Health insurance is a type of insurance that covers the cost of medical expenses, lost income due to incapacity, and death. It is also known as medical insurance. The best health insurance companies in India will be those that can offer the best services, have the lowest rates, and have the most customer-friendly policies. There are many different types of Health Insurance Companies, and each one has a different way of delivering the same services. That's why we've compiled this list of India's top 10 health insurance companies for you to compare.
List of Top 10 Best Health Insurance Companies in India
There is a total of 30 health insurance companies in India that provide various health insurance plans to cater to different health insurance requirements of different people. Health insurance companies design their health insurance plans for different requirements and needs so that they can offer the right coverage to all their customers.
- IFFCO Tokio Health Insurance Co. Ltd.
- Raheja QBE Health Insurance Co. Ltd.
- Star Health and Allied Insurance Co. Ltd.
- Reliance Health Insurance Co. Ltd.
- Future Health India Insurance C. Ltd.
- Acko Health Insurance Ltd.
- ICICI Lombard Health Insurance Co. Ltd.
- Cholamandalam MS Health Insurance Co. Ltd.
- Bajaj Allianz Health Insurance Co. Ltd.
- Liberty Health Insurance Co. Ltd.
Top 10 Health Insurance Companies in India Based on Claim Settlement Ratio
Out of 30 health insurance companies in India, 25 are general insurance companies that offer other types of insurance policies also in addition to health insurance plans and the rest 5 are standalone health insurance companies. Below is the list of the top 10 health insurance companies based on their claim settlement ratio.
| S.no |
Health Insurance Companies |
Incurred Claim Ratio |
Solvency Ratio |
|
| 1 |
IFFCO Tokio General Insurance Co. Ltd. |
99.49 |
1.73 |
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| 2 |
Raheja QBE General Insurance Co. Ltd. |
97.22 |
3.66 |
Buy Now |
| 3 |
Star Health and Allied Insurance Co. Ltd. |
94.44 |
2.22 |
Buy Now |
| 4 |
Reliance General Insurance Co. Ltd. |
93.96 |
1.65 |
Buy Now |
| 5 |
Future Generali India Insurance C. Ltd. |
90.04 |
1.61 |
Buy Now |
| 6 |
Acko General Insurance Ltd. |
84.64 |
1.91 |
Buy Now |
| 7 |
HDFC ERGO General Insurance Co. Ltd. |
79.30 |
1.90 |
Buy Now |
| 8 |
ICICI Lombard General Insurance Co. Ltd. |
78.00 |
2.90 |
Buy Now |
| 9 |
Cholamandalam MS General Insurance Co. Ltd. |
77.35 |
2.80 |
Buy Now |
| 10 |
Bajaj Allianz General Insurance Co. Ltd. |
77.31 |
3.45 |
Buy Now |
IFFCO Tokio General Insurance Co. Ltd.
IFFCO Tokio General Insurance Company Limited is a leading general insurance company in India. The company was incorporated in the year 2000. It is a joint venture between Tokio Marine, Indian Farmers Fertilizer Co-operative (IFFCO), and Nichido Fire Group. This joint venture was formed with 51% holding of IFFCO and 49% holding by Tokio Marine Group. It is a general insurance company that offers health insurance plans, car insurance plans, bike insurance plans, travel insurance plans, home insurance plans, etc. The insurer offers a wide range of health insurance plans including individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, group health insurance plans, etc.
Raheja QBE General Insurance Co. Ltd.
Raheja QBE General Insurance Co. Ltd. is one of the leading private insurance companies in the Indian general insurance market. Raheja QBE is a joint venture between Rajan Raheja Group and QBE Insurance, Australia’s second-largest global insurer. Raheja QBE has been established to help and create the leading environment for consumers and partners in the insurance sector. While Rajan Raheja Group brings in its extensive knowledge across various business sectors in India, QBE insurance offers global expertise in insurance that together results in innovative insurance solutions for diverse consumers. The company provides health insurance, home insurance, private car, two-wheeler insurance, etc.
Star Health and Allied Insurance Co. Ltd.
Star Health Insurance Company is the biggest stand-alone health insurance company. Star Health Insurance Company was incorporated in the year 2006 as India’s first standalone health insurance provider. Star Health Insurance Company is providing services in Health, Personal Accident and Overseas Travel insurance, etc. Star Health Insurance Company has designed products keeping in mind the requirements of the general public. There are more than 15 health insurance plans available with Star Health and Allied insurance company which cater to different ranges of audiences such as Senior citizens, families, groups, etc.
Reliance General Insurance Co. Ltd.
Reliance General Insurance is a renowned general insurance company established on 17th August 2000. It is a part of the Reliance Group and is referred to as one of the most trusted general insurance companies in India. The company aims to become the first choice of customers in domestic as well as global markets. It caters to different needs of customers with its innovative solutions starting from Reliance car insurance to health, travel products, and much more.
Future Generali India Insurance C. Ltd.
Future Generali Insurance is a joint venture between the Future Group and the Generali Group. The company was established in September 2007 in India. The company deals in a wide range of insurance products. Future Generali offers different kinds of Future Generali health insurance policies to cater to the needs of a wide range of customers such as Personal Accident plans, Critical illness policies, Hospital cash, Arogya Sanjeevani policies, Senior Citizen insurance, etc.
Acko General Insurance Ltd.
Acko General Insurance Limited is India’s first digital insurer and is presently the fastest-growing insurance company in India. Acko General Insurance is one of the private sector general insurance providers in India. The company was founded in November 2016 and follows a complete online leading model of selling insurance products. The company offers a bunch of retail products like car insurance, two-wheeler insurance, health insurance, etc. When it comes to health insurance, the insurance company offers several reliable products that cater to different requirements of people. Customers can opt for customized health insurance plans at affordable rates.
HDFC ERGO General Insurance Co. Ltd.
HDFC ERGO General Insurance Co. Ltd. is a joint enterprise between ERGO International AG and HDFC Ltd. This is the first leading general insurer that initiated product customization for both the rural and corporate sectors. HDFC Ergo General Insurance Company is one of the most trusted and admired general insurance companies in India. When it comes to health insurance, HDFC Ergo General Insurance features a wide array of products including customized policies made for Individuals, Families, Parents and Senior Citizens. The company also offers tailor-made solutions for Critical Illnesses and Personal Accidents.
ICICI Lombard General Insurance Co. Ltd.
ICICI Lombard general insurance company is one of the leading general insurance companies in India offering coverage for Motor, Property, Health, and other classes of general insurance. ICICI Lombard general insurance is the top 1 private sector general insurance company in India with a market share of almost 8% in the year 2021. When it comes to Health Insurance, ICICI Lombard General Insurance offers a wide range of health insurance plans. The health insurance plans offered by ICICI Lombard General Insurance aim to provide wide coverage and quality service.
Cholamandalam MS General Insurance Co. Ltd.
Cholamandalam General Insurance is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. The company extends a large variety of insurance schemes for its urban and rural customer base. The assortment of insurance products offered by the company to its corporate and individual customers includes health, engineering, accident, motor, marine, liability, travel, and rural insurance. When it comes to health insurance, Cholamandalam General Insurance offers a variety of health insurance plans, hospitalization plans, critical illness plans, super top-up plans, and daily benefit plans.
Bajaj Allianz General Insurance Co. Ltd.
Bajaj Allianz General Insurance is one of the popular insurance companies with an impressive claim settlement ratio. It is a joint venture of Allianz SE and Bajaj Finserv Limited. Bajaj Allianz General Insurance offers a wide range of insurance products health insurance product is one. With more than 6,500 network hospitals, the insurer offers cashless treatment to the insured under its health insurance plans. One can avail individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, maternity health insurance plans, etc.
How to Choose the Best Health Insurance Company?
The health insurance industry is one of the most competitive industries in the world. It is important to research and compare different health insurance companies for your needs before choosing one. When you go to purchase a policy, make sure that you are getting the best possible deal for your needs. Here are some tips on how to choose the best health insurance company.
- Research online
- Compare premium rates
- Check claim settlement ratio
- Check network hospitals
- Compare features and extra benefits
- Check exclusions and other terms & conditions