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Health Insurance Companies

Health Insurance Companies

by | Apr 3, 2021 | Health Insurance

Health Insurance Companies

Started in 1986 in India, the health insurance industry has seen exponential growth in the country. As of now, there are 30 insurance companies in the country that offer health insurance products.

Out of these, 25 are General Insurance Companies in India offering health insurance plans and 5 are Standalone Health Insurance companies. A general insurance company deals in various insurance products such as travel insurance, motor insurance, health insurance, rural insurance, etc. except life insurance, whereas a standalone health insurance company deals only in health insurance.

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Best Health Insurance Companies in India

Below is the list of top health insurance companies in India along with their claim settlement ratio as per FY 2019-2020.

Rank Health Insurance Company Health Claim Settlement Ratio FY20 Network Hospitals
1. IFFCO Tokio General Insurance 96.33% 5,000+
2 Care Health Insurance  95.47% 7,400+
3 Magma HDI Health Insurance 95.17% 4,300+
4 The Oriental Insurance Company 93.96% 4,300+
5 New India General Insurance 92.68% 1,500+
6 Bajaj Allianz General Insurance  92.24% 6,500+
7 Max Bupa Health Insurance 89.46% 4,500+
8 Navi General Insurance 86.98% 5,100+
9 HDFC ERGO General Insurance 86.52% 10,000+
10 Manipal Cigna Health Insurance    85.72% 6,500+
11 Edelweiss General Insurance 85.57% 2,500+
12 National Insurance Company 83.78% 6,000+
13 Future Generali General Insurance 82.96% 5,100+
14 Royal Sundaram General Insurance 81.50% 5,000+
15 Liberty General Insurance 81.03% 5,000+
16 ICICI Lombard General Insurance 78.67% 5,000+
17 Star Health Insurance 78.62% 9,900+
18 United India Insurance Company 78.03% 7,000+
19 Reliance General Insurance 76.43% 7,300+
20 Tata AIG General Insurance 76.04% 3,000+
21 Bharti AXA General Insurance 76.01% 4,500+
22 Kotak Mahindra General Insurance 75.45% 4,000+
23 Acko General Insurance 74.09% 5,000+
24 Aditya Birla Health Insurance 70.81% 6,000+
25 Universal Sompo General Insurance 70.75% 4,000+
26 SBI General Insurance 66.08% 6,000+
27 Go Digit General Insurance 63.56% 5,900+
28 Cholamandalam MS General Insurance 56.25% 8,000+

(Source: IBAI’s General Insurance Claim Insights Handbook – 5th Edition.)

How To Choose The Best Health Insurance Company In India?

Every health insurance company in India has unique features that set it apart from other companies. Also, there is no insurance company that suits everyone.

The definition of the best health insurance company varies from individual to individual depending on their requirements and health goals. For instance, some individuals may find one insurance company best for them due to the wide network of its partner hospitals offering cashless claim facilities, while some others may give more weightage to the quality of services offered or the availability of customer support.

Following are the factors which you must consider while comparing different top health insurance companies in India that meet your requirements:

1. Availability of Health Insurance Plans

One of the primary factors of comparison of different health insurance companies is the types of health plans offered by insurance companies. While some insurance companies offer only generic health insurance plans like the individual health insurance plan and the family floater health insurance plan, some insurance companies offer plans specifically designed for certain categories like for women, children, senior citizens. Choose the insurance company which offers the plan matching your requirements.

2. Cashless Network Hospital

Every health insurance company partners with a number of hospitals at which it allows cashless claim facilities. While choosing a health insurance company, it is wise to know the strength of a cashless network hospital of an insurer. The wider the network, the better it so that you can initiate a cashless claim in a nearby hospital.

3. Claim Settlement Ratio

The claim settlement ratio of a health insurance company tells the percentage of claims settled by it out of the total number of claims received during a financial year. The higher the claim settlement ratio, the better it is.

4. Customer Support Service

Another important factor to consider while choosing a health insurance company is the availability and quality of the customer support service offered by it. It is always good to choose a company which offers 24*7 customer support so that you can anytime get your queries resolved.

5. Business Volume

Business volume means the total number of policies that an insurance company has sold and collected the premium. An insurance company that has sold more policies indicates that it has a larger market share and hence can be trusted by the people. Business volume can be considered as a parameter to judge health insurance companies where higher volume means greater trust among the customers.

6. Claim Settlement Process

Choosing an insurance company that offers a smooth claim settlement process is very important. This is because no one would want to get involved in time taking or complicated processes at the time of emergency. So, it is recommended to go for an insurance company that has lesser claim formalities so that you can save time and effort.

7. Reviews And Ratings

Knowing reviews from the existing policyholders about a health insurance company helps you make an informed decision.  For this, you can read customer reviews for different insurance companies at InsuranceDekho and go for the company that has positive feedback. Also, consider star ratings of the insurance companies which again you can find on InsuranceDekho’s website. You can also do some research in order to choose the best insurance company.

8. Awards and Accolades

On the website of every insurance company, you will find a section of awards and accolades. There you can check how many recognitions a particular insurance company has won. A higher number of awards and recognitions indicate the greater credibility of the company. So, when choosing an insurance company, go with the one that has consistently won several awards and accolades that makes them an all-rounder.

9. Customer Support

A good insurance company has a great customer support team. So, you must choose an insurer who is available 24*7. They must have a helpline number where you can call and get your grievances addressed. Not only call, but you should also be able to reach out to them via email, chat, etc. It makes it easy for you to face several doubts related to health insurance coverage when the insurer is helpful and easily approachable.

10. Digital Presence

Nowadays, the majority of insurance-related work takes place online. This means you are no longer required to visit the insurer’s office, chase insurance agents and pay a lot of bucks as brokerage, or submit a pile of documents to get health insurance coverage. You can simply do all of it by logging in and availing of health insurance services or any related information on the official website of the insurer. So, it is imperative to choose an insurance company that has a good and strong digital presence so that you can purchase and maintain a health insurance policy with the utmost ease.

How To Buy Best Health Insurance Policy Online in India With InsuranceDekho

InsuranceDekho offers a quick, transparent, and paperless process to buy health insurance. All you need to do is follow the simple steps given below and you can own the policy within a few minutes.

Step 1: Visit policy guruji and click on the tab for ‘health’.

Step 2: Select your Gender. Enter your Name and Mobile Number. You will receive an OTP on the provided mobile number, enter that.

Step 3: Tell us when you plan to buy the insurance policy. Click on ‘View Instant Quotes’ to proceed.

Step 4: Select the family members you want to include in the policy along with yourself. Click on ‘Continue’.

Step 5: Select the age of the selected family members. Click ‘Continue’.

Step 6: Enter your Email ID and City and click on the ‘Submit and View Quotes’ button. Quotes customized as per your details will appear on your screen. Choose the one which best suits your requirements.

Step 7: Choose the tenure of the selected health insurance plan, enter the required details, and proceed with the payment.

After successful payment of the health insurance premium, you will receive the policy documents via mail within the stipulated time.

10 Tips To Choose The Right Health Insurance Plan

10 Tips To Choose The Right Health Insurance Plan

by | Apr 2, 2021 | Health Insurance

  1. When it comes to buying health insurance, people often purchase it to save tax, but override the actual health concerns and treatment costs that can pinch a hole in their pockets. Therefore, it is mandatory to have a health insurance policy to ensure complete fiscal protection for an unforeseen circumstance or medical emergency. In this article, we will tell you about the top 10 tips that will help you buy the right health insurance.

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10 Tips To Choose The Right Health Insurance Plan

The following is a list of 10 tips that will help you to buy the right insurance plan.

  • Choose The Right Sum Insured

Your sum insured should be10 times your annual income to offer you maximum compensation in times of need.

  • Choose Lifetime Renewability

Select a health insurance policy that comes with a lifetime renewability feature that will allow you to have a health cover for critical ailments during your post-retirement days.

  • Don’t Choose Claim Loading

Avoid buying insurance plans that come with a claim loading feature where your premiums keep increasing even if you make a critical illness claim, making your policy unaffordable.

  • Choose Restore Limit

Settle for a health insurance policy that comes with a restore limit feature and adds coverage to your sum insured amount. For example, if your sum assured amount is INR 5 Lakh and you have a restore limit of INR 5 Lakh, your total critical illness coverage will be INR 10 Lakh at no extra cost.

  • Don’t Provide Misinformation

You must never provide misinformation to your insurance company as it can lead to your policy’s cancellation as fraud. If you are not truthful about any illnesses or underlying medical conditions, you can get your claims rejected for lack of justification.

  • Select Short Waiting Period

Most insurance policies come with a waiting period of 2 to 5 years during which you are not allowed to make any claims to your insurance provider. However, shorter waiting periods of about 4 to 6 months are also provided, and be wise to select a policy with the shortest waiting period to avail maximum benefits.

  • Choose Minimal Sub Limit

Buy an  insurance plan that offers you a minimal sub-limit and reduces the  restriction on your medical expenses. It is not possible to pre-decide the required hospital room facilities or drugs that will be administered to you and your family and you must check this before you buy a policy.

  • Compare Online

Do not forget to compare your policy online for a different perspective. It gives you an idea of different quotes, premium rates, and benefits and allows you to choose the best plan suited to your financial capacities.

  • Choose Early Protection

Buying life insurance early comes with benefits. Since you are likely to make less claims as a young person, your no-claim bonus and other benefits will add up to your original coverage every year and you will receive a lump sum amount at the end of your policy tenure.

  • Choose The Right Rider

Riders are additional options that you receive with your comprehensive health insurance plan at the payment of a slightly higher premium. They offer extra protection for specific cases such as an accident, critical illness, or a disability. Choose the right rider that will boost your coverage.

Take Away

You should take heed of these different options to secure the maximum protection for yourself and your loved ones, However, this list is only suggestive and the plan that you buy will ultimately conform to your financial and medical requirements.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Health Insurance Solutions for all Ages

Health Insurance Solutions for all Ages

by | Mar 27, 2021 | Health Insurance

What, according to you, is the right age to buy a health insurance policy?

Many of you believe that health insurance is needed when you are older because that is the age when you are most likely to suffer from illnesses or diseases. However, the fact is quite different from this belief. A health insurance policy is needed at all ages, even for a new born, because illnesses, injuries and diseases are not age specific. Even children can become a victim to diabetes or heart related ailments. So, you need to insure yourself and your family members under suitable health insurance plans at all ages.

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Health insurance plans are also designed in such a manner that they fulfil the specific needs of individuals at different ages. So, let’s have a look at the relevance of health insurance at different ages and which insurance policy would be right to provide the required coverage –

  • Health insurance for new-borns

    Why? – New-borns are prone to infections and illnesses since their immunity is very weak. That is why you take utmost care when raising a new born baby. If the baby suffers from any illness after delivery or if the delivery is complicated and baby needs additional medical attention, the medical costs can be considerable. Moreover, the cost of vaccinations in the first year is also quite high. That is why a health cover is needed for new-borns.

    How? – You can invest in a family floater health plan which has coverage for the new born baby as well. Usually, such plans cover the baby for up to 90 days post birth. After that, you need to pay an additional premium to get the baby covered. Look for plans that also cover first-year vaccinations so that the vaccination costs are also handled.

    Pro tip: Check the limit of coverage on the new born baby. Opt for a plan which has a high coverage level for adequate cover.

  • Health insurance for infants and dependent children

    Why? – Infants are also in their growing stages when they are prone to illnesses and diseases. In case of children aged 5 years and above, there are increased chances of accidental injuries. Moreover, children can also contract diseases and lifestyle illnesses given their changing lifestyle habits. That is why you should have a health insurance cover for your children so that when they get sick, the policy would cover your medical expenses.

    How? – Buy a family floater health plan and cover your dependent children under it. Ensure that the plan has an optimal sum insured to cover the expensive medical costs.

    Pro tip: Dependent children can be covered from 91 days to up to 23 or 25 years. After the maximum age, you need to insure your children under an individual health plan.

  • Health insurance for young adults

    Why? – Young adults, i.e. those in the age group of 25 to 35 years, need health insurance plans to cover them against possible illnesses and injuries. Moreover, when you buy a health plan young, you can avail comprehensive coverage and even wait out the waiting period applicable for pre-existing illnesses.

    How? – If you are married, invest in a family floater health plan for you and your spouse. Choose a plan with maternity coverage if you are planning a family soon so that the maternity costs would also be covered under the plan. If you are not married but would be married soon, you can buy an individual coverage and then convert it to a floater plan after marriage.

    Pro tip: For your dependent parents, opt for an independent senior citizen policy. This would help you avoid frequent claims and also give you an additional tax benefit.

  • Health insurance for adults

    Why? – As you age, you become prone to illnesses. As such, a health insurance policy is a must for you and your family members.

    How? – Invest in a comprehensive family floater plan covering all your family members. Choose a senior citizen policy for your dependent parents and cover them separately. Opt for a high sum insured or buy super top-up plans to enhance the coverage at affordable premiums.

    Pro Tip: Try and supplement your health plan with a critical illness plan as well. This policy would give you an added financial assistance in case of critical illnesses.

  • Health insurance for senior citizens?

    Why? – Once you cross 60, your health slowly starts deteriorating and different ailments set in. Your employer sponsored cover also expires once you retire leaving you without coverage. A health insurance plan is, therefore, essential in older ages.

    How? – Choose senior citizen health insurance plans if you don’t have an independent health insurance policy. If you already have an independent health plan, check the sufficiency of the coverage. While your existing plan allows lifelong renewals, you should enhance the sum insured for sufficient coverage.

    Pro tip: Health plans that cover senior citizens have a co-payment ratio wherein you are responsible to pay a part of the claim yourself. Check the co-payment ratio of the policy when buying.

As you can see, health insurance is needed at all ages and there are policies designed to provide you coverage at whatever age you are in. So, assess your and your family’s health insurance needs and pick the right coverage for an all-round protection.