Health Insurance Companies in India

TOP 10 Best Health Insurance Companies in India

If you are thinking of buying health insurance, then you should know which health Insurance company is better for you. There are the companies offering various health insurance plan that provide a medical cover to people for their doctor visits, pre or post hospitalization expenses, surgery fees, various medicine cost, nursing, operation fees, hospital room rent charge etc.

Having a health insurance policy is must for all age people whether rich or poor, young or old, male or female. It keeps you safe from any foresee financial burden if one diagnosed with any illness. You can easily file a health insurance claim and get reimbursed for your medical expenses.

Here is the list of top medical insurance companies in India

Medical Insurance  CompaniesIncurred Claim RatioCashless Hospital NetworkGrievances Solving RatioRanking
HDFC Ergo (Apollo Munich)64%4700+95.73%1
Star Health64%9900+97.96%1
Future Generali74%5500+98.73%2
Bajaj Allianz86%6700+98.78%2
TATA AIG79%3500+98.90%3
Religare Health56%5700+98.30%3
ICICI Lombard56%5000+91.00%3
Bharti AXA90%4500+98.69%4
MAX Bupa55%4200+98.30%4
Reliance General95%4300+97.92%5
Universal Sompo93%4500+97.20%5
New India104%3200+98.94%6
National Insurance109%6500+96.07%7
IFFO Tokio103%4700+97.47%7
SBI General53%3500+95.01%7
United India112%8000+95.59%7
Oriental Insurance110%4500+72.83%8

*Above ratios are subject to change on yearly basis. Ranking is author’s personal opinion and it is subject to change from person to person.

 Incurred Claim Ratio

Incurred claim ratio means net claims paid by an insurance company as against the net premiums earned. The IRDAI publishes information about the incurred claim ratio of all insurance companies every year.

It is basically the overall value of every claim a company has paid and divided by the total amount of premium collected during the same period. Incurred Claims Ratios are calculated on an annual basis.

Key factors to choose Medical Insurance Company

  1. Claim Settlement Ratio
  2. Solvency Ratio
  3. Claim Settlement Friendly Procedure (Less followup)
  4. Turnaround Time for Claim Settlement (Fast settlement)
  5. Network Hospital (Cashless)
  6. Business Volume & Customer satisfaction ratio (Popularity)
  7. Variety of Plans & their benefits (Maximum cover)
  8. Insurance Intermediaries (Agents)

Key benefits to consider before choosing any medical plan

  • Higher Policy amount with low premium
  • Pre hospitalization expenses upto 30 days
  • Post hospitalization expenses upto 60 days
  • Emergency ambulance expenses
  • No claim bonus
  • Accidental hospitalization booster
  • Room charges limit cover
  • 30 days’ illness waiting period – which types of diseases
  • 2 years’ illness waiting period – which types of diseases
  • 4 year’s illness waiting period – what genetic diseases
  • Day care procedure
  • Organ donor cover
  • Free preventive health checkup
  • Pre-existing disease waiting period
  • New born baby cover
  • Maternity expenses cover
  • Cover for OPD expenses
  • Sum insured reload benefits


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