Insurance

Top Providers of Health Insurance: 16 Providers In India

In a country like India, where healthcare costs are skyrocketing, having a robust health insurance plan is not just an option, but a necessity.

Tejaswani Srivastava

May 17, 2023 • 7 min read

In a country like India, where healthcare costs are skyrocketing, having a robust health insurance plan is not just an option, but a necessity. To cater to the diverse needs of the vast Indian populace, several insurance companies offer a wide range of health insurance policies. Here, we delve into the specifics of the top providers of health insurance in India.

1. Star Health and Allied Insurance Co Ltd
Founded in 2006, Star Health and Allied Insurance Co Ltd specializes in health insurance and is the first standalone health insurance company in India. They offer comprehensive health insurance plans, including individual, family, senior citizens, and specialized plans for diabetes, cardiac care, and cancer.

The company has an extensive network of more than 9,900 hospitals, a hassle-free claim settlement process, and the availability of lifelong renewability. They also provide free health check-ups and a cumulative bonus for every claim-free year.

2. HDFC ERGO Health Insurance Ltd
HDFC ERGO, a joint venture between HDFC Ltd and ERGO International AG, offers a plethora of health insurance products. They include my:health Suraksha, my:health Women Suraksha, my:health Medisure Super Top Up, and my:health Critical Illness.

With a network of over 10,000+ hospitals, HDFC ERGO offers cashless hospitalization, daily hospital cash allowance, and domiciliary treatments. The company has a high claim settlement ratio and offers unique features like reinstatement benefit and air ambulance cover in specific plans.

3. Max Bupa Health Insurance Company Ltd
Max Bupa, a joint venture between Max India Limited and the UK-based healthcare services expert, Bupa, offers extensive health insurance plans. They feature Health Companion, Heartbeat, and GoActive.

Max Bupa provides coverage for in-patient treatment, pre, and post-hospitalization, ambulance charges, and daycare procedures. They promise direct claim settlement without third-party involvement, ensuring a smoother process.

4. Apollo Munich Health Insurance Company Ltd
Apollo Munich, now merged with HDFC ERGO, was a joint venture between the Apollo Hospitals group and Munich Health. They offer health insurance plans like Optima Restore, Easy Health, and Dengue Care.

Apollo Munich is known for its Restore benefit, which automatically reinstates the basic sum insured if you exhaust it in a policy year. They also offer multiplier benefits in the form of a 50% increase in the sum insured for every claim-free year.

5. ICICI Lombard General Insurance Company Ltd
ICICI Lombard is one of India's leading insurance companies with a vast portfolio, including health insurance. The Complete Health Insurance, Health Booster, and Personal Protect are a few of their prominent health insurance policies.

ICICI Lombard offers a free health check-up annually, regardless of claim history. Their policy also includes worldwide emergency cover, maternity, and newborn baby cover. With a wide network of hospitals, they provide cashless hospitalization and quick claim settlement.

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While there are several health insurance providers in India, the choice of the best provider depends on various factors like the insurer's reliability, claim settlement ratio, network hospitals, coverage, premium, and specific policy features. It's vital to carefully assess your healthcare needs, compare different policies, and read the terms and conditions before making a decision. A well-chosen health insurance policy can not only provide financial security but also peace of mind.

6. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz, a joint venture between Bajaj Finserv Limited and Allianz SE, offers health insurance policies that cater to individuals, families, and senior citizens. Their popular plans include Health Guard, Critical Illness, and Extra Care Plus Plan.

The company boasts a high claim settlement ratio and features like health CDC (Claim by Direct Click), where claims can be filed through the insurer's mobile app. Bajaj Allianz has a wide range of network hospitals, cashless treatments, and the benefit of a free health check-up after 3 claim-free years.

7. New India Assurance Co. Ltd
New India Assurance Co. Ltd, a fully government-owned entity, offers several health insurance policies, including New India Mediclaim Policy, New India Top-Up Mediclaim, and New India Asha Kiran Policy.

Known for their comprehensive coverage, the policies cover hospitalization expenses, pre and post-hospitalization expenses, and 140+ daycare procedures. The company has an extensive network of hospitals across the country where policyholders can avail cashless treatments.

8. Oriental Insurance Company Ltd
Another public sector insurance company, Oriental Insurance Company, offers health insurance products that cater to diverse needs. Their popular health insurance plans are Individual Mediclaim Policy, PNB Oriental Royal Mediclaim Policy, and Happy Family Floater Policy.

Oriental Insurance is well-regarded for its hassle-free claim settlement process and extensive network of hospitals. They offer features like voluntary co-pay, where the policyholder can opt for a co-pay of 10% or 20%, which can significantly reduce the premium amount.

9. SBI Health Insurance
SBI Health Insurance, a joint venture between State Bank of India and Insurance Australia Group (IAG), offers a range of health insurance products, including Arogya Premier, Arogya Top Up, and Arogya Plus Policy.

With the backing of SBI's robust network, they have an extensive list of network hospitals, fast claim settlement process, and features like no claim bonus, auto recharge of sum insured, and coverage for alternative treatments like Ayurveda, Unani, Siddha, and Homeopathy.

10. National Insurance Company Ltd
National Insurance Company Ltd is one of India's oldest general insurance companies. It offers health insurance policies such as National Mediclaim Policy, National Parivar Mediclaim, and National Mediclaim Plus Policy.

National Insurance is known for its wide coverage, which includes hospitalization expenses, 140+ daycare procedures, pre and post-hospitalization expenses, and organ donor expenses. They have a vast network of hospitals, and policyholders can avail of cashless treatments.

In a country like India, where out-of-pocket expenditure for healthcare is high, having a good health insurance policy is crucial. All these companies offer excellent health insurance policies, but it's essential to choose the one that best suits your needs. Always compare policies based on their features, coverage, premiums, and customer service before making a decision.

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11. Star Health and Allied Insurance Co. Ltd

Star Health and Allied Insurance Co. Ltd, India's first standalone health insurance company, offers a wide range of health insurance products catering to individuals, families, and senior citizens. Their comprehensive health insurance plans include Family Health Optima, Senior Citizens Red Carpet, and Star Comprehensive Insurance Policy.

Star Health is particularly known for its dedicated health insurance services and customer-friendly operations. The insurer offers direct in-house claim settlement, ensuring a faster and hassle-free process. There's no need for a TPA, which is an added advantage.

12. Aditya Birla Health Insurance Co. Ltd
Aditya Birla Health Insurance Co. Ltd is a joint venture between Aditya Birla Group and MMI Holdings Ltd. They offer health insurance policies with a unique feature called HealthReturns™, which rewards the policyholder for maintaining a healthy lifestyle. Their popular health insurance plans include Activ Health, Activ Assure, and Activ Secure.

The insurer provides comprehensive coverage, including in-patient hospitalization, pre and post-hospitalization, daycare procedures, and organ donor expenses. They also offer wellness programs, chronic management programs, and personalized health coaching.

13. Future Generali India Insurance Co. Ltd
Future Generali India Insurance Co. Ltd, a joint venture between Future Group and Generali Group, offers health insurance plans like Future Health Suraksha, Future Criticare, and Future Hospicash.

Future Generali is recognized for its innovative and customer-friendly health insurance products. They offer benefits like a green channel settlement, where claims are processed faster, health total, where high-value health insurance is provided, and a wellness program that rewards healthy behavior.

14. ManipalCigna Health Insurance Company Ltd

ManipalCigna Health Insurance Company Ltd, a joint venture between Manipal Group and Cigna Corporation, offers health insurance policies with global coverage. Their popular health insurance plans include ProHealth Insurance, Lifestyle Protection-Critical Care, and Global Health Group Policy.

ManipalCigna stands out with features like worldwide emergency coverage, maternity and newborn baby coverage, and restorative care. They also offer a health maintenance benefit, where the cost of non-payable items like personal comfort and convenience items are covered.

15. Royal Sundaram General Insurance Co. Ltd

Royal Sundaram General Insurance Co. Ltd offers health insurance plans like Lifeline, Arogya Sanjeevani Policy, and Family Plus. Their health insurance plans are designed to give comprehensive protection at an affordable cost.

Royal Sundaram offers unique features like international treatment for 11 specified critical illnesses, vaccination cover in case of an animal bite, and double sum insured for cancer treatment. They also provide a reload benefit, where 100% sum insured is reloaded if the initial amount is exhausted.

16. Reliance General Insurance Co. Ltd

Reliance General Insurance Co. Ltd offers health insurance plans that cater to individuals, families, and senior citizens. Their health insurance plans include HealthGain, Arogya Sanjeevani Policy, and Reliance Critical Illness Cover.

Reliance General Insurance offers features like a 5% cumulative bonus for each claim-free year, up to a maximum of 50%, quick claim settlement, and a wide range of network hospitals across the country.

Each of these health insurance providers offers different benefits and coverage options. It's important to thoroughly review each plan and understand the terms and conditions before making a decision. Keep your specific health needs, budget, and the insurer's claim settlement ratio in mind while choosing a health insurance provider in India. Remember, the right health insurance plan is not just an expense, but an investment towards a healthy future.

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KEY TAKEAWAYS

India boasts a diverse range of health insurance providers, each offering unique plans and benefits, catering to various individual needs and budgets.
Apollo Munich, Max Bupa, and HDFC ERGO are among the top health insurance providers in India, known for their comprehensive coverage and customer-friendly services.
Some providers like Aditya Birla Health Insurance incentivize policyholders for maintaining a healthy lifestyle, promoting overall well-being.
Providers like ManipalCigna offer health insurance policies with global coverage, extending their services beyond national boundaries.
Choosing the right health insurance provider involves considering factors like specific health needs, budget, and the insurer's claim settlement ratio. It's important to thoroughly review each plan and understand the terms and conditions before deciding.