Thanks to advances in modern healthcare, it is now possible to get treatment for the majority of diseases and ailments, with high life expectancies of 70-80 becoming common in developed countries. However, many people still die of ordinary diseases not due to lack of treatment options, but due to lack of funds to avail them. In such cases, health insurance is a factor that not only helps save lives, but also eases the financial burden of healthcare on the family. Hence, it is important to choose health insurance from the best companies, in order to get the maximum health cover with the lowest premium and get claims processed hassle-free.
Here is a list of the top 10 health insurance companies in India:
With the highest market share in the industry, Star Health is without a doubt one of the best and most reputed health insurance providers in India. It has 10200+ network hospitals with cashless treatment facilities, one of the highest among all Indian insurance providers. It provides excellent claim support, and has settled 99.9% of its claims within 3 months. It has an all-India presence and offers many different types of plans to cater different profiles and medical needs, such as its Senior Citizen Red Carpet Plan, Family Health Optima insurance plan and Star Cardiac Care insurance plan.
A joint venture between HDFC & ERGO International, HDFC ERGO is also one of the leading health insurance providers in India. With a reach of 10000+ network hospitals and a claim settlement ratio of 99.8% in 3 months, it is a strong competitor to other health insurance companies. It offers 24*7 customer service and is present in 200+ cities in India, which makes it very convenient for customers.
ICICI Lombard is one of the biggest private general insurance companies in India, and offers health, car, bike, travel, business and many other insurances. It has a customer base of over 4 crores, and has tie-ups with 6500+ hospitals for cashless treatment. With a claim settlement ratio of about 97%, and an above average solvency ratio of 2.2, it is a trustworthy and reliable provider of health insurance.
Care Health Insurance
Care Health (Formerly Religare Insurance) is a very fast-growing private insurance company. It boasts a network of 8350+ network hospitals and has a claim settlement ratio of 92.3%. It aims to settle claims within 2 hours of intimation, and is focused on providing the highest quality of customer service to its clients. It offers a wide range of plans to suit its customer’s needs and has tie-ups with hospitals outside India as well, making it a very good choice for health insurance.
Founded in 2001, Bajaj Allianz is a joint venture between Bajaj Finserv and Allianz SE from Germany. It has a cashless treatment network of 6500+ hospitals, and a claim settlement ratio above 98%. It has a presence across India, aims for a cashless response time within 60 minutes and has low competitive premium rates across the industry, which has allowed it to grow extremely fast in a short period of time.
Reliance General Insurance is a leading private general insurance company, offering not only health but also vehicle, travel and other insurances. It has a very wide reach with 139 branches and more than 28900+ intermediaries all over India. Its network of 7300+ hospitals and claim settlement ratio above 98% make it a very strong contender in the health insurance industry.
Max Bupa Healthcare
Max Bupa Healthcare is a joint venture between Max India and Bupa Finance from UK, and is one of the leading health insurance companies in India. It has a network of 5000+ hospitals and a claim settlement ratio of 99%. It provides a wide range of health insurance policies for clients to choose from, and has over 200 branches in India to serve all its customers’ different needs.
Tata AIG General
Another joint venture, Tata AIG General is a prominent name in the insurance industry. Combining the local knowledge of Tata Group and expertise of the American International Group (AIG), it is a very successful insurance company with over 200 offices and 40000+ licensed agents across India. It has 6200+ hospitals in its network and a claim settlement ratio of 92.8%, and is a trustworthy and reliable name in insurance.
Aditya Birla Health
A subsidiary of Aditya Birla Capital, Aditya Birla Health provides health insurance plans that protect both your health and your finances. With over 8000+ hospitals in its network and a claim settlement ratio of 94%, it is a strong emerging player in the health insurance industry.
SBI General Insurance
Last but not the least, SBI general insurance is a large public sector insurance company in India, providing health, vehicle, travel and many other insurances. It has a massive network of over 22000+ branches across India, and has a physical presence in almost all major locations. It has a claim settlement ratio of 96% and a network of over 5000+ hospitals, making it a very dependable and reliable provider of health insurance.
These are the top 10 health insurance companies in India in terms of market share. When choosing a company to purchase health insurance from, it is very important to look at different factors such as its network of hospitals, claim settlement ratio and presence across the country. We hope this article has given you more information regarding health insurance providers in India. If you liked this article, please share and comment below.