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We have given below the latest extensive list of the best health insurance companies in India that is released every year. It’s important to go through this list of the best health insurance companies in order to select the top health insurance plans for you & your family.
While looking at this list, you must consider a few significant features before you buy health insurance from one of these top health insurance companies. Looking at the features helps you to evaluate the insurance company’s performance. These features include Cover amount, cashless network hospitals, Claim settlement ratio & Incurred Claim Ratio. On priority, you must consider the Claim settlement ratio & no. of network hospitals. So here’s the list of top 29 best health insurance companies in India.
Check out the best health insurance companies doing business in India. Here you can check out their claim record along with the number of network hospitals providing cashless claim service to their customers.
For further deeper evaluation, here’s a list of top 10 things you need to check while you select the top health insurance plans from the best health insurance companies list.
It is not mandatory for employers in India to offer health insurance to their employees. It is left to the discretion of employers to decide whether they want to offer this benefit to their employees.
Yes, you should definitely buy health insurance from your employer in case the organization offers such a benefit. If you feel that the coverage offered by this corporate health insurance policy is not sufficient to meet your requirements, you can supplement it by purchasing a separate policy.
There are NO standalone health insurance companies run by the government of India. However, there is 1 Life Insurance and 4 general Insurance companies under the Public Sector which provide health insurance products to the public.
Health insurance companies have a varied range of plans that they have designed to cater to different health needs of individuals across ages, illnesses, etc. Applicants who meet the required criteria of a plan, as mentioned in the policy document, are eligible for purchasing it. Generally, health plans do not have stringent eligibility criteria, with certain exceptions being related to pre-existing illnesses, medical check-ups, etc. The health insurance plan pays for the medical expenses up to the sum insured in a particular policy year.
There are two kinds of claims that health insurance companies settle - cashless claims and reimbursement claims. Every insurance company has their stipulated time frames for settling both types of claims.
Yes, most leading health insurance companies in India enable policyholders to switch to other companies through the portability feature.
Health insurance companies have a network of authorized hospitals. A policyholder of a certain insurance company can avail cashless benefits on hospitalization and medical expenses incurred in any of their network hospitals by showing their cashless health card subject to approval by the insurance company.
The below is the list of standalone health insurance companies in India:
Health insurance companies have a varied range of plans that they have designed to cater to different health needs of individuals across ages, illnesses, etc. Applicants who meet the required criteria of a plan, as mentioned in the policy document, are eligible for purchasing it. Generally, health plans do not have stringent eligibility criteria, with certain exceptions being related to pre-existing illnesses, medical check-up, etc. The health insurance plan pays for the medical expenses up to the sum insured in a particular policy year.
There are two kinds of claims that health insurance companies settle - cashless claims and reimbursement claims. Every insurance company has their stipulated timeframes for settling both types of claims.
Solvency ratio refers to the size of the capital of an insurance company involved in the ongoing claims at a certain point of time with respect to all the risks undertaken by it. The ratio is a measurement of its current assets versus its liabilities in the form of commitment for claim settlement..
Almost all health insurance companies are offering cashless hospitalization facilities to you. CARE Health Insurance has the highest number of hospitals empanelled on its network, followed by HDFC ERGO, Star Health, Aditya Birla Health Insurance, Reliance, and so on. You can check the table above to know the number of hospitals empanelled by an insurance company.
The top 5 private health insurance companies based on Incurred Claim Ratio (ICR) for the financial year 2018-19 are as under:
Yes, almost all health insurance companies are offering cover for organ donor expenses. This benefit is available as an in-built feature or through an add-on. Before you decide, it is recommended to go through the product brochure and confirm what is included and excluded from the health insurance plan.
It is a big myth that has plagued the health insurance sector. Health Insurance Plans are available in India with benefits that go beyond just hospitalization. Health insurance offers benefits like Pre and Post-Hospitalization, domiciliary treatment, organ donor expenses, ambulance expenses, daycare procedures, OPD expenses, and much more.
Yes, you can easily port your health insurance plan from one company to another. Our Article on “All You Wanted to Know About Health Insurance Portability” (https://www.coverfox.com/health-insurance/articles/health-insurance-portability-all-you-wanted-to-know/) gives you all the details required for porting your existing health insurance plan to a new insurance company.
Diabetes specific health insurance plans cover medical expenses arising due to diabetes. Diabetes Safe Insurance Policy from Star Health Insurance Plan, Energy from HDFC ERGO, Care Freedom from Care Health Insurance are some of the plans that you can look at to take care of your medical expenses arising out of diabetes.
There are 5 standalone health insurance companies and 25 general insurance companies offering health insurance products in India. In short, there are 30 companies providing health insurance to the vast population of India.
For the financial year 2019-20, based on the Incurred Claim Ratio, IFFCO TOKIO General Insurance Company is the best health insurance company.
The standalone health insurance companies operating in India are:
The 4 public sector general insurance companies offering health insurance in India are:
There are 21 private general insurance companies offering health insurance products to the people of India.