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Popular Health Insurance Companies in India 2022
Popular Health Insurance Companies in India 2022
There are currently 30 insurance companies in India that offer reliable health insurance plans. Of these, 25 are general insurance companies and 5 are standalone health insurance companies. All these companies have their own unique features and cater to different needs of the customers.
How to choose a health insurance company in India?
Every health insurance company in India has unique features that set it apart from other companies. Also, there is no insurance company that is suitable for everyone. The definition of the best health insurance company varies depending on the needs and health goals of different individuals.
For example, some individuals may find an insurance company best for them because of their wide network of partner hospitals that offer cashless claims facilities, while others may find the quality of services provided or the availability of customer support. can be given more importance.
The following are the factors that you should consider while comparing the various top health insurance companies that meet your needs in India:
- 1. Availability of Health Insurance Plans
One of the primary factors in comparing different health insurance companies is the types of health plans offered by the insurance companies. While some insurance companies provide only general health insurance plans such as individual health insurance plans and family health insurance plans, some insurance companies provide plans specially designed for certain categories like women, children, senior citizens. Choose the insurance company that offers the plan that suits your needs.
- 2.Cashless Network Hospital
Every health insurance company partners with several hospitals where they offer cashless claims. While choosing a health insurance company, it is wise to know the strength of the insurer's cashless network hospital. The wider the network, the better you can start a cashless claim at the nearest hospital.
- 3. Claim Settlement Ratio
The claim settlement ratio of a health insurance company gives the percentage of claims settled by it out of the total number of claims received during a financial year. The higher the claim settlement ratio, the better.
- 4. Customer Support Service
Another important factor to consider while choosing a health insurance company is the availability and quality of customer support service offered by it. It is always good to choose a company that provides 24*7 customer support so that you can get your queries resolved anytime.
- 5. Business Volume
Business volume refers to the total number of policies that the insurance company has sold and collected premiums. An insurance company that has sold more policies indicates that it has a larger market share and can therefore be trusted by people. Business volume can be considered as a parameter for judging health insurance companies where higher volume means more trust among customers.
- 6. Claim Settlement Process
It is very important to choose an insurance company that offers a smooth claim settlement process. This is because no one would want to get involved in time-consuming or complicated procedures at the time of emergency. Hence, it is recommended to go for an insurance company which has less claim formalities so that you can save time and effort.
- 7. Reviews and Ratings
Knowing the reviews of existing policyholders about a health insurance company helps you make an informed decision. For this, you can read customer reviews for various insurance companies on InsuranceDekho and go for the company that has a positive response. Also, consider the star ratings of insurance companies which you can again find on InsuranceDekho's website. You can also do some research to choose the best insurance company.
- 8. Awards and Honors
You'll find a slew of awards and honors on every insurance company's website. There you can check how many accreditations a particular insurance company has won. A higher number of awards and recognitions indicates greater credibility of the company. So, while choosing an insurance company, go with the one that has consistently won many awards and accolades which make him an all-rounder.
- 9. Customer Support
A good insurance company has a great customer support team. Hence, you have to choose an insurer who is available 24*7. They should have a helpline number where you can call and get your grievances addressed. Not only make calls, but you should also be able to reach them via email, chat, etc. This makes it easier for you to face many doubts related to health insurance coverage when the insurer is helpful and readily available.
- 10. Digital Presence
Nowadays most of the work related to insurance is done online. This means that you no longer need to visit the insurer's office, chase insurance agents and pay lots of bucks as brokerage or submit a plethora of documents to get health insurance coverage. You can do all this by simply logging in and availing health insurance services or any related information on the official website of the insurer. Hence, it is imperative to choose an insurance company with a good and strong digital presence so that you can buy and maintain a health insurance policy with utmost ease.
Best Health Insurance Companies in India
Below is the list of top health insurance companies in India along with their claim settlement ratio as per FY 2019-2020.
Best Health Insurance Companies in India
Rank | Health Insurance Company | Health Claim Settlement Ratio | Network Hospitals |
1 | IFFCO Tokio General Insurance | 96.33% | 1416 |
2 | Care Health Insurance | 95.47% | 2500 |
3 | Magma HDI Health Insurance | 95.17% | 5016 |
4 | The Oriental Insurance Company | 93.96% | NA |
5 | New India General Insurance | 92.68% | 1256 |
6 | Bajaj Allianz General Insurance | 92.24% | 6277 |
7 | Max Bupa Health Insurance | 89.46% | 5270 |
8 | Navi General Insurance | 86.98% | NA |
9 | HDFC ERGO General Insurance | 86.52% | 9414 |
10 | Manipal Cigna Health Insurance | 85.72% | 6509 |
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