Which are the Top Health Insurance Companies in India 2023?

The top health insurance companies in India 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.

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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’. 

Health Insurance Plan

Insurance Provider

Cover

Starting Amount

Check Plans

Group Activ Health Insurance

Aditya Birla Health Insurance

₹5 lakh

₹575/month

Activ Assure Diamond

Aditya Birla Health Insurance

₹5 lakh

₹433/month

Health Guard Silver 

Bajaj Allianz General Insurance Company

₹5 lakh

₹333/month

Health Guard Gold

Bajaj Allianz General Insurance Company

₹5 lakh

₹492/month

Health Guard Platinum

Bajaj Allianz General Insurance Company

₹5 lakh

₹546/month

Care Health Insurance

Care Health Insurance

₹5 lakh

₹672/month

Family Health Care Gold 


(aged 0-40 years)

Bajaj Allianz General Insurance

₹5 lakh

₹708/month

Family Health Care Gold

Bajaj Allianz Health Insurance

₹5 lakh

₹708/month

Super Top-up

Aditya Birla Health Insurance

₹5 lakh

₹433/month

Extra Care Plus

Bajaj Allianz General Insurance

₹5 Lakhs

₹160/month

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.

Insurance Company

Aggregator

Broker

Insurance companies are businesses that create and sell various insurance plans and offer customer support to all policyholders.

Aggregators are third-party sites that compile all insurance plans available with different companies, and list relevant data for customers to compare all plans.

Brokers are the middle-men or agents that sell the insurance company’s products on their behalf to the potential customers.

They offer detailed understanding for each insurance product and end-to-end customer support from purchasing a plan to claiming settlement.

They create an exhaustive platform for customers to find all plans, details of various insurance providers under one roof only.

They sell insurance plans to customers to earn commission or brokerage

An insurance company is a self-running business.

Aggregators generally have no affiliations in their respective market, allowing them to be unbiased in any way.

Employed by different insurance companies to pitch insurance plans on their behalf.

Claim settlement is done by the insurance company itself.

Aggregators have no such responsibility.

Brokers are not responsible for claim settlement, customers have to directly reach out to their insurance provider.

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. 

Insurance Company

Claim Settlement Ratio

Network Hospitals

Reliance Health Insurance Company 

100%

8,200+

Niva Bupa Health Insurance Company

96%

8,500+

Digit Health Insurance Company

96%

10,500+

Care Health Insurance Company

95%

9,400+

Aditya Birla Health Insurance Company

94%

5,700+

Liberty Health Insurance Company

94%

5,000+

Future Generali Health Insurance Company

92%

7,500+

Star Health Insurance Company

90%

9,200+

Royal Sundaram Health Insurance Company

89%

11,800+

Oriental Health Insurance Company

89%

4,300+

Health Insurance Plans Available at Bajaj Markets

FAQs on Health Insurance Companies in India

  • ✔️Which health insurance companies in India offer cashless treatments?

    Aditya Birla Health Insurance, Bajaj Allianz Health Insurance, and Care Health Insurance are a few of the top medical insurance companies in India that allow cashless treatments.

  • ✔️Can I port my health insurance policy from one insurer to another?

    Yes, you can port your health insurance policy from one insurer to another.

  • ✔️Can I compare health insurance plans from different insurers on Bajaj Markets?

    Yes, you can compare multiple health insurance plans from different insurers on Bajaj Markets.

  • ✔️How to choose the best health insurance company in India?

    Here are a few factors that can help you choose the no. 1 health insurance company in India:

    • Customer support

    • Claim settlement ratio

    • Availability of plans

    • Business volume

    Cashless hospitals

  • ✔️Which are the top 10 health insurance companies in India?

    Here are the top 10 health insurance companies in India:

    1. Aditya Birla Health Insurance

    2. Care Health Insurance

    3. Magma HDI Insurance

    4. The Oriental Insurance Company

    5. Bajaj Allianz General Insurance

    6. New India General Insurance

    7. Edelweiss Health Insurance

    8. Navi Health Insurance

    9. HDFC Ergo General Insurance

    10. Manipal Cigna Health Insurance

  • ✔️Does an Indian health insurance company cover the cost of insulin?

    Yes, many top insurance providers like Allied Insurance, Star Health, HDFC Ergo, etc., cover healthcare expenses related to diabetes, like the cost of insulin, in their insurance plans.

  • ✔️ Does a health insurer cover cancer treatment costs?

    Many insurance companies have medical policies that offer cancer covers, like Future Generali Cancer Protect plan, Care Health Cancer Insurance policy, Edelweiss Platinum plan, Aditya Birla Activ Secure – Cancer Secure and Digit Cancer Health Insurance, to name a few.

  • ✔️Is dental coverage delivered by any health insurance company?

    Some insurance companies in India offer health plans that also cover your dental treatment costs, like Star Comprehensive Health Insurance, Bajaj Health Guard Insurance plan, etc. Remember to understand your insurance policy coverage in depth before finalising a medical plan.

  • ✔️Which are the standalone health insurance companies?

    Aditya Birla Health Insurance, Star Health and Allied Insurance, Niva Bupa Health Insurance, Care Health Insurance, and Manipal Cigna Health Insurance are some of the standalone health insurance companies in India.

  • ✔️Which is the best health insurance company in India?

    There are many parameters that are considered in deciding the number one health insurance company, and one of these crucial parameters is the claim settlement ratio. According to the financial year 2021-22, IFFCO Tokio General Insurance had the highest claim settlement ratio of 99.49%, making it number one in that year.

  • ✔️Can a health insurance company cancel your policy without notice?

    Generally, an insurance company can cancel your policy during the first 60 days since it turned active, for any reason they deem fit. However, insurance companies have valid reasons for doing the same. For example, a reason for an insurance company to cancel your policy could be the risk presented by you during the time of policy application has changed since.

  • ✔️Does health insurance premium increase with age?

     Yes, health insurance premiums, unlike your life insurance or term plans, do increase with age. This is true even when the applicant has applied for health insurance at an early age.

  • ✔️Are routine checks covered under any health insurance policy?

    Usually, health insurance plans do not cover the diagnostic health check-ups or doctor consultation fees. However, some plans have provision for a health check-up cover every year or even once in two years.

  • ✔️Which company settled the most claims in 2022-2023 according to IRDA?

    Reliance Health Insurance Company, as of 2022-23, has a 100% claim settlement ratio according to IRDAI.

  • ✔️What is most important when selecting health insurance?

    When selecting health insurance, it is most crucial to analyse and study your insurer’s claim settlement ratio which determines just how efficient they are at seeing through the claims that come in through health insurance policies. Moreover, you must make sure to understand the benefits, coverage, premium prices, add-ons and more before shortlisting the health insurance policies you would like to get. 

  • ✔️Which are the best health insurance companies on the basis of CSR?

    On the basis of claim settlement ratios, you can find insurance companies such as Reliance Health Insurance, Niva Bupa Health Insurance, Care Health Insurance, and more who can be very reliable as health insurance providers. 

  • ✔️Is kidney transplant coverage offered by any Health Insurance company?

    All health insurance plans offer coverage for kidney ailments and related treatments. You can confirm with your insurer the amount they can offer you as coverage for kidney-related diseases and treatments.