Top 10 Health Insurance Companies in India
The following Top 10 Health Insurance Companies in India 2017-2018 can help you in suggesting Best Medical Policy for you and your loved ones. A best health insurance policy ensures umbrella coverage by helping you financially for the covered medical expenses in case of hospitalization due to infirmity or injury. First of all we have to clear in our mind that what is main motive to release behind these type Health Policies. If there is a sudden accident, then no bank can give us loan and it is not necessary that you have enough amounts that time for recovering your loved ones or you. So these policies can help you to get out of that situation.
While selecting for any type of policy we must know the benefits and complete bio data of it. Because sometimes a wrong decision ruins the life of you and your loved ones so it is very important to take a right decision while selecting any type of policy. Health Insurance Companies are endorsed to offer health plans to the customers. In order to guide customers while buying health insurance, Insurance Regulatory and Development Authority of India (IRDAI) is coming out with a list of best health companies every year. We are providing that list here for our viewers comfort and securing their future.
Top 10 Health Insurance Companies in India
Religare Health Insurance Company Limited:
Cigna TTK Health Insurance Company Limited:
This insurance company is new which is launched in 2014 and become the part of the best health insurance companies in India. It’s ICR for 2015-16 stands at an impressive figure of 78.66% that is a no mean feat considering it’s so new to the market. This policy is available for individuals and families with an insurance coverage of amount up to Rs. 4.5 lakhs. All inclusive coverage for treatment of diseases leading up to and during hospitalization is provided under this policy. The policy holders will get benefits such as room expenses, surgeon’s fee, nursing, anesthesia, blood, oxygen, operation theater charges, surgical appliances, medicines etc. if we discuss about the insurance plan then this is hassle fee access to over 10,00,000 quality hospitals worldwide. This policy is available for individuals and family basis as well to cover self, spouse, dependent parents and dependent parents in laws in addition to dependent children, grandchildren and siblings upto the age of 25 years.
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New India Assurance Company Limited:
This company is launched in 1919 by the government of India and it is most famous for its Mediclaim policy. This company provides disparity rating for major metros in comparison to other locations. It had an ICR of 87.84% that might be on the higher side, but it covers up for any losses or deficiencies from other insurance products. The main features of this policy are that the maximum liability of the company towards all the members in the sum insured. The insured person has an option to recover the expense from any other company or policy, but not both, if there is any expense which has been incurred over and above the limits. Health checkup will be required for person above 50 years of age and persons with adverse medical/ claims history. This policy is valid for one year and the best thing of this policy is that it provides different ratings for major metros.
National Insurance Company Limited:
This government-owned general insurance company is 100 years previous. This policy provides health insurance coverage. Its ICR is 95.28% for 2015-16, but it covers up its losses with other insurance products in various other categories. The most popular health product offered by the company is Varishtha Mediclaim for senior citizens. The features of the policy are that pre and post hospitalization expenses upto 30 days and 60 days respectively. Ayurvedic/ homeopathy treatments are also payable under this plan to the extent of full sum insured. The infertility treatment cover for Rs. 50000/- and anti rabies vaccination coverage upto Rs. 5000/-. A 5% discount on the base premium for each claim free year is allowed. Family including self, spouse, dependent children and parents under one sum assured of Rs. 1 Lakh to Rs. 10 Lakhs for a period of minimum 1 year and maximum 3 years. This plan can be renewed lifelong.
Apollo Munich Health Insurance:
The company started as joint venture between Apollo Hospitals Group and Munich Health gave grows to Apollo Munich on 8th August 2007. Apollo Munich is one of the rising companies in this sector. Apollo Munich has provided best of features and benefits in their policies and Apollo Munich received of Health Insurance Company of the Year award in the year 2014. This Company offers cashless treatment above 4000 hospitals across the country. There are various health policies of Apollo Munich such as Optima Cash, Easy Health, Optima Super and Energy. Apollo Munich Health Insurance Company had an outstanding record of incurred Claim Ratio of 63.03% for the fiscal year 2014-15, and it has brought additional benefits such as portability and lifelong renewability options in its existing options in its exiting health insurance plans.
Star Health & Allied Insurance Company Limited:
Star Health and Allied Insurance Co. Ltd was founded in the year 2006 and it was joint venture between Oman Insurance Company UAE, Leading NRIs and an Indian company. At Star Health Insurance, company recommends wide variety of health insurance products at affordable prices for making health insurance every human being’s right. The products offered by this company are Health Insurance Accident Care Insurance and Travel Insurance. We have appeared as India’s 1st stand-alone Health Insurance Company; deal in personal accident, overseas travel insurance and medi-claim. You can select from Family Health Optima Insurance Plan, Senior Citizens Red Carpet Health Insurance Policy, Super Surplus Insurance Policy, Star Comprehensive Insurance Policy, Star Care Insurance Policy, Mediclassic Insurance Policy (Individual) etc.
Max Bupa Health Insurance Company Ltd.:
Max Bupa Health Insurance Company Limited is Indian assurance firm and it has joint venture between Max India Limited and Bupa Finance plc UK. Full form of BUPA is British United Provident Association Limited which is a parent company of Bupa Group. The company has incorporated under the Companies Act, 1956. Max India Limited is multi-business corporate provider of private healthcare. Company headquarters is situated in Delhi and operate its business with 11 branch offices across India. This company offers health insurance products to person as well as corporations. The list of health insurance products consisting Heartbeat, Health Companion, IMEP, Swasthya pratham and Swasth Parivar. The Minimum age for covering 3 months for children and maximum age is of 65 years.
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ICICI Lombard GIC Ltd:
ICICI Lombard GIC Ltd is joint venture between Fairfax Financial Holdings Limited and ICICI Bank Limited. Across the country, company has 221 branches. In India, This Company is biggest private sector general insurance company with Gross Written Premium of Rs 71.34 billion. It markets assurance products which includes, Overseas Student Travel Insurance International Travel Insurance, Health Insurance, Car Insurance, 2 Wheeler Insurance, Home Insurance and Weather insurance. For the 3rd time, Company received ATD Best Winner Award 2014 and across 14 countries, this company ranked among top 20 BEST organizations. For its insurance focused mobile application, ICICI Lombard was also presented with Best Mobile Application award by Asia Insurance Technology Award 2014. The Minimum entering age is of 5 years and maximum is of 65 years. This Policy can be renewed till the age of 70 years only.
Bajaj Allianz Life Insurance Company Limited was founded in the year 2001. This company is joint venture between Bajaj Finserv Limited, formerly part of Bajaj Auto Limited possess by Bajaj Group of India and Allianz SE which is European financial services company. In India, Being one of private life insurance companies it offers insurance products for financial planning and Security. On 2nd May 2001, For conducting various businesses (which includes Health Insurance business in India, Bajaj Allianz received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration. The Minimum entry age is 3 months and maximum is 65 years. The Maximum policy renewal age is of 80 years.
Oriental Insurance Company Ltd:
Oriental Insurance Company Ltd was founded on 12th September 1947, in Mumbai, India. The insurance company is a public sector non-life insurance company in India and their headquartered is situated New Delhi. The lowest entry age is 18 years and maximum is 55 years. The Maximum policy renewal age is 65 years. Company has 30 regional offices and above 1800 active branches across the nation. When insurance business was nationalized in 1956, company became part of Life Insurance Company till the year 1973. Oriental Insurance became supplementary of General Insurance Corporation of India After 1973 and till 2003. Union Government purchased all shares of Oriental Insurance Company Ltd from General Insurance Corporation of India in the year 2003.