There are 28 health insurance companies available in India that offer various health insurance plans to meet each and every health insurance requirement of individuals. Out of these health insurance companies, 5 are standalone health insurance companies, and 23 are general health insurance companies. All these health insurance companies provide health insurance plans with unique features for the customers.
Finding the best health insurance companies for yourself can be a daunting task for anyone. RenewBuy has listed all the health insurance companies available in India and their USPs, which will help you choose the best health insurance company for you and your family.
Why Compare Health Insurance Companies?
When it comes to health insurance, not all health companies are equal. Comparing health insurance providers allows you to evaluate their offers, coverage benefits, exclusions and premium structures. Doing so helps you find a company that aligns with your needs and provides the coverage you need at competitive rates.
Important Factors To Consider Before Choosing a Health Insurance Company
It is hard to find the best suitable health insurance company (health insurer) as many health insurance companies are available in India. So, we have listed some of the significant factors that you should consider before choosing a health insurance company:
Claim Settlement Ratio
The claim settlement ratio is important in determining how reliable a health insurance company is. The claim settlement ratio is the percentage of claims settled against the total number of claims a health insurance company raises. Hence, choosing a health insurance company with a higher ratio indicates that you have a better chance of settling your claim in times of need.
02
Cashless Network Hospitals
Network hospital is one of the most important factors we should consider before choosing a health insurance company. Health insurance companies have partnered with several hospitals across the country where policyholders can avail of cashless hospitalization, and the health insurance company settles the hospitalization bill directly with the hospital. It is important to check the list of network hospitals to locate your preferred hospitals in your area.
03
Solvency Ratio
The solvency ratio is another important factor you should check before choosing any health insurance company. It helps us to analyze the financial capability of the insurance company and whether the health insurance company can meet its short and long-term financial obligations. As per IRDAI, every health insurance company must maintain a minimum solvency ratio of 1.5.
04
Wide Range of Health Plans
It is always good to select a health insurance company that offers a variety of health insurance plans. Some health insurance companies offer individual health plans and family health plans. In contrast, some other health insurance companies offer health plans to target specific groups, such as child health insurance, women’s health insurance, critical illness health insurance, etc. Therefore, always choose a health insurance company that offers a health plan that matches your needs.
05
Customer Reviews
Customer testimony is the most reliable parameter to judge a health insurance company. This ensures that the health insurance company you have chosen to buy a health plan with a good reputation in the market. It is always important to check customer reviews before choosing a health insurance company to buy a health plan.
Best Health Insurance Companies in India 2024
There are 28 health insurance companies available in India, and all health insurance companies come with some unique features. In the below table, RenewBuy have listed all the health insurance companies available in India and their claim settlement ratio, solvency ratio and network hospitals.
- Care Health InsuranceCare Health Insurance, formerly known as Religare Health Insurance, is a standalone health insurance company in India that offers a range of health insurance plans to individuals, families, and corporate groups. They provide comprehensive coverage for medical expenses, including hospitalization, pre and post-hospitalization expenses, day-care procedures, ambulance charges, and more. Care Health Insurance has 24×7 customer support and a wide range of network hospitals.
- Niva Bupa Health InsuranceNiva Bupa is a prominent health insurance provider known for its customer-centric approach. They offer a range of health insurance policies with features such as lifelong renewability, cashless hospitalization, and coverage for alternative treatments. Niva Bupa has a vast network of hospitals and a good claim settlement track record.
- Navi Health InsuranceNavi Health Insurance was earlier known as DHFL General Insurance Limited and started in 2017. It is a digital finance lending company owned by Sachin Bansal. Navi Health Insurance has developed a Navi Health Insurance App for digital strategies and marketing its insurance products. Navi Health Insurance offers a complete paperless buying process to sell its comprehensive health insurance products. Moreover, Navi Health Insurance offers a simple and hassle-free claim settlement process. And as per the annual report of IRDAI (Insurance Regulatory Development Authority of India), it has a claim settlement ratio of 99.99 in the year 2021-22.
- ManipalCigna Health InsuranceManipalCigna is a joint venture between Manipal Group and Cigna Corporation, a global health services organization. They offer a range of health insurance plans with comprehensive coverage, including critical illness and accidental disability coverage. ManipalCigna has a vast network of hospitals and provides quality customer support.
- Aditya Birla Health InsuranceAditya Birla Health Insurance offers innovative health insurance plans designed to meet the evolving healthcare needs of individuals and families. Their policies cover various medical expenses, including pre and post-hospitalization, maternity, and wellness benefits. Aditya Birla Health Insurance emphasizes a customer-centric approach and has a growing network of hospitals.
- Star Health InsuranceStar Health is a leading health insurance company known for its comprehensive coverage and excellent claim settlement ratio. It offers various health insurance plans that cater to individuals, families, senior citizens, and specific health conditions. Star Health is particularly renowned for its policies covering critical illnesses and specialized treatments.
- Reliance Health InsuranceReliance Health Insurance is one of India’s leading health insurance companies and is a subsidiary of Reliance Capital. Reliance Health Insurance was started in the year 2000. Reliance Health has more than 139 offices and 90,000 intermediaries across India. Moreover, it offers various health insurance plans, such as individual, family, senior citizen health plans, etc.
- HDFC Ergo Health InsuranceHDFC Ergo Health Insurance is a joint venture between ERGO International AG and HDFC Limited. HDFC Health Insurance is currently the second-largest private health insurance provider in the health insurance industry. HDFC Health Insurance has 200+ branches spread over 170+ locations and employs more than 9700 people. Additionally, it has more than 13000 network hospitals across India. And as per the annual report of IRDAI (Insurance Regulatory Development Authority of India), it has a claim settlement ratio of 98.49 in the year 2021-22.
- Liberty General Health InsuranceLiberty Health Insurance started its operations in the year 2013. It is a joint venture between Liberty Citystate Holdings PTE Ltd, a US-based Liberty Mutual Insurance Group and DP Jindal Group, an industrial conglomerate. Liberty Health Insurance has 110 offices in 95 cities across 29 states with over 1200 employees nationwide. It has tie-ups with more than 5000 hospitals across the country, where policyholders can avail of cashless medical treatment during emergencies.
- Zuno Health InsuranceZuno Health Insurance (earlier known as Edelweiss Health Insurance) is a health insurance company that started in the year 2017. It offers a variety of health insurance plans for individuals, families, and corporate companies. Zuno Health Insurance is committed to providing affordable and comprehensive health insurance plans to take care of your and your family’s healthcare needs.