Published: Nov 8, 2023, 6:38pm
The healthcare sector of India has progressed immensely and the main contributing factors have been the advancement of medical technology along with the expansion of health insurance schemes. Now individuals can cover themselves and their family and secure their health without incurring unplanned medical expenses. Now, purchasing a health plan is no more a cumbersome process and can be bought quickly within minutes.
Let’s have a look at the list of various health insurance companies in India along with their health insurance plans.
Featured Partners
1
Aditya Birla Activ Fit Health Insurance
Sum Insured
INR 2 lakh to INR 2 crore
Network Hospitals
10,000+
Minimum and Maximum age
5 years and no limit
On Aditya Birla’s secure website
2
Tata AIG Health Insurance
Tax Benefit
Upto INR 75,000
Cashless Hospitals
10,000+
Claim Settlement Ratio
94.21%
On TATA AIG’s secure website
3
Acko Health Insurance
Initial waiting period
0 Days
Claim Settlement Ratio
98%
Other Benefits
No room rent limit, 100% Bills covered
On Acko’s secure website
Now that you have seen the list of health insurance companies in India, read our article Best Health Insurance Policies of India, to know the best health insurance plans from the insurance providers.
Select IRDAI Approved Health Insurance Company: The IRDAI (Insurance Regulatory and Development Authority) is the regulator of the insurance sector in India which is responsible for the development and regulation of the insurance companies.
Brand Reputation: While comparing the different health insurance companies, do not just select the company on the basis of premium quotes, the overall brand reputation of insurance companies also matters a lot especially during the time of medical emergencies.
Claim Settlement Ratio: Past track record of claim settlement ratio is extremely crucial while selecting a health insurance policy. A health insurance company must be speedy enough to approve the claim requests and provide the necessary assistance on time. So, before picking your health insurance company, check its claim settlement ratio.
Network Hospitals: The covered individuals are allowed to avail cashless treatment at networked hospitals. In such cases, the policyholder does not need to follow any reimbursement procedure to get financial assistance. Choose health insurance companies with a maximum number of network hospitals, so that you can avail cashless treatment every time.
Compare Different Health Insurance Providers: Compare the health insurance providers on the basis of premium quotes, policy terms and conditions, inclusions and exclusions and other crucial factors. Doing so will surely help you pick up a proper insurance provider without any compromise on financial security during medical emergencies.
Analyze The Policy Document: Read all terms and conditions in your policy documents which further helps to understand the benefits and coverage of the policy. This will help the policyholder to maximize its benefits in the long term.
You can buy the health insurance policy directly from the insurance company at any given point of time. Online buying allows you to avail various online discounts which helps in lowering the premiums. The online policy also involves zero paperwork and saves a lot of time as the policy gets issued within just a few minutes of buying.
Steps To Buy A Health Insurance Policy Online:
Featured Partners
1
Aditya Birla Activ Fit Health Insurance
Sum Insured
INR 2 lakh to INR 2 crore
Network Hospitals
10,000+
Minimum and Maximum age
5 years and no limit
On Aditya Birla’s secure website
2
Tata AIG Health Insurance
Tax Benefit
Upto INR 75,000
Cashless Hospitals
10,000+
Claim Settlement Ratio
94.21%
On TATA AIG’s secure website
3
Acko Health Insurance
Initial waiting period
0 Days
Claim Settlement Ratio
98%
Other Benefits
No room rent limit, 100% Bills covered
On Acko’s secure website
Well, it totally depends on the covered individual needs and requirements. However, one should look at the parameters such as claim settlement ratio, cashless network, reputation of the company and the policy inclusions and exclusions.
If your health policy gets lapsed, remember that you are not covered any longer under the same policy. It is advisable to apply for the renewal or new policy at least 45 days prior to the date of expiration of the insurance policy.
As per the rules, if any health insurance company offers a benefit of lifetime renewability, then the company allows the policyholder to renew the policy without again applying from scratch for a new health insurance policy. Through this option, the policyholder can renew the plan for a lifetime and continue to receive a policy coverage for life.
1. Aditya Birla Activ Health + Multiply Fit Combo
2. ICICI Lombard- Complete Health Insurance Policy
3. STAR Health’s Senior Citizens Red Carpet Health Policy
4. HDFC ERGO My: Health Women Suraksha
5. Care Youth Health Insurance plan
6. Niva Bupa Health Pulse Policy
7. Reliance Health Gain Policy
8. Royal Sundaram Family Plus Policy
9. Bajaj Allianz Criti Care Policy
10. IFFCO Tokio Personal Accident Insurance Policy
11. Tata AIG Super Top Up Policy
The health insurance policy offers tax benefits on the premium amount paid by the policyholder. The premium is tax-deductible under Section 80D of the Indian Income Tax Act. The maximum amount of deduction on premiums paid for self and family (if senior citizen) plus premiums paid for separate health insurance for parents is INR 1 lakh every year.
Care Health Insurance is the health insurance company with the highest Claim Settlement Ratio or CSR of 100% in FY 2021-2022 as declared in IRDAI Annual Report 2021-22.
Care Health Insurance has the largest network providers of more than 20,000 hospitals across India, followed by Aditya Birla Health Insurance, Digit General and Star Health and Allied insurance company.
If we talk scope-wise, then the flagship scheme of the government of India, Pradhan Mantri -Jan Arogya Yojana (PM-JAY) is one of the largest health insurance schemes in India, fully financed by the government. PM- JAY offers health coverage to almost 12 crore families (nearly 55 crore beneficiaries) forming 40% of India’s population.
Rashi Maheshwari is a former Deputy Editor for Forbes Advisor India.
Best Health Insurance Company in India November 2023 – Forbes … – Forbes
