No one can say when one will get ill. Sometimes the sickness is so acute that you don’t have sufficient money at that time for the treatment. Even your family feels handicapped as they do not have money to cover that huge type of health expenditure.
But are you aware that insurance companies provides health insurance plans which helps you and your family to pay off all the expenditure. Now the question arises, which is the best health insurance companies? Well, every year Insurance company regulator Insurance Regulatory and Development Authority (IRDA) of India releases the list of best health Insurance Companies in India.
Before signing any health insurance plan, it is very important that you read all the offered documents carefully. Because every clause is very important and even a small clause can change the entire situation for you. One thing that you must do before buying any health insurance plan is that you must understand your own habit. The habit of a person possess determines a lot about his or her health conditions in coming years. Like if a person eats tobacco then his chances of getting cancer are very high. So the health insurance policy that he should take should be related to cancer.
Another important thing that one should check before taking health insurance policies is claim ratio associated with the policy. You must also consider the time value of money depending upon the geographical location of the individual. One should always take health insurance before he or she turns 40. Also buy a health insurance keeping in mind the renewability factor of the policy. You must avoid buying policy having claim loading.
10 Best Health Insurance Companies in India 2017
Here is the list of best health insurance companies in India. Check out all the companies and choose the best one for yourself.
- Max Bupa Health Insurance Company Limited
- Apollo Munich Health Insurance Company Limited
- Bharti Axa Health Insurance
- Bajaj Allianz Health Insurance
- National Insurance Company
- HDFC ERGO Health Insurance
- Religare Health Insurance
- New India Assurance
- Star Health & Allied Insurance
- Reliance Health Insurance
1. Max Bupa Health Insurance Company Limited
Max Bupa Health Insurance Company Limited is a joint venture of Max India Limited and UK based Bupa Finance PLC, UK. formed in 2008. It is one of the best health insurance companies in India since it provide cashless services in more than 3500 hospitals. This group offers health benefits to almost every person of different age groups. It also aims at forming long-term relationship over than building life-time relationships with its customers.
One should go Max Bupa health insurance because it offers health insurance policies keeping in mind the monthly income of an individual. The health insurance plans that are offered to the customers are broadly headed under three categories: individual, family/ extended family and fixed benefit. So that it actually wise for the insured person to meet up his medical emergencies as all the losses are taken care by the insurance company.
Features of Health Insurance Policy
- The maximum coverage provided under this policy is for 4 people i.e., 2 adults and 2 children.
- You may go for free health check up in two years.
- Insurance claim ratio is about 55.16%.
- All the medical expenses incurred by the insured are completely reimbursed.
- Insured person can also cashless hospitality facility.
- It covers all the hospital expenses like room rent etc.
- On taking insurance policy for 2 years you will get discount of 12.5%on your 2nd year premium.
- New born baby will also be covered with paying additional premium until next renewal.
- Maternity benefits are also offered for up to 2 delivers.
2. Apollo Munich Health Insurance Company Limited
Apollo Munich Health Insurance Company Ltd is a joint venture between Apollo Hospital and Germany-based Munich Re, Munich health. It came into operation in 2007 in India and since then has become one of the best health insurance companies in India. One of the biggest aim of the company is t provide health insurance benefits to common people of the country who are not able to meet the health expenditure. They also offer wide range of insurance products which are specially designed to meet health expenditures of an individual.
Apollo Munich comes with wide range of health insurance plans and policies to meet people coming from different financial worth and requirement. The company claims to offer high-quality health insurance policies which are easily accessible to its customers. Apollo Munich is considered among the best health insurance companies because it design its policy such that they are transparent, clear for its policy seekers.
Features of Health Insurance Policy
- Wide range of policies are available for its users ranging from Rs. 1 lakh to Rs.15 lakh.
- Enjoy cashless service at almost all the hospitals of the country.
- You can also port your health insurance plan of other company to Apollo Munich health plan.
- Entire expenditure made in the hospital by the insured will be payed off by the company.
- After the four claim-free years comprehensive health checkup is also provided.
- Insurance claim ratio is about 63.03%
3.Bharti AXA Health Insurance
Bharti AXA is India’s largest private sector Health Insurance company. This company was formed after the joint-venture that took between Bharti Enterprise and AXA Group. The stake of Bharti Enterprise in Bharti AXA is of 74% while AXA Group holds 26% of stake in the company. As one some get some serious medical emergencies then the heavy medical bills then the break the backbone of the family in terms of financial expenditure.
In such a situation Bharti AXA helps insured to go for any kind of medical emergencies without any fear. The company has broadly categories its health insurances polices under three heads like Critical Illness Insurance, Bharti AXA Life Triple Health Insurance Plan, Bharti AXA Life Hospi Cash Benefit Rider. Now one can easily select which health insurance plan one wish to buy which again makes it one of best health insurance companies in India.
One should go for Bharti AXA Health Insurance because its critical illness health insurance plan covers more than 20 critical illness diseases. Which means that you will get all the hospital expenditure reimbursed by the company if you fall ill cause of any of these 20 critical illness diseases. Furthermore it is also having network with more than 5000 hospital in the country so you can easily enjoy cashless benefits.
Features of Health Insurance Plan
- It provides coverage on more than 20 critical illness diseases.
- 100% of the sum is assured for a period of 15 years.
- Incurred claim ratio is 97.48%.
- You will be provided with 1 % sum assured will be spend on check up post completion of claim free four years.
- Maximum number of people who could be covered under this are 4 people.
4. Bajaj Allianz Health Insurance
Bajaj Allianz Health Insurance Company Limited was formed after the joint venture between Bajaj Finserv Limited and Allianz SE. This company has the largest market share in the health insurance sector. The health insurance policies of this company contains wide range of products that are designed such that they meet every individual requirements. Health insurance policies are available both in online and offline mode and you can apply from any of the modes.
Bajaj Allianz offers the best medical treatment and healthcare facilities. Hence it keeps your financial equation balanced in case of the health emergencies. The company will also ensure that you and your family will get best medical and healthcare from any hospital that you will select. Furthermore the health insurance policies of offers high coverage at very low cost which makes its best health insurance companies in India.
Features of Health Insurance Plan
- Claims made are cleared with 1 hours in case when cashless claims are made.
- In-house medical administration is also provided under this health insurance policy.
- Lifelong renewability of the health insurance policies.
- All the medical expenses are covered under.
- Its Incurred Claim Ratio is 73.59%
- This health insurance policy covers 6 people i.e., 2 adults and 4 children.
5. National Insurance Company
National Insurance Company is India’s second largest non-life insurance company. The company offers health insurance policies which are fully owned by the central government. National Insurance company is linked with more than 6000 hospitals of the country. Because of which you can enjoy cashless facility in more than 6000 hospitals in India.
One should go for buying National Insurance Company over any other health insurance policy because here you will get get all the hospital expenditure within 30 to 60 days time frame. You will get policy from 2 lacs to 5 lacs with the monthly premium of about 50.000 Rs. The incurred claim ratio is very high in comparison to other health insurance policies. Hence it is among the 10 best health insurance companies in India.
Features of Health Insurance Policy
- Maximum 6 members from a family can be insured under one policy.
- Incurred claim ratio is 110.20%
- Health check up expenditure will be reimbursed once at the completion of 4 claim free policy year.
- Policies can be life long renewable.
- 10 % discount will be also provided to the total premium if policy is bought for the family.
6. HDFC ERGO Health Insurance
HDFC ERGO Health Insurance company was formed in 2002 after the JV that took place between HDFC Limited and EGRO International AG. After this JV HDFC ERGO become top 10 best health insurance companies in India. HDFC holds 51% of stake while ERGO holds 49% of stake in HDFC ERGO Health Insurance. The company has come up with a policy named Health Suraksha which was very unique health insurance plan. It offers policies that covers your health but the affordable price.
HDFC ERGO Health Insurance offers wide range of health insurance policies which can insure individual or the entire family. HDFC ERGO is having links with more 5000 hospitals so that you can enjoy cashless facility all across the world. The policies offered here are basically for designed for today’s generation who are very prone to accidents and getting into some serious health issues.
Key Benefits of Health Insurance Plan
- Optimum health insurance policies offered at a affordable price.
- Get yourself or your entire family insured.
- Cumulative bonus will be provided during claim free years.
- No medical check up until the age of 45 years.
- Hassle free claim process.
- Incurred ratio ratio is 56.48%.
7. Religare Health Insurance
Religare Health Insurance is India’s leading company in health insurance sector. Since Religare is having its holdings in three interrelated organisations in Religare Enterprise Ltd, Union Bank of India and Corporation Bank. The company is supported by more than 4500 hospitals in India. The presence of the company is over 1700 locations in India which is very huge. Within a very short time span Religare become among best health insurance companies in India.
As we know that health insurance has actually become very important in today’s time. As the medical expenditure have become really high these days due to which several people are not able afford them. Even the lifestyle of today’s generation is very poor which even makes them more prone to the be attacked the critical illness.
Key Benefits of Health Insurance Plan
- Wide range of Sum Insured- up to Rs. 6 cr with life-long renewability
- Get Automatic recharge of sum insured if claim amount exhausts your coverage, at no extra cost
- Upto 150% increase in sum insured with No Claim Bonus- Super
- Annual health check-up for insured members- regardless of claims history
- No pre-policy medical check-up for sum insured less than Rs. 25 lacs, till 50 years of age
- Cashless & Hassle-free direct claim settlement with us at 4900+ Hospitals
8. New India Assurance
Well the New India Assurance policy is available for any person ranging from age between 18 to 65 years age. It is a government company which provides the health insurance policies which covers all of your health expenditure The presence of the company is in more than 22 countries all over the world and is having network with more than 2000 hospitals in India.
With this health insurance plan you will get life time renewability of plan. The company is having national and global exposure due to which it offers wide range of policies, integrated complaint management system and effective technology.
Key Features of Health Insurance
- Maximum numbers of people covered are 6 i.e., 2 adults and 4 children.
- Medical expenses covered for 30 days before your hospitalization and 60 days for post hospitalization for related medical expenses.
- Reimbursement of the cost of Medical check-up at the end of a block of every three Renewal years, if there are no claims reported during the block.
- Plans are lifelong renewable and covers you for your entire lifetime.
- An additional co-payment of 10% of admissible claim would be required in case claim arises out of a pre-existing disease.
- Any pre-existing condition will be covered after a waiting period of 4 year.
- Payment of RoomRent, boarding and nursing expenses incurred at the Hospital shall not exceed 1% of the Sum Insured per day.
9. Star Health & Allied Insurance
Star Health & Allied Insurance Company Ltd was formed in 2006 after the merger of ICICI Ventures Funds Management, Tata Capital Growth Fund, Oman Insurance Company, Sequoia Capital, Alpha TC Holdings Pte Ltd. This company is among the best health insurance companies in India from years now. The company has won large number of awards for its over the top performance. Even the company has links with more than 7000 hospitals across the country so that you can enjoy cashless claims.
In the year 2015, company also won the award of ‘best insurance company in India’. The company has also set up amazing customer focusing services and also offers high and better services to its customers. Where several other insurance companies just offer insurance plans but star health & allied insurance offers multiple health plans to its customers.
Features of Health Insurance
- Automatic restoration of health cover
- No cap on room rent and treatment cost
- Personal accident cover against Death and Permanent total disablement
- Cover for over 400 day care procedures
- Upto 100% Increase in Sum Insured upon a claim free renewal
- No pre-insurance medical test required
- Guaranteed renewals beyond second year
- Covers pre-existing diseases from the 1st year
- Hospital cash
- Free health check-up
- Incurred claim ratio is 63.96%
10. Reliance Health Insurance
Reliance Health Insurance has huge number of customer base which makes it rank among the best insurance companies in India. Company aims at focusing on the customer by providing them help at the crucial hours of there life. While the even fine tunes its products from time to time in order to offer best services to its clients. Company is also having 139 offices across the country which makes it reachable to its clients.
Reliance Health Insurance company offers wide range of products to its customers. So that different people having different financial status can buy any plan which he can afford. One of the health plan is for 3 year kids which is of 3 lakh rupees which one can buy for their small kids. They even have network with 4000 hospitals all the country to offer you cashless claims. Plans offered by the company are health-wise, health-gain and wellness.
Features of Health Insurance
- Reliance Health Insurance offers a 5% discount for single women or girl child
- Immediate & extended family members can be covered under an individual mediclaim insurance policy
- Re-instatement of base sum insured, if you’ve exhausted the total sum insured on your medical insurance policy.
- Avail tax deductions upto Rs. 60,000* under section 80D
- 5% Premium discount for Reliance Private Car Package Policy customers
- Cashless hospitalisation in over 4000+ preferred network hospitals across India.
- Calculate health insurance premium using our mediclaim policy premium calculator and get an affordable medical insurance plans starting at Rs.15/day*
- Variety of options to choose from such as a family floater mediclaim policy, individual health insurance plans, cashless health insurance, senior citizen health insurance and sum insured 3 lac, 6 lac & 9 lac available
- Buy a medical insurance policy with a sum insured of Rs. 3 lakhs
- Cashless hospitalisation in over 4000+ preferred network hospitals across India.
- Incurred claim ratio is 61.3%
- Lifelong renewal of your mediclaim policy from one of the best health insurance companies in India
