Best Health Insurance Companies In India 2024: CSR & Network Hospitals

By Okbima 26 Jul 2023 491
Best Health Insurance Companies in India 2024

 

Choosing the best health insurance companies in India can be challenging. There are a total of 28 health insurance companies in India that cater to individual health insurance needs. Among them, 5 are standalone health insurance companies and 23 are general health insurance companies. Each of these companies offers unique health insurance plans to meet diverse requirements. Okbima compiled a list of top health insurance companies in India along with their features to assist in making an informed decision for yourself and your loved ones.

 

List Of The Best Health Insurance Companies In India: Based On Claim Settlement Ratio

Here is the list of the best health insurance companies in India based on claim settlement ratio, network hospitals, solvency ratio, and incurred claim ratio.

 

Best Health Insurance Companies

Claim Settlement Ratio (CSR) for FY 2021-22

Network Hospitals

Solvency Ratio

Incurred Claims Ratio

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Care Health Insurance 

100%

20800+

1.81

65.07

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Star Health and Allied Health Insurance 

99.06%

14000+

1.7

87.06

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Reliance General Health Insurance 

98.65%

8600+

1.67

98.76

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HDFC ERGO Health Insurance

98.49%

13000+

1.68

NA

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ACKO Health Insurance 

97.20%

7100+

1.84

103.75

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ICICI Lombard Health Insurance

97.07%

6700+

2.54

91.67

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Kotak Mahindra Health Insurance

96.90%

7000+

2.1

72.11

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BAJAJ Allianz Health Insurance

96.59%

8000+

3.41

90.64

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IFFCO Tokio Health Insurance

89.38%

7500+

1.64

130.65

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National Insurance 

86.28%

3000+

0.31

125.53

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Disclaimer: We have taken data from the internet, so it can vary.

Solvency Ratio: The solvency ratio tells us how well a company can pay its debts and stay financially stable.

Incurred Claims Ratio: Incurred Claims Ratio shows the percentage of premiums that an insurance company has paid out in claims.

Claim Settlement Ratio: The claim Settlement Ratio tells you how many claims an insurance company has successfully settled compared to the total number of claims received.

 

Care Health Insurance

Care Health Insurance is a top provider of health insurance plans. With a network of over 500,000 healthcare providers, Care Health Insurance offers comprehensive coverage options for individuals and families, ensuring access to high-quality healthcare services.

Features of Care Health Insurance:

  • Care Health Insurance offers various plans, including individual and family floater plans, health insurance plans for diabetes and hypertension, senior citizen health insurance plans, and top-up plans. 

  • They offer cashless claim approval within 2 hours for most cases. 

  • Many plans also include an annual health check facility for insured members. 

  • For pre-existing health conditions and annual cardiac check-ups, the Care Health Care Heart plan is available.

 

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Star Health and Allied Insurance

Star Health & Allied Insurance provides a range of comprehensive medical plans to meet the needs of you and your family, with coverage options up to Rs. 2 crores. 

Features of Star Health and Allied Insurance:

  • Star Health Insurance provides coverage for Diabetes and HIV+ patients through a variety of products. 

  • With over 13,000 hospitals in their network, insured individuals can receive cashless medical treatment. 

  • Most Star Health plans offer lifetime renewability. 

  • Star Health and Allied Insurance offers a customizable top-up health insurance plan to meet the insured's specific needs.

 

Reliance Health Insurance

Reliance General Insurance Co. Ltd. is a well-known insurance company in India with 139 offices in India, providing the best services to its customers. The company also has a presence internationally and caters to a large customer base, including individuals, corporates, and SMEs. Their health insurance plans are easily accessible through online purchase and renewal services.

Features of Reliance Health Insurance:

  • Reliance Health Insurance allows you to pay premiums online using various payment methods such as debit card, credit card, net banking, etc. whenever it is convenient for you.

  • Reliance health insurance provides restoration benefits once the base sum insured has been depleted.

  • Coverage for pre-existing conditions will be available after a waiting period of 4 years.

  • Health check-up costs will be reimbursed after completing 4 claim-free years in the majority of Reliance health insurance plans.

 

HDFC ERGO Health Insurance

HDFC ERGO Health Insurance offers a comprehensive range of health insurance plans to cater to individuals and families. With a network of over 10,000 hospitals, HDFC ERGO ensures to provide hassle-free healthcare services for its policyholders. Customers can also avail of additional benefits such as teleconsultation and wellness services.

Features of HDFC ERGO Health Insurance:

  • Comprehensive health insurance plans tailored to individual needs and budgets.

  • Cashless hospitalization at network hospitals across India.

  • Coverage for pre and post-hospitalization expenses.

  • No claim bonus for every claim-free year.

  • Coverage for alternative treatments like Ayurveda, Homeopathy, Unani, and Siddha.

  • Coverage for maternity expenses, newborn baby cover, and critical illness.

 

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ACKO Health Insurance

ACKO Health Insurance is a leading health insurance provider in India, offering comprehensive coverage for individuals and families. With a network of over 2000 hospitals and healthcare providers across India, ACKO ensures quick and hassle-free claim settlements. 

Features of ACKO Health Insurance:

  • Paperless and hassle-free policy issuance and claims process through ACKO's user-friendly online platform.

  • Comprehensive health insurance coverage for various medical expenses including hospitalization, pre and post-hospitalization expenses, daycare procedures, and ambulance charges.

  • No room rent capping or co-payments.

  • No medical check-up is required for policy issuance for individuals below a certain age.

  • Quick and hassle-free claim settlement process for a seamless experience for policyholders.

 

ICICI Lombard Health Insurance

ICICI Lombard Health Insurance is a leading provider of health insurance in India, offering comprehensive coverage to individuals and families. With a wide range of plans tailored to suit different needs and budgets, with a network of over 5,300 hospitals across India.

Features of ICICI Lombard Health Insurance:

  • Coverage for hospitalization expenses such as room rent, doctor's fees, medicines, and more.

  • Coverage for daycare procedures that do not require 24-hour hospitalization.

  • Option to enhance coverage with additional riders like critical illness cover, maternity benefits, etc.

  • Coverage for pre-existing diseases after a certain waiting period.

  • Section 80D of the Income Tax Act provides tax benefits for medical insurance premiums.

 

Kotak Mahindra Health Insurance

Kotak Mahindra General Insurance Company was established as a division of Kotak Mahindra Bank to cater to the general insurance industry, including health insurance and other areas. The company offers a variety of personalized medical policies through Kotak Mahindra Health Insurance, each with unique features and benefits for customers to choose from.

Features of Kotak Mahindra Health Insurance:

  • Kotak health plans offer coverage of basic emergency hospitalization and life-threatening illnesses such as tumors, end-stage liver diseases, coma, and loss of speech. 

  • Kotak Mahindra Health Insurance includes coverage for heart attacks, cancer, organ transplants, and personal accidents. 

  • Kotak's secure shield plan offers benefits for loss of job and child education. 

  • Special coverage benefits like ambulance cover, home nursing, doctor visits, maternity cover, and newborn baby cover.

 

BAJAJ Allianz Health Insurance

Bajaj Allianz Health Insurance offers comprehensive coverage for medical expenses, hospitalization, and critical illnesses. With over 6,000 network hospitals across India, policyholders can access cashless treatment. Bajaj Allianz Health Insurance also provides 24/7 customer support for quick assistance.

Features of BAJAJ Allianz Health Insurance:

  • Comprehensive coverage for hospitalization expenses, including room charges, doctor's fees, surgery, and more.

  • Cashless facility at network hospitals for the easy and hassle-free claims process.

  • Policyholders who do not file any claims throughout the policy period are eligible for a no-claim bonus.

  • Coverage for pre-existing illnesses after a specific waiting period.

 

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IFFCO Tokio Health Insurance

IFFCO Tokio Health Insurance is a leading insurance provider in India, with a wide network of hospitals and healthcare providers, IFFCO Tokio ensures that its policyholders have access to quality healthcare services when needed. 

Features of IFFCO Tokio Health Insurance:

  • Comprehensive coverage for hospitalization expenses, including room rent, ICU charges, surgery & more.

  • Coverage for pre and post-hospitalization expenses, such as diagnostic tests, doctor consultations, and medication.

  • Option to add riders for additional coverage, such as maternity benefits, OPD expenses, and critical illness coverage.

  • Access to a 24/7 helpline for claims assistance and policy-related queries.

  • Inclusion of alternative therapies such as Ayurveda, Homeopathy, and Unani in healthcare coverage.

 

National Insurance

The National Insurance Company Limited (NICL) is a public sector insurance provider in India with a wide range of insurance products for individuals and businesses. Established in 1906, NICL has a strong presence across India with over 1300 offices and 16,000 employees. The company offers various insurance plans including health insurance, bike insurance, car insurance, travel insurance, and property insurance. 

Features of National Insurance:

  • NICL offers a wide range of insurance products including Motor Insurance, Health Insurance, Travel Insurance, Home Insurance, and more.

  • NICL provides online services for customers including online policy purchase, renewal, claim settlement, and premium payment.

  • National Insurance India is a leading general insurance company in India with over 100 years of experience in the industry.

  • National Insurance India has a strong network of branches and customer service centers, making it easily accessible to policyholders.

 

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Difference Between Stand Alone And General Health Insurance Companies

Here is the detailed difference between stand alone and general health insurance companies in India.

Stand Alone Health Insurance Companies

  • Stand alone health insurance companies offer health insurance products and services to their customers.

  • These companies do not offer any other types of insurance policies, such as life insurance, auto insurance, etc.

  • Stand alone health insurance companies operate independently and are focused only on the health insurance market.

 

General Health Insurance Companies

  • General health insurance companies offer a variety of insurance products, including health insurance, life insurance, auto insurance, etc.

  • These companies provide a wide range of insurance options to cater to the diverse needs of their customers.

  • General health insurance companies may have a broader scope of operations and may offer more comprehensive insurance coverage compared to stand alone health insurance companies.

 

Factors To Check Before Choosing A Health Insurance Company

Before choosing the top health insurance companies in india, you should check what they offer like coverage, network of doctors & hospitals, claim settlement ratio, customer service, etc.

  • Coverage: Make sure the plan you choose covers medical services like hospitalization, surgery, doctor visits, and prescription drugs. Also, check whether the plan covers pre-existing conditions and preventive care.

  • Network of doctors and hospitals: Check the network of doctors and hospitals in your area. This can save money if you use network providers.

  • Claim settlement ratio: The claim settlement ratio is the percentage of claims that the insurance company pays out. A higher ratio is better. You can find the claim settlement ratio of different companies in annual reports or online.

  • Customer service: Confirm the company's reputation for excellent customer service by reading online reviews or seeking recommendations from friends and family.

  • Financial stability: You should choose a financially stable company. You can check the financial stability of different companies by looking at their ratings from independent agencies.

 

Read More:

Best Health Insurance Plans in India 2024: Coverage, Network Hospitals & CSR

Best Senior Citizen Health Insurance Plans in India 2024

Best Family Health Insurance Plans in India 2024

Tax Benefits of Health Insurance Plans In India

 

Conclusion

In conclusion, the best health insurance companies in India in 2024 are those that have a higher claim settlement ratio (CSR) and a wide network of hospitals for their policyholders to access quality healthcare. It is necessary for insurance companies to not only provide financial protection but also offer a comprehensive network of hospitals for their customers' convenience and well-being. To buy the best health insurance, you can contact “Our Experts”.

 

FAQs

The HDFC ERGO General Insurance is the no. 1 health insurance company in India based on the claim settlement ratio of 2021-2022.

For a reputable health insurer, check online reviews, claim settlement ratio, years in operation, and customer service. IRDAI offers regulatory insights.

Not all Indian health insurers offer cashless hospitalization. Check policy terms to see if it's included in your chosen plan.

In 2024, choose the best Indian health insurer by assessing needs, researching policies, checking CSR, network hospitals, premiums, inclusions, customer reviews, and extra features.

Select the best Indian health insurer based on individual needs. Consider coverage, premiums, claim ratios, and service quality. Options like HDFC Ergo Health Insurance, Reliance Health Insurance, Care Health Insurance, and many more.

You can choose many insurance companies for buying a plan for parents such as Niva Bupa, Care Health Insurance, Star Health Insurance, etc.

According to IRDAI Reports, HDFC ERGO has the highest claim settlement ratio of 99.72%

Many insurance companies are best for cashless treatment such as Care Health Insurance, ICICI Lombard, Bajaj Allianz, etc.

HDFC ERGO aims to settle claims within 7 days of receiving and verifying all required documents.

Star Health holds a top position in the retail health insurance industry with a significant market share.

Star Health and National Varishtha Mediclaim offer diabetes health plans covering insulin expenses. Explore additional options for your needs.

Yes, you can port your health insurance policy to another company, subject to the terms and conditions of your current policy and the new insurer's eligibility criteria.

Many health insurance companies offer dental coverage as an optional add-on or as part of their comprehensive health insurance plans.

Yes, several health insurance companies in India offer cancer insurance policies. Some notable ones include Future Generali, Bajaj Allianz, Aditya Birla, Digit, Chola MS, Zuno (formerly Edelweiss), Raheja, Care Health, and Star.

Kidney transplantation or failure is often covered under critical illness health insurance policies. Bajaj Allianz, SBI, Tata AIG, and Universal Sompo are some insurers that offer such coverage.

Yes, medical insurance companies in India often cover outpatient department (OPD) expenses, but it depends on the specific policy and coverage selected.

Select an IRDAI-approved insurer and check ICR, claim settlement ratio, and details on their official website or annual reports for transparency and reliability.

Not all health insurance companies in India offer cashless hospitalization. Availability depends on the policy and network of hospitals contracted by the insurer.

In an emergency, contact your health insurance company through their dedicated helpline, available on your policy documents or their official website.

Yes, the public health insurance companies in India, including New India Assurance, Oriental Insurance, National Insurance, and United India Insurance, provide various health insurance plans.

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