Best Health Insurance Companies in India 2019

By | June 10, 2019

The inclination towards buying health insurance in India is rising gradually. This explains why the number of best health insurance companies in India are gradually coming up with new-age health insurance plans keeping in mind the rising costs of treatment and specific needs of various groups of customers in India.

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Best Health Insurance Companies in India

Some of the best health insurance companies that have been listed by the Insurance Regulatory Development Authority of India (IRDAI) include: –

Apollo Munich Health Insurance Company:

Apollo Munich Health Insurance company brings forth the expertise and experience of Apollo Hospitals reputed for their healthcare services across Asia and Munich Health, the health business division of Munich Re, a renowned German health business firm. This insurance company boasts of an impressive Incurred Claim Ratio, which highlights the ease at which policyholders are able to seek claim on the policies that they buy from this insurance company.

One may choose from the multiple plans sold by Apollo Munich Health Insurance. These plans include Optima Restore, Optima Senior, Easy Health Standard, Easy Health Exclusive and Easy Health Premium.

Features of Apollo Munich Health Insurance Company: 

  • Policy benefits including restore benefit, multiplier benefit, etc are inbuilt in these plans
  • Lowest health insurance cover available in each plan is Rs 1 lakh while the maximum can go up to any amount depending on one’s needs
  • Customers may choose between individual and family floater health insurance cover options available
  • Benefits of cashless hospitalization available in more than 4500 hospitals across the country
  • Option to pay for add-on covers to enhance the scope of their existing health insurance policies
  • Insurance cover available for babies more than three months old
  • Policyholders rewarded with 10% cumulative bonus for each claim-free year

Benefits of Apollo Munich Health Insurance Company: 

  • Comprehensive health insurance cover available at nominal prices
  • Cashless facility ensures hassle-free treatment at one’s choice of hospital
  • High CSR, which implies hassle-free claim settlement
  • Health insurance portability available
  • No Claim Bonus (NCB) for each claim-free year
  • Tax Benefits on the premiums paid.

Star Health & Allied Insurance Company:

Star health and allied insurance company stand tall when it comes to health insurance business and sale of overseas mediclaim policies. One of the benefits of buying health insurance from this company is that the latter has an in-house claim settlement process to deal with cashless treatment claims made by their customers. Moreover, this company sells a range of health insurance policies that cover grievous illnesses like diabetes, HIV, etc.

Features of Star Health & Allied Insurance Company: 

  • Extremely high CSR underscores the company’s focus on settling its customers’ claims
  • Four years waiting period

Benefits of Star Health & Allied Insurance Company: 

  • Cashless hospitalisation across a network of more than 8200 hospitals in the country facilitates hassle-free treatment;
  •  Waiting period limited to four years, thus, allowing customers to avail benefits of hospitalisation and medical treatment four years after the policy proposal;
  • Lifetime renewability

Max Bupa Health Insurance Company:

Max Bupa health insurance company continues to gain reputation from the innovative and myriad health insurance products that it sells. With a wide customer base of more than 29 million in roughly 190 countries, this company continues to grow in the health insurance domain every year. Currently, the company is selling nine different types of health plans online to its customers.

Features of Max Bupa Health Insurance Company: 

  • Health insurance plans sold by this company cover four members including two children and two adults
  • Lifelong renewability features available
  • Zero or no sub-limits on room rent

Benefits of Max Bupa Health Insurance Company: 

  • Lifelong renewability ensures cover each year;
  • Zero involvement with the TPA and direct contact with the company’s customer care team ensures quick resolution;
  • Maternity and new-born child benefits also included;
  • High CSR indicates the company’s increased involvement in claim settlement.

SBI Health Insurance Company:

SBH-health insurance company has a whopping 14000 branches across the globe. Formed as a result of a joint venture between the State Bank of India and Insurance Australia Group, the SBI Health Insurance Company has an Incurred Claim Ratio that exceeds 75 percent, which means that it has paid a majority of the claims raised by its policyholders.

Features of SBI Health Insurance Company: 

  • Minimum health cover is Rs 50,000 while the maximum cover can go up to Rs 500,000
  • Customers, aged above 45 years, are not required to undergo any kind of medical test
  • Entire family can be covered under one comprehensive family floater policy
  • Both purchase and renewability of plans are possible online

Benefits of SBI Health Insurance Company: 

  • Wide range of options for customers to choose from
  • No sub-limits on room rent, ICU charges, consultancy fees, etc.
  • Tax benefits available under Section 80D of the Income Tax Act
  • Policy renewability possible
  • All-around customer care assistance for easy claim settlement
  • Discounts on premiums charges for every claim-free year

Religare Health Insurance Company:

Religare health insurance company, though comparatively new than other best health insurance companies in India, has shown tremendous potential in the health insurance sector. With offices in more than 1700 locations across India, customers find themselves at the winning end when seeking counsel to either opt for modifications in their policy or seek claims, if and when necessary.

Features of Religare Health Insurance Company: 

  • Six members covered under this plan
  • Lifelong renewability allowed
  • Pre- and post-hospitalisation expenses covered under this plan
  • Free health check-ups to policyholders
  • Four years’ waiting period

Benefits of Religare Health Insurance Company:  Sponsored Ads

  • Cashless benefits available across more than 4100 network hospitals across the country
  • High claim settlement ratio
  • No Claim Bonus can go up to a maximum of 150 per cent
  • Easy claim settlement process explains its increasing repute

Cigna TTK Health Insurance Company:

Just more than four years old, this company has climbed up the ranks to be classified as one of the most sought-after health insurers in the country. This health insurance company sells six major health insurance products, the chief benefits of which have resonated well with its customers.

Features of Cigna TTK Health Insurance Company: 

  • Health maintenance benefit allowed
  • Cover on organ donation expenses available
  • Vaccination expenses covered under the first year of the policy
  • Maternity expenses borne under this cover
  • Annual health check up facilities available
  • In-patient hospitalization, Pre-hospitalization and Post hospitalization expenses covered

Benefits of Cigna TTK Health Insurance Company: 

  • 60 days pre-hospitalisation cover provided
  • 180 days post-hospitalisation cover available
  • Domiciliary Hospitalization covered up to the total amount of Sum Assured
  • Organ donation expenses covered
  • No Claim Bonus benefits available for every claim-free year
  • Cover for Expert Opinion On Critical Illness available
  • Ambulance Coverage to the extent of Rs 3000 on each hospitalization

Bajaj Allianz General Insurance Company:

An alliance between one of India’s indigenous companies Bajaj Finserv with Allianz SE, resulted in the formation of this health insurance company. The company’s three major health products including Health Guard, Silver Health and Star Package have been created keeping in mind the customers’ specific needs in addition to the increasing dent that hospitalization costs make in our savings. This company offers both online and offline health insurance products and was the first to introduce the concept of Third-Party Administrator (TPA) in the Indian health market.

Features of Bajaj Allianz General Insurance Company: 

  • Six members covered under this policy, including four adults and two children
  • Lifelong renewability allowed, thus, allowing policyholders to stay covered throughout
  • 60 days before hospitalisation and 90 days after hospitalisation expenses covered
  • Waiting period limited to four years, thus, allowing policyholders to seek treatment of their pre-existing illnesses after four years of policy inception
  • No sub-limits on room rent

Benefits of Bajaj Allianz General Insurance Company: 

  • No Claim Bonus available up to a maximum of 50 percent
  • All-around customer care service
  • Cashless settlement available in more than 6000 affiliated hospitals
  • Hassle-free claim settlement procedure
  • High Claim Settlement Ratio

New India Assurance Company:

Owned by the government, this insurance company has been running its operations in the country since 1919. The health insurance plans floated by this company have been described as highly cost-effective and affordable by its customers. At present, the company sells 11 health insurance products both online and offline.

Features of New India Assurance Company: 

  • Six members covered under this policy, including four adults and two children
  • 30 days before hospitalisation and 60 days after hospitalisation expenses covered
  • Health check-up costs paid by the company after three claim-free years
  • Four years’ waiting period

Benefits of New India Assurance Company: 

  • Incurred claim settlement ratio beyond 100%
  • Government-owned
  • Large network of affiliated hospitals eases the cashless settlement process

Oriental Health Insurance Company:

Oriental insurance company is a government-owned insurance company holds special appeal to its customers as it does not require its customers, aged below 60 years, to undergo medical tests mandated by most other insurance companies in the country. This company operates through more than 30 regional offices and 1800 operating centers throughout India. Moreover, it is the high claim settlement ratio that explains its customers’ increasing trust in its health insurance operations.

Features of Oriental Health Insurance Company: 

  • Cashless settlement through a large hospital network
  • Comprehensive cover available at low prices
  • Daily cash allowance as per the sum insured
  • High claim settlement ratio

Benefits of Oriental Insurance Company: 

  • In-patient hospitalization costs covered
  • 30 days before hospitalisation and 60 days after hospitalisation expenses covered
  • Domiciliary treatment costs up to a certain limit
  • Organ donor charges covered
  • Maternity cover charges paid
  • Convalescence benefit unavailable

Also Read: Hidden Health Insurance Benefits That No One Has Told You

National Health Insurance Company:

Deemed as one of India’s largest general insurance companies, this company is reputed for selling both plans that provide customized operations in addition to comprehensive coverage options. The features and benefits of health insurance plans sold by this company are unique and can be availed by all for a minimum tenure of one year that can extend to a maximum of three years. Available both online and offline, the premium charges of the health insurance plans sold by this company are nominal and within reach by customers of every economic section of the country.

Features of National Insurance Company: 

  • Hospitalization expenses covered
  • 30 days before hospitalisation and 60 days after hospitalisation expenses covered
  • Domiciliary treatment up to 20% of sum insured, subject to a maximum of Rs 50,000
  • Organ donor expenses covered
  • Add on covers such as critical illness and out-patient treatment available

Benefits of National Insurance Company: 

  • Pre-existing disorders like diabetes and hypertension covered on payment of additional premiums
  • Critical illness cover available in addition to the sum insured
  • Outpatient treatment facility options available
  • No claim bonus and good health incentives in lieu of claim-free years

Buying health insurance is a must in today’s times. However, the kind of health insurance plan you wish to pay for depends on your requirements and budgetary limits. You can buy health insurance plans from any of the above-listed companies according to your budget and requirements.

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