Which are the Top Health Insurance Companies in India 2023?

The general standard of being the best health insurance company in India is to have a track record of prompt claim settlement, good after-sales customer support and a wide range of policies that offer comprehensive benefits. In addition to this, they also have a high claim settlement ratio and a vast network of partner hospitals where policyholders can benefit from cashless claims. 

Some of the top health insurance companies in India include Bajaj Allianz Health Insurance, Aditya Birla Health Insurance, Care Health Insurance and Bharti AXA Health Insurance. For a more comprehensive list of the best health insurance providers in the country and a quick guide on how to choose the right insurer for your policy, check out this article.

List of Top Health Insurance Plans from Leading Health Insurers

Take a look at some of the best health insurance plans of 2023, provided by the top insurance providers in India. You can check these plans out on Bajaj Markets by clicking on ‘View Plans’. 

Benefits of Buying Insurance Directly from Insurance Partner Company 

Selecting the best health insurance company in India and purchasing an ideal health insurance plan are very crucial decisions for any individual. It is going to be your medical coverage. Hence, it is vital that you know why insurance is important and the need to buy it directly from a partner company.

• Variety of Options

If you select insurance brokers or approach an agent, there are chances they haven’t shown you the entire list of health plans available for you. Oftentimes, they focus on higher packages, since they get more commission on selling the same. 

However, this wouldn’t work in your favour as you might miss out on a comprehensive package that was perfect for you. Hence, buying it directly from an insurance company is best since it will not have any such limitations. 

By approaching insurance companies directly, you will get to choose from their various health insurance plans and also compare offerings from different providers. 

• No Commission

When you buy an insurance plan from mediating parties you are also liable to pay them their cut i.e., brokerage or commission. This is a fee in addition to the premium you pay in your insurance policy. Hence, if you buy an insurance plan directly from the company, you will not have to pay any such fees or brokerage.

• Customising Insurance Cover

Insurance companies allow their applicants to customise their health plans as per their needs. There are various customisations available for different medical policies, additional riders to choose from, flexibility in terms of premium payment, and more. Brokers often don’t disclose all customisations. Hence, it would be beneficial for you to directly buy a medical plan from an insurance company.

How to Choose a Good Medical Insurance Company in India? 

Now that the names of the best health insurance companies in India are out, you know who the top players are in the market. But not every leading company can be ideal for you, right? As an individual, you need to compare different aspects of all insurers and pick the best health insurance company in India for yourself. Let’s understand the following factors.

Availability of Plans

The types of healthcare plans provided by insurers is the most important factor when it comes to comparing insurers. Most health insurance providers only offer general health insurance, i.e., family health insurance and individual health insurance. However, there are some insurance companies that have designed separate plans targeting specific genders and age groups. So, go for an insurance company that offers policies apt for you. 

Network Hospitals

These days, health insurance companies have tie-ups with different hospitals to ensure that lack of cash doesn’t influence your decision at the time of a medical emergency. As a policyholder, you do not have to pay a single penny while or after taking the treatment at a partner hospital. Hence, it is imperative that the insurer has multiple network hospitals around your locality.

Claim Settlement Ratio

The health insurance claim settlement ratio says a lot about the insurance company. It is the percentage of the number of claims settled by the total claims received within a financial year that can contribute to determining the best health insurance company in India. Go for a company that has a better claim settlement ratio.

Claim Settlement 

Selecting a company that offers a smooth and quick claim settlement is a crucial factor in determining the medical insurance provider. You want to opt for a provider that will not complicate the process or make claim processing time-consuming for you, especially in your hour of need.

Customer Support

Responsive and friendly client assistance is paramount in the insurance industry. No one wants to be left hanging amid a financial crisis, right? So, make sure that the insurance company offers 24x7 customer support.

Support Team

Any good medical insurance provider will have the best of the support team, which is well-trained in resolving customer queries and always guiding them. Be it a helpline number, email ID or online chat portal, you must go for insurance providers that have a well-rounded support team. This will ensure that you have multiple means of reaching out to them, at your convenience, making it simpler for you to transact, request for claim, and follow up.

Business Volume

In the insurance industry, the business volume can be measured on the basis of the number of policies sold and renewed. Any company with more policies sold has a better market share and hence, is a more credible insurance provider. Business volume as a parameter will help you ascertain if the company is trusted by others.

Online Presence

In today’s day and age, knowing if the insurance provider has a digital presence or not is no less than a deciding factor of how good health insurance companies in India are. Policyholders no longer need to visit the insurance provider’s branch or office, wait in queues, and spend hours discussing details in person. 

Most medical insurance providers have an exhaustive online presence, be it website, mobile application, google search pages, enquiry forms, etc. Hence, always check the digital presence of your insurance provider so you can be certain of how to reach out to them and ensure that your transactions can be done at your comfort.

Customer Feedback & Ratings

Most health insurance companies in India have feedback and testimonials from their existing customers on their website or mobile app. Moreover, there are many insurance aggregators and review platforms that offer honest feedback from customers that have opted for the services of different insurance providers. 

Top medical insurance providers are then ranked or rated by these aggregators for their onboarding process, claim settlement process, customer support, availability, etc. Hence, it is important that you do your due diligence and know customer feedback for the insurance company where you will consider buying a policy.

Awards & Achievement

Higher the number of awards an insurance provider has earned, more are the chances that your insurance provider is a top pick and an ideal choice for policy buyers. There can be several categories of awards, which say a lot about the insurance provider’s services, like the highest claim settlement ratio, best service in the industry, quickest claim settlement, etc. 

You can always search for your medical insurance provider on the internet or visit their website to know about their achievements.

How to Buy a Suitable Health Insurance Policy Online in India Through Bajaj Markets

Here’s how you can explore and buy the best-suited healthcare cover for yourself on Bajaj Markets:

• Step 1: Click on ‘View Plans’ on the top right corner.

• Step 2: Fill out the form with accurate details.

• Step 3: Explore the plans listed on the screen and choose the one that fits you best. You can also include add-on covers to enhance the coverage.

• Step 4: Upload the necessary documents and pay your health insurance premium online.

• Step 5: And that’s it! Your policy shall be emailed to you shortly. 

Difference Between Insurance Companies, Aggregators and Brokers 

When it comes to buying medical insurance policies, you can do so by reaching out to an insurance company, aggregator, or a broker. Let’s understand the difference between these entities with the help of this table.

Best Health Insurance Companies in India

Here are the top health insurance companies in India along with their claim settlement ratios and the number of network hospitals they offer you access to. 

Health Insurance Plans Available at Bajaj Markets