Top 5 Health Insurance Companies in India - IRDAI Approved

By Okbima 01 Feb 2024
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Looking for the top 5 health insurance companies in india? There are several health insurance companies approved by IRDAI that provide coverage for individuals and families. The Insurance Regulatory and Development Authority of India (IRDAI) plays a crucial role in regulating the health insurance industry in India.

 

Top 5 Health Insurance Companies in India Based on Claim Settlement Ratio (CSR)

The claim settlement ratio (CSR) is an important metric when evaluating the performance of health insurance companies. We have highlighted the top five health insurance companies in India based on their claim settlement ratio, and network hospitals.

 

Company Name

Claim Settlement Ratio (2021-22)

Network Hospitals

                                       

HDFC ERGO Health Insurance

98.49%

13000+

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ACKO Health Insurance

97.20%

7100+

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ICICI Lombard Health Insurance

97.07%

6700+

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Kotak Mahindra Health Insurance

96.90%

7000+

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BAJAJ Allianz Health Insurance 

96.59%

8000+

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Disclaimer: We at Okbima do not promote or endorse any particular insurance company or insurance product provided by insurers. The Solvency Ratio and Claim Settlement Ratio data have been obtained from the annual report of IRDAI for the fiscal year 2022-23. The information regarding network hospitals has been obtained directly from the official websites of both general and standalone health insurance companies.

 

1. HDFC ERGO Health Insurance

HDFC ERGO Health Insurance is a company that came about through a partnership between HDFC Limited and ERGO International AG. It has become a well-known insurance company offering various healthcare coverage plans. HDFC ERGO is recognized for its dedication to providing extensive and customer-friendly health insurance options. 

With over 200 branches in more than 170 locations, the company is committed to being innovative, and transparent, and ensuring customer satisfaction. This commitment helps them to be in the top Indian health insurance companies

Don't Delay. Get Covered Today!

 

2. Acko Health Insurance

Acko Health Insurance is a company in India that started in 2016. They have become well known for providing different types of health insurance plans. Their goal is to make insurance easy for people. 

Acko uses digital technology to simplify the insurance process, making it easy for people to buy policies and get claims processed. They focus on being clear, and simple, and making sure customers are happy, which has made them successful in the insurance industry.

Secure Your Health. Get Insured Now!

 

3. ICICI Lombard Health Insurance

ICICI Lombard Health Insurance is a well-known company in India. It's a partnership between ICICI Bank in India and Fairfax Financial Holdings in Canada. They provide various health insurance plans covering hospitalization, daycare procedures, ambulance charges, and even home-based treatments. 

This insurance helps cover the costs when you need medical care. It's like a safety protection for your health expenses. If you face situations like hospital stays or certain medical treatments, ICICI Lombard Health Insurance can assist in paying for those, making healthcare more affordable and accessible for you.

Protect Your Health Now. Buy the Best Health Insurance!

 

4. Kotak Mahindra Health Insurance Company

Kotak Mahindra Health Insurance, a part of Kotak Mahindra Bank, started in 2015 after getting approval from IRDAI. Despite being known for its financial services, Kotak Mahindra has now ventured into health insurance. They offer a variety of health insurance plans that are not only budget-friendly but also provide broad coverage. 

These plans are designed to help you manage medical expenses without putting a strain on your finances. With Kotak Mahindra Health Insurance, you can access comprehensive health coverage, allowing you to focus on your well-being without worrying too much about the financial aspects of healthcare.

Peace of Mind is a Click Away. Buy the Best Health Insurance!

 

5. BAJAJ Allianz Health Insurance Company

BAJAJ Allianz Health Insurance, established in 2001, is a known health insurance provider in India. It's a partnership between BAJAJ Allianz SE, a global insurer, and BAJAJ Finserv Limited. With headquarters in Pune, Maharashtra, the company has become a key player in the insurance sector. 

Serving over 10 crore customers with a team of 9000 employees, 80,000 agents, and 240 bank partners, they've left a significant impact. BAJAJ Allianz is dedicated to enhancing lives through its insurance products, offering comprehensive coverage to millions across the country for more than two decades. It's a trusted choice for health insurance needs.

Secure Your Well-being Now. Buy Health Insurance Today!

 

How to Choose the Best Health Insurance Company In India?

You can choose the best health insurance companies in India by doing research, checking coverage, network hospitals, and many more factors. 

• Research: Look into different health insurance companies in India. Check their websites, read reviews, and ask people you know for recommendations.

• Coverage: Understand the health insurance plans each company offers. Consider your specific needs, such as coverage for hospitalization, pre-existing conditions, and critical illnesses.

• Network Hospitals: Check the list of hospitals that are part of the insurance company's network. Having a wide network ensures you can access medical facilities easily.

• Premiums: Compare the premiums of different plans. Find a balance between affordable premiums and the coverage provided.

• Claim Process: Look into the ease of the claim process. A good health insurance company should have a straightforward and quick claims process.

• Waiting Periods: Be aware of any waiting periods for pre-existing conditions or specific treatments. Choose a plan with reasonable waiting periods.

• Customer Service: When you require assistance, it is essential to have a customer service team from the insurance company that is responsive and helpful.

• Add-on Benefits: Check if the health insurance plans offer any additional benefits or riders. Some plans may include maternity coverage, wellness programs, or critical illness riders.

• Financial Strength: Assess the financial stability of the insurance company. This ensures they can fulfill their obligations and pay claims.

• Policy Exclusions: Read and understand the policy exclusions. Be aware of what is not covered by the health insurance plan.

 

Read More:

How Many Types of Health Insurance Plans In India?

Health Insurance Claim Settlement Ratio 2024

Tax Benefits of Health Insurance Plans In India

Best Family Health Insurance Plans in India 2024

 

Conclusion

In conclusion, the top 5 health insurance companies in India offer extensive coverage and reliable services to their customers. These companies have established themselves as leaders in the field with their diverse range of policies and innovative offerings. If you want to buy the best health insurance plan from the best company, contact the okbima expert to make an informed decision.

 

FAQs

Which is the No.1 health insurance in India?

The No.1 health insurance company in India is Acko General Insurance Co. Ltd. with 14,300+ network hospitals.

 

Who are the top 5 health insurance companies?

The top 5 health insurance companies are Acko Health Insurance, Star Health and Allied Health Insurance, Kotak Mahindra Health Insurance, HDFC ERGO Health Insurance, and IFFCO Tokio Health Insurance.

 

Which insurance company has the best claim settlement ratio?

For the fiscal year 2021-22, Max Life Insurance has an impressive claim settlement ratio of 99.34% in terms of claim count, the highest among all insurers.

 

Which company is no 1 in claim settlement ratio?

Max Life Insurance has the highest claim settlement ratio in terms of claim count, standing at an impressive 99.34% for the fiscal year 2021-22.

 

How many health insurance companies are in india?

In India, a total of 28 health insurance companies are present, each offering distinct features and benefits.

 

Which are the top 10 Indian health insurance companies?

The top 10 health insurance companies are Acko Health Insurance, Star Health and Allied Health Insurance, Kotak Mahindra Health Insurance, HDFC ERGO Health Insurance, IFFCO Tokio Health Insurance, ICICI Lombard Health Insurance, BAJAJ Allianz Health Insurance, Care Health Insurance, National Insurance, and Reliance General Health Insurance.


 

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