by chatepradip | Aug 19, 2023 | Health Insurance
How to Choose the Top 5 Health Insurance Companies in India: A Guide from PolicyGuruji Insurance
Introduction: Health insurance is a crucial investment that provides financial security during medical emergencies. With a myriad of options available, selecting the right health insurance company can be overwhelming. In this guide, we’ll explore the key factors to consider when choosing the top 5 health insurance companies in India, as recommended by PolicyGuruji Insurance.
1. Reputation and Credibility: Start by researching the reputation and credibility of the insurance companies. Look for their history, financial stability, and customer reviews. Companies with a strong track record of settling claims promptly and efficiently should be preferred.
2. Network Hospitals: Check the list of network hospitals tied up with the insurance company. A wider network ensures that you have access to quality healthcare facilities across various locations. PolicyGuruji Insurance suggests opting for companies with a comprehensive network of hospitals.
3. Coverage and Benefits: Evaluate the coverage and benefits offered by the health insurance policies. PolicyGuruji Insurance recommends assessing factors such as pre-existing conditions coverage, maternity benefits, critical illness coverage, and coverage for alternative treatments.
4. Customization Options: Every individual’s healthcare needs are unique. Look for insurance companies that offer customizable plans. PolicyGuruji Insurance suggests companies that allow you to tailor your policy to suit your specific requirements, ensuring you’re not paying for coverage you don’t need.
5. Claim Settlement Ratio: A high claim settlement ratio indicates the company’s willingness to honor claims. PolicyGuruji Insurance advises selecting companies with a consistent track record of settling claims promptly. This information can be obtained from the Insurance Regulatory and Development Authority of India (IRDAI) reports.
6. Premiums and Affordability: While affordability is important, it’s essential to strike a balance between premium costs and coverage. PolicyGuruji Insurance recommends comparing premium rates across companies offering similar coverage to find the best value for your money.
7. Customer Service: Responsive and efficient customer service is vital in the insurance industry. Choose companies that offer excellent customer support. PolicyGuruji Insurance suggests reading customer reviews to gauge the level of satisfaction with the company’s service.
8. Exclusions and Waiting Periods: Understand the policy’s exclusions and waiting periods. PolicyGuruji Insurance emphasizes reviewing these aspects to avoid surprises when making claims. Look for companies with transparent communication regarding these factors.
9. Additional Features: Some insurance companies offer additional features like wellness programs, discounts on health services, and telemedicine facilities. PolicyGuruji Insurance recommends considering these extras as they can enhance your overall healthcare experience.
10. Expert Advice: If you’re unsure about which health insurance company to choose, seek advice from insurance experts or use online platforms like PolicyGuruji Insurance, where you can compare different policies and get personalized recommendations.
Conclusion: Selecting the right health insurance company is a significant decision that requires thorough research and consideration. By following the guidelines provided by PolicyGuruji Insurance, you can confidently choose from the top 5 health insurance companies in India that align with your healthcare needs and financial goals. Remember, investing in a reliable health insurance policy is an investment in your well-being and peace of mind.
by chatepradip | 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.
policy guruji health insurance
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.
Recent Comments