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Top 10 Health Insurance Companies in India 2024
The question of the hour is, "Are you looking for the best health insurance companies?" If yes, then you are at the right place as we are here to provide you with valid answers to all your important questions.
As per the list generated by IRDAI, 28 general insurance companies offer different types of insurance and 5 stand-alone companies offer only health insurance. Although, when it comes to health insurance companies, all 33 health insurance-providing companies are the best.
Defining the top 10 health insurance companies in India does not depend on a singular factor. However, there are multiple criteria defining the same:
- Claim Settlement Ratio (CSR)
- Key features
- Efficient customer support
- Benefits provided
- Customer reviews
What is Health Insurance?
Health insurance is one of the crucial components of financial planning. It offers financial security and peace of mind during the hard times of medical emergencies. Numerous top health insurance companies in India provide a range of the best health insurance in India. Mostly, they promise quick customer support, easy buying procedures, affordable premiums, great features & benefits, and efficient claim processes. But, it is a confusing task to choose the best policy for us out of so many policies readily available today. To solve this problem, we have a compilation of the best health insurance companies in India that offer you the best health plans.
Explore the top 10 health insurance companies in India to make a suitable purchase decision for yourself and your loved ones.
List of 10 Best Health Insurance Companies in India 2024
We have closely analysed each company and found that these top 10 health insurance companies are the best that provide the best health insurance in India.
| Insurance Company | Claim Settlement Ratio for FY (2023-24) | Network Hospitals | Solvency Ratio | Incurred Claims Ratio (2023) |
|---|---|---|---|---|
| Star Health and Allied Health Insurance | 99.21% | 14000+ | 2 | 65 |
| Care Health Insurance | 100% | 11400+ | 1.8 | 53.82 |
| Niva Bupa Health Insurance | 100% | 10000+ | 1.7 | 54.05 |
| HDFC ERGO Health Insurance | 98.59% | 12000+ | 1.7 | 79.04 |
| ICICI Lombard Health Insurance | 98.53% | 7500+ | 2.5 | 77.33 |
| Aditya Birla Health Insurance | 99.01% | 11000+ | 2.3 | 64.48 |
| ManipalCigna Health Insurance | 99.96% | 8751+ | 1.5 | 64.66 |
| TATA AIG Health Insurance | 95.46% | 10000+ | 3.9 | 78.33 |
| SBI Health Insurance | 96.47% | 6000+ | 1.8 | 73.92 |
| Reliance Health Insurance | 98.75% | 10,000+ | 1.5 | 86.31 |
Best Health Insurance Companies: At A Glance
Star Health and Allied Insurance Company
One of the leading standalone health insurance companies, Star Health has amassed a vast customer base and has helped its customers by providing them with comfort and financial security during the hard times. Star Health Insurance has various products of health insurance featuring AYUSH treatment, 14000+ network hospitals for the best Medicare along with domiciliary hospitalization, day-care treatment, and much more.
- You can get a 360-degree wellness system if you purchase your health insurance from Star Health Insurance.
- You can avail of a cashless claim settlement within 2 hours.
- You can get the benefit of AYUSH treatment as well along with other benefits.
- You can opt for the NHCX platform to apply for a claim from Star Health Insurance company.
Care Health Insurance Company
Care Health Insurance formerly known as Religare Health Insurance is a specialized standalone company in India. With a history dating back to its establishment in 2012, Care Health aims to make quality healthcare accessible to every citizen. They offer very innovative and best health insurance policies that cater to the diverse healthcare needs of individuals and families. With a strong emphasis on customer satisfaction and ethical business practices, Care Health Insurance has established itself as a reliable and reputable entity in the Indian Insurance industry.
- Care is one of the top health insurance companies having 24800+ healthcare providers.
- You can get the best health insurance as well as micro-insurance products for rural and urban areas.
- You can avail of health care services at any of the network hospitals. And they have networked with more than 11400+ hospitals in India.
- Advanced treatment procedures like robotic surgery, stem cell therapy etc. are also covered in the top health plans by Care Health Insurance.
Niva Bupa Health Insurance
A standalone health insurance company in India, founded in 2008. The main aim of the company is to provide complete protection against your medical bills. Like any wise investment, health insurance by Niva Bupa can be your valued investment partner. Niva Bupa Health Insurance Company is recognised by several awards ’The Economic Times Best Brand- 2019’ and many others.
- Niva Bupa Aspire is one of the best and top-selling plans in India.
- The most highlighted feature of Niva Bupa Health insurance plans is that you can make a claim and get the process started within 30 minutes.
- You will get coverage for ambulance charges, doctor consultations, organ donors, and daycare.
- Niva Bupa provides the best health insurance to people based in over 190 countries.
- The plan premiums at Niva Bupa start as low as Rs 20 per day.
HDFC ERGO Health Insurance
HDFC ERGO Health Insurance Company is a joint venture of HDFC Limited and ERGO International AG. It has become a prominent insurance company that offers a wide range of healthcare coverage solutions. HDFC ERGO is known for its commitment to providing comprehensive and customer-centric health insurance plans. The company has a network of more than 12000+ branches spread across 170+ places. Their dedication to innovation, transparency, and customer satisfaction sets them apart in the insurance sector.
- With HDFC ERGO health insurance, you can get 100% of your coverage restored instantly after your first claim.
- You can get a free health check-up within 60 days of renewal of the policy.
- The company provides comprehensive coverage related to any medical expenses.
- You will get a 100% restoration benefit on the base coverage if you claim in the same policy period.
ICICI Lombard Health Insurance
ICICI Lombard Health Insurance company has created a prominent niche for itself in the Indian Insurance sector. It is a joint venture of ICICI Bank Limited from India and Fairfax Financial Holdings Limited from Canada. The company offers a wide range of health insurance that covers the expenses of hospitalization, daycare procedures, ambulance charges, and domiciliary hospitalization.
- They offer comprehensive health insurance plans.
- With the family floater plan of ICICI Lombard Health Insurance, you can cover up to 5 members of your family.
- You can get the super top-up plan that can give additional coverage to you and your family.
- The company has insured more than 32.7 million policyholders by now.
Aditya Birla Health Insurance
A subsidiary of Aditya Birla Capital, Aditya Birla Health Insurance is a company that provides several plans to safeguard you in case of a medical emergency. With the plans by Aditya Birla, you will get benefits like cashless treatment, ambulance charges, AYUSH treatment, and much more.
- Aditya Birla Health Insurance has a presence with over 60 digital partners.
- They offer several health insurance plans that can cover everyone, such as children, adults, senior citizens, critical illness patients, and women.
- The main agenda is dedicated customer support.
- The app by Aditya Birla named Activ Health is there to support and motivate you to stay healthy.
ManipalCigna Health Insurance
India’s second largest healthcare chain, in 2014 Manipal Group came up with ManipalCigna health insurance plans to give financial protection in case of medical emergency. By now they have served up to 1 lakh customers with their top-notch health insurance plans
- The usual waiting period for pre-existing diseases is 2 years for all the ManipalCigna health plans.
- You will get the additional benefit of free health check-ups with the top health plans.
- When opting for employer-employee coverage, you will get additional benefits.
- They have been recognised as the Best Innovation for Products in 2024.
TATA AIG Health Insurance
A joint venture between TATA Group and AIG Group. Tata AIG health insurance plans cater to the needs of you and various members of your family. They have plans for individuals, families, women, senior citizens, and children.
- These plans will give financial protection in case of hospitalisation, accident, domiciliary treatment, surgeon cost, OPD coverage, and much more.
- They offer 24 hours claim settlement option.
- They offer ambulance coverage in all of their plans.
- You can opt for a sum insured of up to INR 3 Crores.
SBI Health Insurance
SBI is the nation’s trusted banking option, but they also offer health insurance products. SBI health insurance is one of the fastest-growing private general insurance companies. They are carrying forward the legacy of trust and security of their customers.
- The most transparent, health insurance company that offers many affordable health plan options.
- The claim settlement process is superfast, your claim will be settled within 6 hours.
- You will get the option of several add-on covers for enhanced coverage.
- Ambulance charges will also be covered under the plans by SBI General Insurance.
Reliance Health Insurance
Started in the year 2000, the company Reliance Health Insurance is the independent subsidiary of Reliance Anil Dhirubhai Ambani Group and one of the best health insurance companies in India in 2024. Currently, they have 11 health insurance plans to cater for the needs of the general public.
- Total 127 branches in India.
- Average 4.2 customer rating.
- You can opt for direct claim settlement from the company.
- Their main goal is to make affordable insurance accessible to all.
How To Identify Top 10 Health Insurance Companies In India
As you already know, there are a lot of health insurance companies in India, but choosing the right one for you is a time-consuming process. But, no worries, look for the following factors to determine the top 10 health insurance companies:
High CSR
A claim settlement ratio is the hallmark of trust and reliability for any health insurance provider. A high CSR indicates the number of claims settled by the insurer in a financial year as compared to the number of claims filed. To know the CSR of each company you can visit our data labs.Vast Product Portfolio
The top 10 health insurance companies are the ones that offer a wide range of health insurance products. You need to opt for health insurance providers that offer various health plans like an individual, family, critical illness, senior citizen, etc to suit your every need. Visit PolicyX.com to understand about different companies.Brand Legacy
Opt for legacy brands of health insurance companies that have been around and built customer trust over the years. Such companies are part of the top health insurance companies in the Indian market due to their long-standing service towards the customers with health plans, customer service, and end-to-end claim settlements.Efficiency
The top 10 health insurance companies are the ones that offer prompt and efficient customer support not only during claim settlements but also during queries. Making customers feel supported leads any health insurance company to be a trusted brand. Recognise these companies that will offer support to you in emergencies. You can also call us to understand more.Minimal Limitations
A common USP of health insurance companies in India is designing health insurance plans with minimal limitations. Such as no room-rent limits, no disease-specific sub-limits, etc. Such health plans offer peace of mind and satisfaction to the insured individual.
How to Choose the Best Health Insurance Company?
Choosing the best health insurance company requires careful consideration of several factors. Here are some points to remember before choosing a health insurance company.
Understand Your Needs
Determine what coverage is suitable for your needs and how much you can afford to pay in premiums.Research Your Options
Look for health insurance companies and check for their reviews and CSR reports.Compare Plans
Gather the information on the plans offered by different insurance companies. Pay your attention to the coverage details, including in-network and out-network providers. Also, compare the premiums, deductibles, co-pays, and out-of-pocket maximums.Product Portfolio
When choosing the best health insurance company, always take a good look at their product offerings. Most trusted health insurance companies offer individual and family plans, critical illness plans, senior citizen policies, group health insurance plans, etc to suit everyone’s needs.Check Provider Networks
Make sure that your preferred doctors, specialists, hospitals, and healthcare facilities are in the network of the insurance company.Read the Reviews and Ratings
Check the customer reviews or ratings of the insurance companies you are considering. Pay attention to the satisfaction of the customers and claim processing.Check the Financial Stability
Research the financial stability of the insurance company by reviewing its ratings and financial statements.Understand Exclusions and Limitations
Carefully review the policy documents and understand the coverage, exclusions, and limitations.Customer Service
Try talking to the customer care of the selected company by asking questions and evaluating their response, how they are helping you, and their willingness to assist you.Check for Additional Benefits
Some insurance plans offer a few additional benefits like wellness programs, telehealth services, and much more. Consider whether these extras are valuable to you.Seek Professional Advice
Consider consulting with the expert for your doubts and queries.
Importance of top health insurance companies
There is no doubt, that health insurance can be an important asset and investment in your life. If you have a doubt, let me clear that for you-
Financial Security
Health insurance is the financial safety net for your tough times. It makes sure that your hard-earned savings are reserved for your aspirations and life plans.Quality Healthcare
Imagine you are diagnosed with an illness, now obviously you would want to seek treatments from the best physicians. Health insurance can provide you with quality healthcare.Options Available
Whether you want to secure your family, kids, or spouses, health insurance will provide coverage for everyone. Not only this, but you will also get coverage options for specific conditions like critical illness, accidents, surgeries, etc.Risk Mitigation
Managing finances is the most important task in life. Health insurance helps us mitigate the financial risks associated with unexpected medical emergencies.
To know more about the importance of health insurance, you can check here.
Tax Benefit With Health Insurance
You can opt for any health insurance company to get tax benefits under section 80D. You can check the following criteria to understand tax benefits for different individuals.
| Types of Policyholders | Tax Benefit (Deductions) In Rs. | |
|---|---|---|
| Age above 60 years | Age below 60 years | |
| Parents | 50,000 | 25,000 |
| Dependent children | None | 25,000 |
| Spouse and Self | 50,000 | 25,000 |
| Preventive Healthcare | 5,000 | 5,000 |
Insurance holders are eligible to buy health insurance plans with the tax deductions mentioned above.
Benefits of buying health insurance from top health insurance companies
Top health insurance companies will provide you with security on point. Also,
- Best health insurance companies have dedicated customer service teams that are available at your service.
- These companies have a proven track record of timely and efficient claims settled.
- They are more likely to have the financial resources to meet their obligations, even during challenging economic times.
- You can trust these top companies of health insurance.
- The top health insurance companies have a wider network of hospitals and healthcare providers, giving you more treatment options.
Conclusion
A reliable health insurance policy is essential for safeguarding your financial well-being in case of unexpected medical expenses. The top 10 health insurance companies listed here can serve as a starting point for your research, but you need to dig deeper before selecting the perfect insurance policy for yourself. So, we have chosen these top 10 health insurance companies among 30 companies based on -
- Benefits provided by the company
- Premiums
- Claim settlement
- Customer support
- Customer reviews
To know more about health insurance If you have any doubts, you can call us at the toll-free number 1800-4200-269.
Health Insurer Network Hospitals
Top Health Insurance Company: FAQs
1. Top 5 health insurance companies in India based on claim settlement ratio.
The following are the top 5 health insurance companies in India based on the latest claim settlement ratio (CSR) for the year 2021-22: Care Health Insurance (100%) Niva Bupa Health Insurance (99.99%) Navi Health Insurance (99.99%) ManipalCigna Health Insurance (99.90%) Aditya Birla Health Insurance (99.41%)
2. Which is the most popular type of health insurance?
The 2 most popular health plans are individual and health policies for family.
3. Which health insurance company has the highest incurred claim settlement ratio in India?
As per IRDAI& 039;s 2023 data, Raheja QBE Health Insurance Company has the highest incurred claim settlement ratio which is 138.67%.
4. How many health insurance companies are there in India?
There are a total of 33 companies that provide health insurance in India.
5. Can I port my policy from one health insurance company to another one?
Yes, you can port your health insurance policy from one company to another. You need to follow the process of porting. You can discuss your query with the company and fill out the form for the porting process.
6. Is there any health insurance company in India that covers insulin expenses?
Yes, insulin charges will be covered under diabetes health insurance. Plans from Star Health Insurance, Care Health Insurance, Aditya Birla Health Insurance, HDFC ERGO Health Insurance and many more will cover insulin charges.
7. What are the benefits of a health insurance policy?
Health insurance policy covers pre and post-hospitalisation expenses. It covers you from high and unexpected medical expenses.
8. What does the waiting period for a health insurance policy mean?
Waiting period in health insurance plans is the period for which you need to wait before getting the insurance benefits. It starts from the date of policy commencements and the insured cannot claim health insurance benefits during that time.
9. What are the top 10 health insurance companies in India according to CSR?
The top 10 health insurance companies as per the claim settlement ratio (CSR) are: Care Health Insurance Niva Bupa Health Insurance Navi Health Insurance ManipalCigna Health Insurance Aditya Birla Health Insurance Star Health Insurance Reliance Health Insurance HDFC ERGO Health Insurance ACKO Health Insurance ICICI Lombard Health Insurance
10. How to select the top 10 health insurance companies in India?
When looking to purchase a health plan from the top 10 health insurance companies in India consider the following factors: High Claim Settlement Ratio Vast Product Portfolio Brand Legacy Minimal Limitations Efficiency
11. Which standalone companies are a part of the top 10 health insurance companies in India?
Stand-alone companies like Care Health Insurance and Star Health Insurance are among the top 10 health insurance companies in India. You can opt for a wide range of health insurance products when opting for these stand-alone health insurers.
12. Which is the best health insurance company in India?
According to the latest released report of claim settlement ratio, Reliance General Insurance is the best health insurance company in India with 98.75% of claim settlement ratio.
13. Which health insurance is best for cashless treatment?
Reliance’s health insurance plan, Health Infinity is considered as the best cashless treatment providing up to INR 6.5 Crore as the sum insured.
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Written By: Simran Saxena
An explorer and a curious person, Simran has worked in the field of insurance for more than 3 years. Travelling and writing are her only passion and hobby. Her main agenda is to transform insurance information into a piece that is easy to understand and seamlessly solves the reader’s query.
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