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:
- 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