The top ten Health Insurance Companies in India in 2022
Health insurance is a type of insurance that pays for all or part of a person’s medical expenses. Many people are exposed to risk, just as they are with other types of insurance. By evaluating the entire risk of health risk and health system expenses over the risk pool, an insurer can build a routine finance structure, such as a monthly premium or payroll tax, to give the money to pay for the health care benefits provided in the insurance agreement. The benefit is administered by a central entity, such as a government agency, a commercial firm, or a non-profit organisation.
According to the Health Insurance Association of America, health insurance is described as “Benefits payments as a result of sickness or accident are covered under this policy. It covers things like accidents, medical bills, incapacity, and accidental death and dismemberment “.
Every health insurance company in India has unique features that set it apart from its competitors. Furthermore, there is no such thing as a one-size-fits-all insurance company.
Depending on their circumstances and health goals, each person defines the best health insurance company differently. Some customers may prefer one insurance company over another because of its large network of partner hospitals that provides cashless claim services. On the other hand, others may place a premium on service quality or customer service availability.
The following are the factors to take when comparing different top health insurance companies in India that meet your needs:
- Health Insurance Plans Available
When comparing different health insurance providers, insurance companies’ types of health plans are critical factors to consider. While some insurance companies only offer general health insurance plans such as individual and family health insurance, others specialise in coverage for women, children, and the elderly. Select an insurance provider that offers a plan that suits your requirements.
- Hospital with a Cashless Network
Every health insurance provider has partnered with several hospitals to provide cashless claim services. It is critical to examine the strength of the insurer’s cashless network hospital when choosing a health insurance provider. You’re more likely to file a cashless claim at a local hospital if the network is extensive.
- The Ratio of Claim Settlement
The claim settlement ratio of a health insurance company is the percentage of claims it settles out of the total number of shares it receives in a particular, fiscal year. If the claim settlement ratio is higher, it is preferred.
- Customer Service Support
When choosing a health insurance carrier, it’s vital to think about its customer service availability and quality. Finding a company that provides customer support 24 hours a day, seven days a week is usually a wise option so you can get answers to your inquiries at any time.
- Size of the Company
Business volume refers to an insurance company’s total number of policies sold and premiums collected. An insurance company that sells more policies has a larger market share and, as a result, is more likely to be trusted by the general public. Business volume can evaluate health insurance companies, with a higher book reflecting more consumer trust.
- Claim Resolution Procedures
It is important to select an insurance provider with a speedy claim settlement system. This is because no one wants to be involved in time-consuming or complex operations in the event of an emergency. As a result, to save time and effort, it is recommended that you choose an insurance provider with fewer claim requirements.
- Ratings and Reviews
Knowing what former policyholders have to say about a particular health insurance company might help you make an informed decision.
- Accolades and Awards
Every insurance company’s website includes an awards and honours section. You can discover how many honours a particular insurance company has gotten there. The more benefits and recognition a company receives, the more respectable it is. So, when choosing an insurance company, look for one that has received numerous awards and honours over time, demonstrating that they are a true all-rounder.
- Customer Service
A good customer service department will be found in a reputable insurance company. As a result, you must choose available insurance seven days a week, 24 hours a day. They should set up a hotline to call and get your complaints addressed. You should reach out to them through phone, email, chat, and other methods. It is easier to resolve numerous concerns about health insurance coverage when the insurer is friendly and approachable.
Following are the top 10 Health Insurance Companies-
1. HDFC ERGO General Insurance Company
It is a 51:49 joint venture between HDFC and ERGO International AG, one of the Munich Re Group’s insurance subsidiaries in Germany that operates in the BFSI industry. Retail, corporate, and rural markets are all served by the company. Health, vehicle, travel, home, personal accident, and cybersecurity policies are with the retail sector’s offerings. Liability, marine, and property insurance are with the corporate products available. The rural industry provides crop insurance and animal insurance to farmers.
2. Star Health and Allied Insurance Company Limited
It is a multinational Indian health insurance firm based in Chennai, Tamil Nadu. The organisation offers health, personal accident, and international travel insurance directly and through agents, brokers, and the internet. Star Health is involved in bancassurance, with long-standing relationships with many financial institutions.
3. Niva Bupa Health Insurance Company Limited
Niva Bupa is a health insurance company based in India established in 2008. The company’s headquarters are in New Delhi, India. It began as a collaboration between Max India Limited and Bupa, an international healthcare company based in the United Kingdom. Since early 2019, when Max India sold its whole stake to True North, Max Bupa has collaborated between Bupa and private equity firm True North. The paid-up capital of the corporation is 926 crore (US$120 million).
India’s Insurance Regulatory and Development Authority regulates the company (IRDAI). Niva Bupa Health Insurance began operating in 2010.
It linked with the Insurance Regulatory and Development Authority’s Integrated Grievance Management System in real-time in June 2011, making it India’s first health insurance provider to do so.
The company debuted ‘AnyTimeHealth (ATH)’ devices in April 2019 that allow customers to purchase health insurance in a matter of seconds.
In February 2019, Fettle Tone LLP, a subsidiary of private equity firm True North, paid 510 crores (US$68 million) for Max India’s whole 51 per cent stake. Insurance is distributed through an agency force by HDFC Bank, Karur Vysya Bank, Bank of Baroda, Indian Bank, and IDBI Bank.
4. SBI General Insurance Company Limited
The largest state-owned banking and financial services corporation in India is the State Bank of India (SBI). SBI controls 70% of the company’s total capital. Axis Bank Asset Management Co. Ltd, Premji Invest, and Warburg Pincus are with the other investors.
Personal accident, home, health, travel, and auto insurance are with its retail offerings, while aviation, marine, fire, liability insurance, engineering, and construction are with its commercial offerings. ICRA Limited assigned the company an iAAA rating in 2009.
Prakash Chandra Kandpal, the current MD and CEO, was appointed by SBI General Insurance Company Limited on July 20, 2020. Pushan Mahapatra, the former managing director and CEO, has been named Director of Strategic Investments and Digital Initiatives and will continue serving as SBI General Insurance’s Whole Time Director.
In 2009, SBI General Insurance was established. As a collaboration between the State Bank of India (SBI) and Insurance Australia Group, it began operations in 2010. (IAG). Axis Asset Management Company and Premji Invest bought a 4% stake in the company in September 2018 for Rs.4.82 billion (US$64 million).
SBI General Insurance was ranked 13th out of around 30 insurers in the overall market in June 2019. In the financial year 2019, gross written premiums increased by 32.83 per cent to $47.17 billion (US$626 million). IAG sold its total 26 per cent share for US$310 million (2,325 crores) in October 2019. Napean Opportunities LLP (a Premji Invest affiliate) bought 16.01 per cent of the company, while Warburg Pincus bought the remaining 9.99 per cent. SBI General Insurance is ranked 12th in the business as of March 31, 2021.
5. Care Health Insurance Company Limited
CHI is a specialised health insurer that provides health insurance to corporate employees, individual clients, and those seeking financial inclusion. The company has invested in applying technology to achieve excellence in customer servicing, product innovation, and value-for-money services. Its operating strategy centred on the main principle of ‘consumer-centricity.’
Vision: We envisage a secure economic future for our customers by offering customised health insurance plans such as Family Floater Plans, Senior Citizens Health Plans, Diabetes Coverage, Maternity Coverage, Critical Illness Coverage, and specific travel insurance plans, all of which come with the assurance of simple claims procedures.
6. ManipalCigna Health Insurance Company Limited
It is a leading name in the insurance business and a stand-alone health insurance firm. The Manipal Group and Cigna Corporation have partnered to form the company. Its medical services include individual insurance, family floater, critical sickness, personal accident, group media claims, top-up, and overseas travel protection.
The insurance provider adapts its products and services in response to technological advancements and changing health requirements of customers. The insurer is dedicated to providing its customers with health, wellbeing, and peace of mind by facilitating access to high-quality healthcare while avoiding financial hardship.
7. Bajaj Allianz General Insurance Company Limited
The private sector general insurer in India is Bajaj Allianz General Insurance. Bajaj Finserv Limited and Allianz SE have partnered to form the company. Bajaj Finserv Limited owns 74 per cent of the collaboration’s total shares, while Allianz SE owns the remaining 26 per cent.
Because Bajaj Finserv is part of the illustrious Bajaj family, which has long been a significant player in India’s various industries, and Allianz SE is an expert and one of Germany’s most famous Financial Services in the global markets with other lines of business, both companies have a reputation for expertise, stability, and strength. It becomes the company’s most important asset. Bajaj Allianz General Insurance Company Limited began conducting several insurance services in May 2001, and since then, it has evolved to become one of India’s most well-known general insurance brands. While crossing the Rs. 100 Crore magical milestone, this insurance maintains its exponential financial growth and profitability. It has established itself as one of India’s most dependable insurance companies.
Bajaj Allianz General Insurance has a fantastic choice of insurance products, services, and savings; it caters to people and businesses. With its innovative digital and mobile applications. Bajaj Allianz has received an AAAA rating from ICRA for the 11th consecutive year, indicating that the firm has the highest claim-paying capabilities.
It is the first insurance company to introduce cashless claim settlements, an in-house health management team, image-based policies, claim processing, digital offices, and mobile apps like Eezee Tab and Insurance Wallet. It offers innovative services to its customers. For the first time in India, the business has launched usage-based car insurance by placing a Telematics device in the insured vehicle. One may renew and purchase Bajaj Allianz General Insurance online through the company’s official website or mobile apps.
Advantages of Bajaj Allianz General Insurance:-
- The firm provides customised low-cost insurance products and services.
- General insurance policies from Bajaj Allianz are available for a wide range of customers.
- This insurance provides a rapid and efficient claim resolution service.
- You will have access to Bajaj Allianz insurance services 24 hours a day, seven days a week.
Bajaj Allianz General Insurance Company is India’s first insurer to use a telematics device for automobile insurance.
8. The New India Assurance Company Limited
It is a nationalised general insurance firm established in Mumbai, Maharashtra. It is owned by the Government of India’s Ministry of Finance. “Sir Dorabji Tata created the company in 1919, and it was nationalised in 1973.
Once, it was a subsidiary of India’s General Insurance Corporation (GIC). However, after the IRDA Act, 1999 became GIC a re-insurance business, its four principal insurance subsidiaries, New India Assurance, United India Insurance, Oriental Insurance, and National Insurance, became independent.
9. Oriental insurance company limited
It is owned by the Government of India’s Ministry of Finance. New Delhi is where the company’s headquarters are located. It has 31 regional offices and over 1800 operating branches throughout the United States. Nepal, Kuwait, and Dubai are with the company’s other locations. In 2013-2014, the company earned a gross premium of Rs. 7,282.54 crores. The Company received a global bonus of 11,100 crores in 2016-17. More than 170 insurance products are available from the company. The company’s IRDA registration number is “556.” Oriental Insurance was established as a government-owned non-life insurance firm on September 12, 1947.
It started as a wholly-owned subsidiary of Oriental Government Security Life Assurance Company Ltd. to carry out the general insurance operations of its parent company. When the insurance industry was nationalised in 1956, it became a subsidiary of Life Insurance Corporation, which remained until 1973. It was a subsidiary of General Insurance Corporation of India from 1973 to 2003, when it was de-linked from the parent firm and started as an independent insurer. The Union Government bought all of Oriental Insurance Company Ltd’s shares from General Insurance Corporation of India in 2003.
On February 2, 2018, the Indian government announced the merger of Oriental Insurance with National Insurance Company Limited and United India Insurance Company.
10. National Insurance Company Limited
It’s India’s state-owned general insurance company. It is owned by the Government of India’s Ministry of Finance. “Trusted Since 1906,” italicised, is the tagline. The company was founded in 1906 by Gordhandas Dutia and Jeevan Das Dutia in Kolkata, and in 1972, National Insurance Company and Asian Insurance Company were nationalised. Its portfolio includes a variety of general insurance plans. NICL is an insurance company in India, but it has a presence in Nepal.
NICL was nationalised in 1972 and became a subsidiary of the General Insurance Corporation of India (GIC). In 2002, the General Insurance Business (Nationalisation) Amendment Act created National Insurance Company Limited as a separate entity. In April 2004, NIC and The bank’s offices in Uttarakhand, Haryana, and New Delhi had formed a distribution agreement for general insurance products.
Edited and proofread by Ashlyn
