I contact my health insurance company in case of an emergency?

  Ans: Your health insurance plan will provide multiple contact options for emergencies. Save the customer service number, email ID, or use a designated mobile app if available. Alternatively, visit the nearest offline center for assistance.

  Q14. Are there any standalone health insurance companies in India?

  Ans: Yes, there are five standalone health insurance companies in India offering a variety of plans. These companies are Niva Bupa Health Insurance Co. Ltd., Care Health Insurance Limited, Star Health and Allied Insurance Co. Ltd., Manipal Cigna Health Insurance Co. Ltd., and Aditya Birla Health Insurance Co. Ltd.

  Q15. Will the health insurance company provide cashless settlement if I go to a non-network hospital?

  Ans: No, cashless hospitalization or settlement is typically offered only at network hospitals. However, you will be reimbursed for the incurred expenses as per your policy terms after submitting the necessary documentation.