The Indian health insurance segment has grown tremendously in the last decade. Today, there are more than two dozen general insurance companies which are offering best health insurance plans for the Indian population. Each company has a set of different varieties of health insurance plans which aim to fulfil the varied health related requirements of every individual. There are both private health insurers and Government owned health insurers. Here is a list showing the health insurance companies operating in the market today
Health insurance companies in India – Privately Owned and Government Owned
Health Insurance Calculator
Health insurance has become a basic necessity in today’s virus-stricken world. When buying a health plan, however, it is important that you understand the different aspects such as the inclusions, exclusions, co-payments, waiting period etc. One of the most important considerations when looking for an appropriate health plan is the premium that you need to pay. While it is also important here that the premium of your health plan must not be the only thing that you should consider when choosing the right insurance plan.
If you wish to know how much a health insurance plan would cost you you can do it through the online calculator. Calculating health insurance premiums becomes very simple with an online health insurance calculator. Turtlemint health insurance calculator is a free online tool that helps you calculate the premium in a few seconds on the basis of the details that you provide. Using the calculator will prove to be very helpful in making a well-informed decision.
Top health insurance companies in India and their health plans
Though there are so many insurance companies offering health insurance plans, plans of some companies are very popular among individuals. Here are best health insurance companies in India who offer diverse health insurance plans
| Name of the company | Company profile | Popular plans |
|---|---|---|
| Bajaj Allianz General Insurance Company Limited | A joint venture between Bajaj Finserv and Allianz SE, Bajaj Allianz offers various types of general insurance plans, health insurance being one of them | Health Guard Plan – a comprehensive health plan which comes both in the individual and family floater variants Silver Health Plan – a senior citizen health plan which covers pre-existing conditions after 12 months Extra care plus – a super top-up health plan which comes at very affordable premium rates Critical illness for women – a special critical illness plan for women covering women related illnesses |
| HDFC Ergo General Insurance Company Limited | The company has been formed as a joint venture between HDFC Limited and Ergo International AG. It has been given iAAA rating by ICRA | HDFC Suraksha Gold – a family floater plan which has no entry age restrictions and sub-limits on coverage features HDFC Ergo my: Health Medisure Classic Insurance – this plan is for senior citizens which allows lifetime entry and covers all day care treatments Critical Illness Insurance Policy – the plan comes in two variants. One covers nine illnesses while the other covers 16 Health Medisure Super Top Up Insurance – a super top-up health plan at very affordable premium rates |
| Care (Previously called Religare) Health Insurance Company Limited | Religare is a standalone health insurance company which is formed by Religare Enterprises, Union Bank of India and Corporation Bank | Care – this plan comes in many variants with sum insured levels going as high as Rs.6 crores Joy – a specially-designed maternity health plan, Joy covers maternity expenses after a very short waiting period of 9 months only Care freedom – this plan is a senior citizen health plan which is available without any medical check-ups |
| The New India Assurance Company Limited | A government backed company New India is a trusted name in the health insurance industry. It offers a range of health plans with varying coverage levels and benefits | New India Mediclaim Policy – the policy is a comprehensive health plan which provides all the basic coverage features at affordable premium rates Asha Kiran – a health plan with the aim of providing coverage for the girl child, the plan is available to parents of a girl child Cancer medical expenses individual – a cancer oriented health plan which aims to pay for cancer related expenses |
| Star Health and Allied Insurance Company Limited | Star Health is another leading name in the health insurance sector. This is also a standalone health insurer with a gamut of health insurance products in its kitty | Family Health Optima – a family floater plan which offers sum insured restoration feature and comes at affordable premiums Senior citizens red carpet health insurance policy – this is a senior citizen plan which offers sum insured levels of up to Rs.10 lakhs Star Cardiac Care Insurance Policy – a health plan for cardiac patientsStar Net Plus – a one of a kind health plan for HIV positive individuals |
| TATA AIG General Insurance Company Limited | The company is formed as a joint venture between Tata Group and American International Group. A whole lot of general insurance products are offered by the company including health insurance | TATA AIG Mediprime – a health plan which covers all health insurance features TATA AIG Wellsurance Woman – a women oriented health plan which covers 11 critical illnesses pertaining to women TATA AIG Critical Illness – a plan that covers you against multiple critical illnesses |
| Reliance General Insurance Company Limited | Reliance is a leading name in the Indian industrial sector. Its general insurance arm offers a wide variety of products including health insurance | Health Gain – a health plan which gives attractive premium discounts to make the premiums affordable Critical illness plan – the plan covers 10 major illnesses with coverage of up to Rs.10 lakhs |
| Manipal Cigna Health Insurance Company Limited | The company is a joint venture between USA’s global health service provider Cigna Corporation and Indian industry TTK Group | Cigna TTK ProHealth Insurance – a lot of variants are offered in the Pro Health category. Each plan comes with a different sum insured level suiting different coverage needs Lifestyle Protection Critical Care – two plans are available with 15 and 30 illnesses covered under the two variants respectively Pro Health Cash – a health plan providing fixed benefit on each day of hospitalisation |
A look into the top health insurance companies in India
The above list of health insurance companies shows the company composition and the popular plans offered. Here’s a look into the salient features and benefits of each company mentioned in the above list of health insurance companies which are the best –
1. Bajaj Allianz General Insurance Company Limited
- The company has a network of 6500+ hospitals wherein you can avail cashless treatments
- The in-house claim settlement team of the company promises 60-minute claim settlement process
- A range of health insurance plans are available to fulfil all your coverage needs
- The plans offer a comprehensive scope of coverage and yet the premiums payable are affordable
2. HDFC ERGO General Insurance Company Limited
- The company recently acquired Apollo Munich Health Insurance Company thereby increasing the number of plans in its bouquet
- Under many health insurance policies offered by the company, there is no limit on the entry age allowing you to buy the plan even at older ages without any limitations
- The company has launched the Tele Clinic facility for its customers. Customers can download the company’s mobile application and avail doctor consultations online right from their home without having to step out. These consultations are free of cost and can be availed as many times as required
- The company has a strong network of more than 13,000 hospitals throughout India for cashless claim settlements
3. Care Health Insurance Company Limited (Previously called Religare Health Insurance Company Limited)
- A wide range of plan offering including the standard Arogya Sanjeevani Policy and COVID specific health insurance plans. all the plans offer a comprehensive scope of cover at affordable premiums
- There are a wide range of optional coverage benefits under most health insurance plans offered by the company. This allows you to customize your coverage as per your needs
- The company is tied up with more than 16,500 healthcare providers across the world for cashless claim settlements
- The company has a high claim settlement ratio of 95.2% and tries to process and settle the claims within 2 hours of intimation through its in-house claim settlement team
4. The New India Assurance Company Limited
- New India is a public sector general insurance company which is present not only in India but also in 28 countries around the world
- As of the financial year ended 31st March 2021, the company boasted of strong financial with a Gross Written Premium of INR 31,573 crores and a growth rate of around 11.52%
- The company’s asset base comprises of more than INR 74, 000 crores and it had a solvency ratio of 2.11 as of the financial year ending on 31st March 2020
- New India offers a range of health insurance plans for your varying coverage needs and its premiums are also pocket-friendly
- In the year 2020-21, the company recorded an Incurred Claim Ratio of 84.19%
5. Star Health and Allied Insurance Company Limited
- Star Health is a standalone health insurance company which offers some of the widest range of plans in the industry. The company’s Cancer Care policy is a pilot product which is not offered by any other best health insurance company in India
- More than 90% of the company’s claims get settled within 2 hours and the company has settled more than 5.2 million claims ever since it was formed
- The company has a hospital network of more than 11,000 hospitals throughout India for easy cashless claim settlement and it settles its claims in a hassle-free manner with an in-house claim handling team
- The company has won the “Most Innovative Product of the Year” Award in 2020 and is a reputed name in the health insurance industry
6. TATA AIG General Insurance Company Limited
- TATA AIG is considered as the best health insurance company in India because of the trust that the company enjoys. The company has insured more than 5 crore customers and has issued more than 1 crore policies in the last year itself
- The company allows online purchases and issues instant policies where you can get covered instantly
- The company recorded an Incurred Claim Ratio of 68.67% and a Claim Settlement Ratio of 94.43% in the financial year 2020-21
- The company is tied-up with more than 7200 hospitals in India where you can seek cashless treatments without any hassles
7. Reliance General Insurance Company Limited
- The company allows instant policy issuance online without involving lengthy paperwork formalities and the policy is delivered to you within 10 seconds
- Reliance is an ISO 9001:2015 company which also carries the ISO 31000:2018 Risk Assurance Global Certification. These certifications make the company reputed with quality products and efficient services
- For the financial year 2019-20 Reliance had a high claim settlement ratio of 94% showing that it settled its claims duly
- The company has a network of more than 8,000 hospitals in India and is present pan India with a branch network of more than 139 branches in major Indian cities
8. Manipal Cigna Health Insurance Company Limited
- Manipal Cigna is a standalone health insurance company which provides a wide range of health insurance plans for all your health insurance needs
- Ever since the company has been operational, it has settled claims worth INR over 924 crores and approves about 96% of its cashless claims within 2 hours
- Manipal Cigna’s international claim settlement is also sound as the company boasts of having settled more than 1,20,573 claims internationally
- The company promotes healthy living through health rewards in its health insurance plans. There are more than 93,000 customers enrolled under the company’s health rewards programs and they have earned more than 20 crore healthy points through a healthy lifestyle
Compare Health Insurance Plans
There is no denying that a health insurance policy is nothing short of a basic necessity these days, but at the same time, choosing the best health plan can be a little overwhelming. There are more than two dozen health insurance companies in the market today, and all of them offer features and benefits that can make it difficult to pick the best one.
This is where the online planscape Turtlemint can come to your rescue. It makes comparing a number of plans very easy and simple. Let us take a look at the multiple reasons why you should compare health insurance plans:
- Its super easy
Comparing health plans online is extremely simple. The procedure is well illustrated and does not take long. You can compare the features and easily come to a conclusion. - It is convenient
From the comfort of your home you can access the different companies and the features that they offer. At a time and pace of your choice, you can go through the plans on your smartphone, computer, laptop or similar devices. - Quotes from all
When you are comparing different plans, you get to see the different options offered by different companies all in front of you. You see all the plans on one screen which makes it very easy to draw a comparison between the coverage and the prices. - It saves time
Long gone are the times when you needed brochures from different com[anies and then sit with a pen and compare to jot down the cost and coverage of each plan. In a matter of minutes, you can compare the benefits and the premium prices.
How to choose the best medical insurance company for yourself?
From the range of health insurance companies available in the market, choosing the best health insurance company in India might prove challenging. Here are some of the important factors which you can consider to find the top health insurance companies in India for your health insurance needs –
- The range of plans offered: The health insurance needs of different individuals are different. Besides a medical insurance plan which covers hospitalisation expenses, other plans are also needed for an all-round protection. Plans like critical illness plans, disease specific plans, senior citizen plans, etc. are also needed for complete protection. Health insurance companies which offer a wide range of plans are recommended so that you can find solutions to all your health insurance needs at one place itself.
- The coverage benefits: Besides the range of plans, the coverage benefits in the plans are an important parameter as well. The top health insurance companies in India often offer some of the most comprehensive health insurance plans which provide an all-round coverage. Such companies provide coverage even against medical costs which are otherwise excluded from coverage. So, if you choose health plans of the best health insurance company in India you would be comprehensively covered.
- The premium rates: Another important factor is the pricing policy of health insurance companies. The best health insurance company in India would be the one which prices its plans affordably without compromising on the scope of coverage offered.
- The list of networked hospitals: You should always choose a company which has a wide network of cashless hospitals throughout India. When the company has a wide network, it would be easy for you to locate the hospital wherein you can avail cashless claim settlement. So, look for top health insurance companies in India which have the largest hospital network in the country.
- The claim settlement ratio and process: The last thing to check is the claim settlement ratio and process of the health insurance companies. The best health insurance company in India would be the one which has a high claim settlement ratio indicating that it settles most of its claims. Moreover, the top health insurance companies in India would also have an easy claim settlement process wherein you can get your claims settled without hassles. So, look for health insurance companies which have a claim settlement ratio of 90% and above and also those who have in-house claim settlement within the least amount of time.
How to buy the best Health Insurance policy in India with Turtlemint?
Turtlemint is a smart and practical online platform that makes it simple and convenient to choose and then buy the best health insurance plan. Through this platform, you get to customise the health plan that would best suit you and your budget. Buying health insurance online involves a few basic and well-illustrated steps, let us take a look
- Step 1: When you visit Turtlemint, go to health insurance and click “Buy New Policy”
- Step 2: Choose your gender and then select for whom you wish to buy the policy and their age. Then, on the basis of the choices made, you will be asked to make a few more selections
- Step 3: Enter your name, mobile number and email address. You will now be shown a list of selected health insurance plans that suits your requirements the most. Browse through them and select one.
- Step 4: Once you select a plan, you would be shown the features of the plan in detail along with the benefits, out of pocket expenses and exclusions etc
- Step 5: You will now be asked to fill in your contact details, details of the individual to be insured, his/ her medical conditions. You will then see your Order Number on your screen. A representative will soon get in touch with you.
Health Insurance Coverage Calculator
Relying only on your insurance agent for the choice of the plan and the premium is a thing of the past. Thanks to the innovations in the field of insurance, finding out all details of the insurance plan you wish to buy is a matter of a few minutes. With online tools such as the health Insurance Coverage Calculator, you can easily get an estimate of how much the policy would cost you. The coverage calculator also allows you to easily compare the benefits and features that are offered by 2 or more companies.
How Turtlemint helps in choosing the best health insurer in India
Turtlemint is an online platform which is tied up with all the leading health insurance providers in India. At Turtlemint, you can find the available plans of all top insurers and buy a plan directly. Moreover, at the time of claim, you can seek assistance from Turtlemint’s dedicated claim settlement team which helps you in speedy settlement of your health insurance claims.
FAQ’s
Many health insurers provide a specially designed plan covering critical illnesses. You can compare the various critical illness plans and buy a plan which covers the maximum illnesses.
Claim settlement depends on the coverage of the health insurance plan and the authenticity of your claims. Both private insurers and Government owned insurers ensure claim settlement if your claims are genuine and are covered under your health insurance plan.
Family floater health plans are those plans which cover the entire family under one plan. Family consists of the policyholder, spouse, dependent children and dependent parents.
Yes, the Insurance Regulatory and Development Authority of India (IRDAI) regulates the working of both life insurers and health insurers.
Yes, the premiums you pay for health insurance plans qualify for tax deduction under Section 80D up to Rs.25, 000. The limit increases to Rs.50, 000 if you are a senior citizen. You can also claim an additional deduction of up to Rs.50, 000 if you pay health insurance premiums for your dependent senior citizen parents separately.
Yes, you can cancel your health insurance policy after buying it. There are two types of cancellations. The first one is free-look cancellation wherein you cancel the policy within the free-look period. Medical insurance companies allow a free-look period of 15 to 30 days from the date of policy issuance to cancel the plan. If you cancel the plan during the free-look period, the premium would be refunded after deducting the applicable charges. The second one is mid-term cancellation, i.e. cancellation after the expiry of the free-look period. You can opt for mid-term cancellation and on such cancellation the percentage of premium refunded back would depend on the period for which the coverage was active. The longer the policy was active the lesser would be the amount of premium that would be refunded back.
Yes, you can cancel your health insurance policy after buying it. There are two types of cancellations. The first one is free-look cancellation wherein you cancel the policy within the free-look period. Medical insurance companies allow a free-look period of 15 to 30 days from the date of policy issuance to cancel the plan. If you cancel the plan during the free-look period, the premium would be refunded after deducting the applicable charges. The second one is mid-term cancellation, i.e. cancellation after the expiry of the free-look period. You can opt for mid-term cancellation and on such cancellation the percentage of premium refunded back would depend on the period for which the coverage was active. The longer the policy was active the lesser would be the amount of premium that would be refunded back.
Yes, you can switch to another health insurance company through the facility of porting. Portability is allowed by all medical insurance companies wherein you can switch to another health insurance policy offered by another company without losing out on the renewal benefits of the existing policy. Porting is free of cost and is allowed during renewals.
All health insurance companies can be contacted through phone, email, letters and messaging services. You can find the contact details of medical insurance companies on the company’s website itself and then contact the company using the contact details.
If you lose your policy document you can request your health insurance company to issue you a duplicate document in its place. All health insurance companies allow duplicate policies if the original policy bond is lost or destroyed.
