Health insurance is a form of policy that covers all or a portion of a person's medical expenditures. Many people, just like those who have other forms of insurance, are exposed to risk. An insurer can establish a regular finance structure, such as a monthly premium or payroll tax, to supply the money to pay for the health care benefits supplied in the insurance agreement by analyzing the total risk of health risk and health system expenditures across the risk pool. A central institution, such as a government agency, a commercial enterprise, or a non-profit organization, is in charge of administering the benefit.
Every health insurance company in India has its own distinct characteristics that distinguish it from its rivals. There is also no such thing as a one-size-fits-all insurance provider.
Each person defines the best health insurance provider differently, depending on their circumstances and health objectives. Because of its wide network of partner hospitals that provide cashless claim services, some clients may prefer one insurance company over another. Others, on the other hand, may prioritize service quality or customer service availability.
When comparing different top health insurance companies in India that match your demands, keep the following factors in mind:
Health Insurance Plans Available
When comparing different health insurance carriers, the types of health plans offered by each company are important elements to consider. While some insurance firms specialize in coverage for women, children, and the elderly, others provide just general health insurance plans such as individual and family health insurance. Choose an insurance company that offers a plan that meets your needs.
Hospital with a Cashless Network
To provide cashless claim services, every health insurance carrier has collaborated with a number of hospitals. When selecting a health insurance provider, it is vital to assess the strength of the insurer's cashless network hospital. If the network is large, you're more likely to make a cashless claim at a local hospital.
The Ratio of Claim Settlement
A health insurance company's claim settlement ratio is the proportion of claims it settles out of the total number of shares it receives in a given fiscal year. It is favored if the claim settlement ratio is greater.
Customer Service Support
It's critical to consider the availability and quality of customer support when selecting a health insurance company. Finding a firm that offers customer service 24 hours a day, seven days a week is typically a good idea so you can receive answers to your questions whenever you need them.
Size of the Company
The total number of policies sold and premiums collected by an insurance firm is referred to as business volume. An insurance firm that sells more policies has a higher market share and, as a result, the general public is more likely to trust it. Health insurance firms may be evaluated based on their business volume, with a bigger book representing more consumer trust.
Claim Resolution Procedures
It is critical to choose an insurance company that has a quick claim settlement mechanism. This is because, in the case of an emergency, no one wants to be involved in time-consuming or difficult processes. As a result, choosing an insurance provider with fewer claim criteria is suggested to save time and effort.
Ratings and Reviews
Knowing what past policyholders have to say about a specific health insurance provider may assist you in making an informed selection.
Accolades and Awards
Every insurance company's website has a section dedicated to awards and honors. You can find out how many awards a specific insurance firm has received. A company's respectability increases as it gains more perks and recognition. As a result, when selecting an insurance business, seek one that has garnered multiple accolades and honors over time, proving that they are a real all-rounder.
Customer Service
Trustworthy insurance business will have a good customer service department. As a result, you must select available insurance 24 hours a day, seven days a week. They should establish a hotline where you may contact to get your issues addressed. You should contact them by phone, email, chat, and other channels. When the insurer is nice and approachable, it is simpler to handle a variety of questions concerning health insurance coverage.
Top 10 Health Insurance Companies in India in 2022
Now that you know what to keep in mind while comparing different health insurance companies, have a look at these top 10 health insurance companies in India in 2022.
1. HDFC ERGO General Insurance Company
It is a 51:49 joint venture between HDFC and ERGO International AG, a Munich Re Group insurance subsidiary that works in the BFSI sector in Germany. The firm caters to the retail, corporate, and rural markets. The retail sector's offers include health, auto, travel, house, personal accident, and cybersecurity plans. The corporate offerings include liability, marine, and property insurance. Farmers can get crop and animal insurance through the rural industry.
2. Star Health and Allied Insurance Company Limited
It is an international health insurance company headquartered in Chennai, Tamil Nadu, India. Health, personal accident, and foreign travel insurance are available directly from the organization as well as through agents, brokers, and the internet. With long-standing ties with a variety of financial institutions, Star Health is active in bancassurance.
3. Niva Bupa Health Insurance Company Limited
Niva Bupa is an Indian health insurance business that was founded in 2008. New Delhi, India, is the company's headquarters. It began as a partnership between Max India Limited and Bupa, a British-based worldwide healthcare organization. Max Bupa has cooperated with Bupa and private equity company True North since early 2019 when Max India sold its whole share to True North. The corporation's paid-up capital is 926 crore (US$120 million).
The company is governed by India's Insurance Regulatory and Development Authority (IRDAI). In 2010, Niva Bupa Health Insurance was established.
In June 2011, it became India's first health insurance company to integrate with the Insurance Regulatory and Development Authority's Integrated Grievance Management System in real-time.
In April 2019, the firm launched 'AnyTimeHealth (ATH)' devices, which allow clients to buy health insurance in a matter of seconds.
Fettle Tone LLP, a subsidiary of private equity company True North, paid 510 crores (US$68 million) in February 2019 for Max India's whole 51% stake. HDFC Bank, Karur Vysya Bank, Bank of Baroda, Indian Bank, and IDBI Bank distribute insurance through an agent force.
4. SBI General Insurance Company Limited
The State Bank of India is India's largest state-owned banking and financial services organization (SBI). SBI owns 70% of the entire capital of the firm. The other investors are Axis Bank Asset Management Co. Ltd, Premji Invest, and Warburg Pincus.
Its retail products include personal accident, home, health, travel, and vehicle insurance, while its commercial offerings include aviation, marine, fire, liability insurance, engineering, and construction. In 2009, ICRA Limited granted the firm an iAAA grade.
SBI General Insurance Company Limited chose Prakash Chandra Kandpal as its current MD and CEO on July 20, 2020. Former managing director and CEO Pushan Mahapatra has been designated Director of Strategic Investments and Digital Initiatives and will continue to serve as SBI General Insurance's Whole-Time Director.
SBI General Insurance was founded in 2009. It commenced operations in 2010 as a joint venture between the State Bank of India (SBI) and the Insurance Australia Group. (IAG). In September 2018, Axis Asset Management Firm and Premji Invest paid Rs.4.82 billion (US$64 million) for a 4% interest in the company.
In June 2019, SBI General Insurance was ranked 13th out of around 30 insurers in the entire market. Gross written premiums climbed by 32.83 percent to $47.17 billion (US$626 million) in the fiscal year 2019. In October 2019, IAG sold its whole 26 percent stake for US$310 million (2,325 crores). Premji Invest affiliate Napean Opportunities LLP purchased 16.01 percent of the firm, while Warburg Pincus purchased the remaining 9.99 percent. As of March 31, 2021, SBI General Insurance was rated 12th in the industry.
5. Care Health Insurance Company Limited
CHI is a specialized health insurer that offers health insurance to business employees, private consumers, and individuals looking for financial assistance. Customer service, product innovation, and value-for-money services have all benefited from the company's investment in technology. Its business approach was built around the principle of 'consumer-centricity.'
Vision: We envision a secure economic future for our customers by providing customized 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 are backed by the assurance of simple claims procedures.
6. ManipalCigna Health Insurance Company Limited
It is a well-known insurance brand and a stand-alone health insurance company. The firm is a joint venture between the Manipal Group and Cigna Corporation. Individual insurance, family floater, critical illness, personal accident, group media claims, top-up, and international trip protection are among the company's medical services.
In response to technology improvements and changing client health requirements, the insurance provider modifies its goods and services. The insurer is committed to ensuring the health, well-being, and peace of mind of its consumers by facilitating high-quality healthcare while preventing financial hardship.
7. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance is India's private sector general insurer. The firm is a joint venture between Bajaj Finserv Limited and Allianz SE. Bajaj Finserv Limited owns 74% of the total shares in the cooperation, while Allianz SE controls the remaining 26%.
Both companies have a reputation for expertise, stability, and strength 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. It becomes the most valuable asset of the firm.
In May 2001, Bajaj Allianz General Insurance Company Limited began offering a variety of insurance services, and it has since grown to become one of India's most well-known general insurance brands. While passing the critical Rs. 100 crore mark, this insurance company continues to develop and profit at an exponential rate. It has earned a reputation as one of India's most reputable insurance firms.
People and organizations may benefit from Bajaj Allianz General Insurance's wide range of insurance products, services, and savings. With its cutting-edge digital and mobile apps. ICRA has given Bajaj Allianz an AAAA rating for the 11th year in a row, signifying that the company has the best claims-paying capability.
It was the first insurer to provide cashless claim settlements, an in-house health management team, image-based policies, claim processing, digital offices, and mobile apps such as Eezee Tab and Insurance Wallet. It provides clients with cutting-edge services. The company has offered usage-based auto insurance in India for the first time by installing a Telematics device in the insured vehicle. Bajaj Allianz General Insurance may be renewed and purchased online using the company's official website or mobile applications.
Advantages of Bajaj Allianz General Insurance:
- The company offers a variety of low-cost insurance products and services.
- Bajaj Allianz offers general insurance plans to a wide spectrum of consumers.
- This policy offers a quick and easy claim processing service.
- Bajaj Allianz insurance services will be available to you 24 hours a day, seven days a week.
- The Bajaj Allianz General Insurance Company is India's first motor insurer to deploy a telematics device.
8. The New India Assurance Company Limited
It is a state-owned general insurance company headquartered in Mumbai, Maharashtra. The Ministry of Finance of the Indian government owns it. The company was founded in 1919 by Sir Dorabji Tata and nationalized in 1973.
It was once a subsidiary of the General Insurance Corporation of India (GIC). GIC's four major insurance subsidiaries, New India Assurance, United India Insurance, Oriental Insurance, and National Insurance, became autonomous after the IRDA Act of 1999 designated GIC as a reinsurance company.
9. Oriental insurance company limited
The Ministry of Finance of the Indian government owns it. The company's headquarters are located in New Delhi. It has approximately 1800 active branches and 31 regional offices around the United States. The company's other sites include Nepal, Kuwait, and Dubai. The firm earned a gross premium of Rs. 7,282.54 crores in 2013-2014. In 2016-17, the company got a global bonus of 11,100 crores. The organization offers over 170 different insurance packages. The IRDA registration number for the firm is "556." Oriental Insurance was founded on September 12, 1947, as a government-owned non-life insurance company.
It began as a wholly-owned subsidiary of Oriental Government Security Life Assurance Company Ltd. to handle the parent company's general insurance business. When the insurance sector was nationalized in 1956, it was absorbed into Life Insurance Corporation, which lasted until 1973. From 1973 until 2003, it was a subsidiary of General Insurance Corporation of India before being de-linked from the parent company and became an independent insurer. In 2003, the Union Government purchased all of the shares of Oriental Insurance Company Ltd from General Insurance Corporation of India.
Oriental Insurance was merged with National Insurance Company Limited and United India Insurance Company on February 2, 2018, according to the Indian government.
10. National Insurance Company Limited
It's the government-owned general insurance corporation of India. The Ministry of Finance of the Indian government owns this company. The slogan is italicized and reads, "Trusted Since 1906." Gordhandas Dutia and Jeevan Das Dutia formed the firm in Kolkata in 1906, and National Insurance Company and Asian Insurance Company were nationalized in 1972. It has a wide range of general insurance policies in its portfolio. NICL is an Indian insurance firm with a presence in Nepal.
In 1972, the National Insurance Corporation of India (NICL) was nationalized and became a subsidiary of the General Insurance Corporation of India (GICI). National Insurance Company Limited was established as a distinct corporation in 2002 by the General Insurance Business (Nationalisation) Amendment Act. In April 2004, NIC and the bank's branches in Uttarakhand, Haryana, and New Delhi signed a general insurance distribution agreement.
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