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Best Health Insurance Companies in India 2021

With plenty of insurance providers offering their products in the market, it might be difficult for one to the choose the best option. Although they all differ from each other in terms of their offerings, customer services, market reputation, claim settlement ratio etc. And that’s why a comparison of health insurance companies is essential to ensure the right plan. 

Listed below are some of the top health insurance providers in India, who have been serving the industry since long with their innovative insurance solutions. You can choose their best health insurance plan on the basis of a comparison and stay covered against uncertainties: 

Top Health Insurance Companies: Comparison Table 

Here’s the comparison table of top health insurance providers in India: 

Insurance Provider

Network Hospital

Incurred Claim Ratio

Plan Options

Sum Insured (Rs)

Aditya Birla Health Insurance

5850+

59%

Active Assure Diamond

 2 lakh-2 crore

Bajaj Allianz Health Insurance

6500+

85%

Health Guard

1.5 lakh-50 lakh

Bharti AXA Health Insurance

4300+

89%

Smart Health Super Insurance

5 lakh-1 crore

Care Health Insurance (formerly known as Religare Health Insurance)

 4987+  55% Care Health Car Plan  2 lakh-10 lakh

Cholamandalam Health Insurance

6500+

35%

Classic Family Health Insurance

2 lakh-5 lakh

Digit Health Insurance

5900+

11%

Digit Health Care Plus Insurance

Up to 3 crore

Edelweiss Health Insurance

2578+

115%

Edelweiss Health Insurance

1 lakh- 1 crore

Future Generali Health Insurance

5000+

73%

Criticare Plan

20 lakh & 50 lakh

HDFC Ergo Health Insurance

4721+

62%

Health Optima Restore

3 lakh-50 lakh

IFFCO Tokio Health Insurance

5000+

102%

Health Protector Plus

2 lakh- 25 lakh

Kotak Mahindra Health Insurance

4800+

47%

Kotak Health Premier

-

Liberty Health Insurance

3000+

82%

Health Connect Supra Top-up

Up to 1 crore

Max Bupa Health Insurance

4115+

54%

Companion Individual Plan

4 lakh -1 crore

ManipalCigna Health Insurance

6500+

62%

Pro Health Select

2 lakh- 25 lakh

National Health Insurance

4500+

107.64%

National Parivar Mediclaim

1 lakh-10 lakh

New India Assurance Health Insurance

3000+

103.74%

Senior Citizen Mediclaim

1 lakh-1.5 lakh

Oriental Health Insurance

4300+

108.80%

Individual Mediclaim Policy

1 lakh-10 lakh

Raheja QBE Health Insurance

2000+

33%

Health QBE

1 lakh-50 lakh

Royal Sundaram Health Insurance

5000+

61%

Lifeline Supreme Plan

5/10/15/20/50 lakh

Reliance Health Insurance

4000+

14%

Critical Illness Plan

5/7/10 lakh

Star Health Insurance

9800+

63%

Family Health Optima

4 lakh and 5 lakh

SBI Health Insurance

6000+

52%

Arogya Premier

10 lakh-30 lakh

TATA AIG Health Insurance

4000+

78%

TATA AIG MediPrime

2-5 lakh, 7. 5 lakh and 10 lakh

United India Health Insurance

7000+

110.95%

UNI Criticare Plan

1/3/5/10 lakh

Universal Sompo Health Insurance

5000+

92%

Individual Health Insurance

7.5/10/12.5/15 lakh

See More Plans

Disclaimer: *Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

 

Aditya Birla Health Insurance

A joint venture of Aditya Birla Group and MMI Holdings of South Africa, Aditya Birla Health Insurance Company Ltd. is one of the famous names in the insurance domain. The provider has a wide-spread presence in 650 cities with more than 17000 direct selling agents. The insurer offers some comprehensive health insurance solutions to cater to the needs of different individuals. Activ Health Platinum, Activ Assure, Activ Care, Active Secure etc. are some of the health insurance plans one can consider.

Bajaj Allianz Health Insurance

Based in Pune, Bajaj Allianz General Insurance Company is a merger between two large entities namely Bajaj Finserv Limited and Allianz SE. In the health insurance sector, the insurer is quite popular for its robust growth. As of 2019, Baja Allianz has registered a net profit of 780 crore with a revenue of Rs 11,097 crore collected. Health insurance plans offered by the insurer can be categorized into individual, family floater, critical illness, global personal accident, Arogya Sanjeevani policy etc. which can be availed as per one’s insurance needs.

Bharti AXA Health Insurance

Bharti AXA is a famous insurance provider which is a joint venture of Bharti Enterprises and AXA Group. The company has 51% shares form Bharti Enterprises and 49% stake from AXA. With a PAN India presence of 135 branches, the insurer strives for offering most comprehensive and pocket-friendly insurance products. Health insurance products offered by Bharti AXA are comprehensive in nature with a wide sum insured option up t 1 crore.

Care Health Insurance (Formerly Known as Religare Health Insurance)

Being the health insurance arm of Religare Enterprises Ltd., Religare Health Insurance is another famous brand in the insurance sector. The insurer currently offers products in the retail segment such as Health Insurance, Personal Accident Insurance and Maternity insurance, Top-up Coverage, Critical Illness, Group Health Insurance, Group Personal Accident Insurance for corporates.

Cholamandalam Health Insurance

Cholamandalam is one of the renowned insurance companies in India. The company is a joint venture between Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. Apart from health insurance, the insurer also offers other insurance products in the domain such as Motor, Travel, Property, Accident, SME and group insurance. Chola MS Health insurance policy provides financial support for hospitalization expenses incurred for the treatment of ailments, surgery or accidental hospitalization costs.

Go Digit Health Insurance

Led its foundation stone in the year 2016, Digit General Insurance Company is backed by a Canadian financial company Fairfax. Having its headquarter in Bengaluru, the insurer provides insurance solutions in the domain such as health, motor, travel, home mobile etc. Digit health insurance products are comprehensive in the market and can be easily availed through its digital portal.

Edelweiss Health Insurance

Edelweiss Health Insurance is among the leading insurers that offer affordable and comprehensive insurance policies. When it comes to health insurance, the insurer strives for offering extensive coverage up to 1 crore. With 3 plan options, Edelweiss Health Insurance add-on cover Health 241 is a unique feature, where if you continue with a claim-free year for the first year, the insurer will cover you free for the second year.

Future Generali Health Insurance

Future Generali India Insurance Company is a joint venture of two leading business entities- Future Group and Generali Group. Over 125 branches across India, around 13.8 lakh policies and with a robust 95.15% claim settlement ratio, the insurer offers some innovative insurance solutions which are designed to cater to every genre. Health insurance products offered by Future Generali can be bought for individuals, families, senior citizens health insurance etc.

HDFC Ergo General Health Insurance

HDFC Ergo General Insurance Company is a merger between HDFC Ltd. and Ergo International AG. It marked its first merger in the sector of sector insurance in August 2017 with IRDA’s approval. With a huge network of 122 branches spreading over 106 cities, the insurer has spread its wings in domains like health, motor, travel, home, personal accident, property, SME etc.

IFFCO Tokio Health Insurance

Founded in the year 2000, IFFCO Tokio General Insurance Company is a joint venture of Indian Farmers Fertiliser Co-operative Ltd. and Tokio Marine Group. With a ratio of 51:49 shares from both, the company offers a comprehensive list of products is the domains such as health, travel, motor, home, corporate and SME. The company is the first organization to established Bima Kendras to boost insurance penetration in rural areas.

Kotak Mahindra Health Insurance

Known as 100% subsidiary of Kotak Mahindra Bank, Kotak Mahindra General Insurance was founded with the motive to serve the non-life segment of insurance in India. The company has 13 branches spread across the country for providing a range of non-life insurance services including motor insurance, health insurance etc.

Liberty Health Insurance

The company is a joint venture between Liberty City state holdings PTE Ltd, Liberty Mutual Insurance Group and Liberty Industries Limited. Started its operations in the year 2013 for offering services in the retail sector. Some of the figures that speak about the company’s potentials include- more than 1200 employees, 97 branches in 95 cities, tie-ups with more than 5000 hospitals etc. 

Max Bupa Health Insurance

Founded in the year 2008, Max Bupa is an Indian general insurance company, headquartered in New Delhi. It is the result of a merger between Max India Limited and a British healthcare MNC, Bupa. Max Bupa health insurance products are comprehensive in nature, which can be bought for individuals, families, senior citizens with an extensive sum insured.

Manipal CIGNA Health Insurance

With Manipal Cigna Health Insurance, one can secure long-term financial goals. The insurer is famous for providing some innovative insurance policies catering to the various needs of the individuals. Some of the unique features of Manipal Cigna health insurance are maternity benefit, restoration of sum insured, cashless hospitalisation in more than 6500 network hospitals, rewarding wellness program etc. which make the insurer a good pick.

National Health Insurance

Famous as India’s oldest general insurance company, National Insurance was founded in the year 1906 in Kolkata. The company is well-spread in different parts of the country, with its global presence in Nepal. Health insurance policies offered by the insurer are especially designed for individual health insurancefamily health insurance, senior citizens, international medical, employment insurance etc.

New India Assurance Health Insurance

Founded in the year 1919 by Sir Dorab Tata, New India Assurance Company is one of the popular general insurers in India. The company claims to have a global gross premium for the financial year 2018-19 was Rs 28017 crore. With network offices of 2395, the insurer also has global presence in countries like Japan, Hong Kong, Philippines, Thailand, Australia, UK, New Zealand, Fiji, Mauritius etc. Ne India offers comprehensive health insurance with affordable health insurance premiums, which are loaded with unique features and benefits.

Oriental Health Insurance

Incorporated in 1947 in Mumbai, Oriental Insurance is a 100% subsidiary of Oriental Government Security Life Assurance Company Ltd., which was founded to carry out non-life insurance services. The insurer has 31 regional offices, 1800+ operational offices in the country with a global presence in countries like Nepal, Kuwait and Dubai. The insurer offers insurance services in the domain such as motor, health, personal accident, public liability, SME, rural, marine etc. 

Raheja QuBE Health Insurance

A joint venture between Rajan Raheja Group and QBE Insurance, Australia. Raheja QuBE offers some customer-friendly insurance policies. Agility, customer centricity, innovation, collaboration, trust etc. are some of its USPs, which the insurer strives for. Health insurance policies of Raheja are comprehensive in nature that helps in mitigating those additional expenses arising out of a medical emergency.

Royal Sundaram Health Insurance

It is the first private sector general insurance company incorporated in the year 2000. The insurer is merger between Sundaram Finance and other Indian Shareholders. Royal Sundaram offers insurance solutions in the retail sector for Motor, Health, Travel, Personal Accident, Home and Travel Insurance to individual customers. It also offers specialized insurance products in fire, marine, engineering, liability and business interruption risks to commercial customers.

Reliance Health Insurance

With 139 offices and more than 28,900+ intermediaries in India, Reliance General Insurance is counted among the top general insurers in India. The insurer makes necessary arrangements for affordable insurance accessible to all individuals. Apart from health insurance, the provider also offers comprehensive coverage for retail spaces such as motor, travel, home, corporate and SME

Star Health Insurance

Commencing its operations in the year 2006, Star Health is India’s first standalone company that offers health insurance. At its initial stage, offered services in health, personal accident and international travel insurance. Star health insurance is a unique product that caters to the needs of an individual, family or corporates. Currently, the insurer has more than 550 offices across India.

SBI Health Insurance

Founded in the year 2010 as a joint venture of State Bank of India and Australia Group, SBI General Insurance Company is a renowned name. The insurer offers a range of general insurance products both in the retail and commercial spaces including motor, travel, health, personal accident, home insurance etc.

Tata AIG Health Insurance

TATA AIG General Insurance Company started its operations in the year 2001as a merger between Tata Group and American International Group (AIG). TATA AIG offers an array of comprehensive general insurance products under its two business verticals namely Consumer Lines and Commercial Lines. Health insurance products are to be availed for individual, family, women as individual policy, floater policy, critical illness, executive policy etc.

United India Health Insurance

United India Insurance Company is fully backed by the Indian government, with its headquarter in Mumbai. The company was founded in the year 1983 and was nationalised in 1972, when 12 Indian, 5 international insurance companies and General Insurance operations of the southern region of Life Insurance Corporation of India were merged. Since then the company has been grown by leaps and bounds with over 2276 offices providing insurance coverage to 1.74 crore policyholders.

Universal Sompo Health Insurance

Based in Mumbai, Universal Sompo is a public-private joint venture of two nationalized banks namely Allahabad Bank and Indian Overseas Bank, one private sector bank Karnataka Bank, FMCG namely Dabur Investment Corp and a leading Japanese general insurer Sompo Japan Nipponkoa Insurance Inc. It is the first public-private collaboration in the general insurance sector. The insurer offers a range of comprehensive insurance products in the segments of health, motor, commercial, Bancassurance, PMFBY, Miscellaneous etc.

Disclaimer: Paisawiki does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Why Do You Need a Health Insurance Plan?

The reasons for buying health insurance are manifold, but financial security to your family is being the first one. A health insurance policy takes care of those unplanned expenses that may cause a huge dent in your pocket. Hence, backing your finances with a health insurance plan is a good idea. Here’re some of the foremost reasons to get a health insurance policy: 

  • Rising Healthcare Cost: With medical inflation, healthcare costs are touching the roof. In order to cover those hefty bills and keep your savings protected, a health insurance policy is a must. It reimburses the medical expenses incurred during a hospitalisation caused by an accident or illness. 
  • Changing Lifestyle: The tectonic shift in lifestyle is another reason to have health insurance in place. Sedentary lifestyle, odd working hours, wrong eating habits etc. have paved a way for developing health issues. And a single hospitalisation in a good private hospital can cost you a bomb. 
  • Tax Benefits: Payments made towards health insurance premiums are eligible for availing tax benefits. An individual can claim up to Rs 25000 for health insurance paid for self, spouse or children. This limit can go up to Rs 50,000 if one pays the health insurance premium for his/her senior citizen parents. So, overall you can earn tax benefit up to Rs 75,000 (Rs 25,000+Rs 50,000). 
  • Additional Benefits: Apart from in-patient medical expenses, a health insurance policy additional coverage for day-care expenses, hospital daily cash benefit, AUSH treatment cover, maternity cover, insurance coverage for pandemic Covid-19 etc. 

How to Buy Health Insurance in India?

Health insurance can be availed in the following ways:

  • Online: You can buy a health insurance policy by visiting the official website of a particular insurance provider. All you need to do is to: visit their website, go to the plan options available under the health insurance section, choose a plan and understand the benefits offered, calculate the premiums and buy it online by paying the premiums through net banking or credit/debit card.
  • Offline: Offline insurance requires you to visit the insurer’s branch office and complete the paperwork in front of the insurance officer. You can pay the premium through cheque and buy the policy there.
  • Agents: Buying insurance through agents is the most common method of availing health insurance. Agents are the authorised person of an insurance company. They have the expertise to guide you to choose the appropriate policy that best suits your insurance needs.
  • Brokers: Brokers can be individuals or companies that possess a license from the IRDA of India to sell insurance products. They also offer assistance in after-sales service. They can help you compare various policies and the claim settlement process. 

Mistakes to Avoid While Choosing Health Insurance

As many of us may agree with the saying that having health insurance is the starting point of all financial planning, approaching the right company is the real game-changer here. But people often end up doing certain mistakes while choosing the insurance company and pay for it later. Having said that, here’re are some of the health insurance mistakes to be avoided:

Not Consider to Compare Health Insurance Providers

Be it a health insurance plan or a provider, a thorough comparison is always recommended to get the right deal. Online comparison helps the insurance seekers to compare various insurance providers on the grounds of their offerings, claim settlement ratio, market reputation etc. This will give a fair idea about how the insurer is performing in the market. A comparison of at least 5-6 insurance companies and zeroing down on the best health insurance is the need of the hour. 

Relying Only on the Employer's Cover

Most of the employers in India offer group health insurance under their employees’ benefit scheme. This is a good initiative, however, there may be times, when this cover may prove to be insufficient considering the rising rate of medical inflation. Moreover, an employer’s health insurance covers you during your course of employment only. The cover ceases once you resign. So, if you don’t consider a standalone health insurance plan, you’ll remain uncovered again.

Not Considering the Area of Residence

The area of residence, whether it is rural or urban, has a high deviation in the case of mediclakim policies. Higher coverage of insurance is required if you are residing in an urban city, keeping in mind the rising costs of healthcare treatments. This practically goes down if you are living in a smaller city as the risk is less, and so is the cost.

Avoiding the Policy Fine Print

Many of us tend to avoid reading the long terms and conditions of any given policy and proceed with the further formalities. This section carries crucial information or hidden clauses that need your attention such as some policies come with a cap on room rent in a hospital, certain waiting period to be served, clauses for covering pre-existing illnesses, sub-limits etc. Avoiding these can be a reason for the rejection of your claim at the later stage.

Not Considering the Factors Other than the Premium

At the time of buying health insurance, one should consider a provider or a plan after analysing all possible factors. Buying a plan based only on the premium can be a wrong approach. Apart from the premium, there are factors such as policy limitations, clauses for the pre-existing illness waiting period, sub-imits etc. need your utmost attention. The low premium may come with a lower coverage and there is no point of buying a policy with an insufficient cover.

Not Revealing Personal or Medical History

Many people rule out divulging important information to the insurers like having a medical history or a bad habit that could result in serious trouble. This is purposely done to avoid a high amount of premium, but what they don't realize is that the concealed information will be uncovered once the claim is registered. And unfortunately, it will be rejected based on the ground of misleading the insurer. The point is that you need to understand how hard you try, the insurer will find out.

Not Considering the Additional Covers

Add-on covers are important which boost the basic insurance cover. There are certain expenses not covered under a basic cover such as OPD expenses, daily cash etc. The insured should consider these by opting for an additional cover. Also, always zero down on the insurer that offers maximum options for rider benefits.

Consider Health Insurance Only as a Tax Paying Instrument

70% of people think of health insurance as a tax-saving instrument. Definitely, it offers tax benefits, but it shouldn’t be the root cause of buying health insurance plans. A medical emergency may strike any time and you should be prepared for it financially. Hence, you should consider health insurance to keep your savings intact.

Written By: PolicyBazaar - Updated: 03 March 2021

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