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Best Health Insurance Companies in India 2020

Agent: Sir, what type of health policy do you want?

Buyer: Yaar kuch bhi de de, sare to same he hote hai almost.

Agent: No sir, there are multiple types as per the requirement.

Buyer: Achcha, policy ke type bhi hote hain? Mujhe laga har company ek jaisi hi policy deti hai. 

And we can bet on that there are people who still think that all health insurance plans are the same, so are the insurance providers.

But here’s the catch…

Kuch bhi lene se kaam nai chalega aab.

Experts say choose the best only!

In line with this you can ensure the best health insurance option only if you choose the best provider. And choosing health insurance provider is not a cake walk although! 

Fret not! We’re here to help you. 

Top Health Insurance Companies in India

 Best Health Insurance Companies

There is no dearth of health insurance providers in India. However, 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 for 2020 on the basis of a comparison and stay covered against uncertainties: 

  • Aditya Birla Health Insurance 
  • Bajaj Allianz Health Insurance
  • Bharti AXA Health Insurance
  • Cholamandalam Health Insurance
  • Digit Health Insurance
  • Edelweiss Health Insurance
  • Future Generali Health Insurance
  • HDFC Health Insurance
  • IFFCO Tokio Health Insurance
  • Kotak Mahindra Health Insurance
  • Liberty Health Insurance
  • Max Bupa Health Insurance
  • ManipalCigna Health Insurance
  • National Health Insurance
  • New India Assurance Health Insurance
  • Oriental Health Insurance
  • Religare Health Insurance
  • Raheja QBE Health Insurance
  • Royal Sundaram Health Insurance
  • Reliance Health Insurance
  • Star Health Insurance
  • SBI Health Insurance
  • TATA AIG Health Insurance
  • United India Health Insurance
  • Universal Sompo Health Insurance 

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

4300+

89%

Smart Health Super Insurance

5 lakh-1 crore

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 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

Religare Health Insurance

4987+

55%

Care Health Plan

2 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

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 mediclaim 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.

Wrapping it Up!

Health insurance comes in handy in times of need. And the rule of thumb is that you should ensure the right health insurance providers in India. With plenty of insurance companies offering their products, many a time choosing the right option can be daunting. Here comes the online comparison to your rescue. So, go ahead with this approach and get your best bet.

Written By: Paisawiki - Updated: 06 July 2020

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