Top 10 Health Insurance Company
Investing in health insurance is a crucial aspect of financial planning, providing a safety net against unforeseen medical expenses. As the prevalence of diseases and the cost of treatments rise, health insurance proves to be a valuable long-term investment. Not only does it offer financial security, but it also contributes to tax benefits and facilitates cashless medical treatments. According to the National Health Policy 2015, catastrophic medical expenditures push approximately 63 crore people into poverty.
In India, the Insurance Regulatory and Development Authority of India (IRDAI) annually publishes a list of the top health insurance companies, considering factors such as Incurred Claims Ratio (ICR) and overall financial standing. Two types of insurers, Specialized Health Insurance companies and General Insurance companies (public and private), are authorized to offer plans to the public. Here is a curated list of the top 10 health insurance companies in India:
- HDFC ERGO General Insurance Limited: A joint venture between HDFC Limited and ERGO International AG, HDFC ERGO offers comprehensive products in the retail sector, including health insurance. With an impressive Incurred Claims Ratio of nearly 74% in FY 2019-2020 and innovative features like lifetime renewal, it stands out as a reliable choice.
- Star Health & Allied Insurance Company Limited: Founded in 2006, Star Health & Allied Insurance is a multinational Indian company with a focus on health, personal accident, and overseas travel insurance. With an ICR of 66% in FY 2019-2020 and exciting products like Star NetPlus and Diabetes Safe, it is a leading player in the industry.
- Niva Bupa Health Insurance Company Limited: Established in 2008, Niva Bupa is a joint venture between Bupa Group and Max India Limited. Known for its quick enrollment process through the ATH machine, the company achieved an ICR of 54% in FY 2019-2020 and boasts a high Claim Settlement Ratio of 96%.
- SBI General Insurance Company Limited: A collaboration between IAG and the State Bank of India, SBI General Insurance has been serving customers since 2009. Offering a range of insurance products, including health insurance, it maintains an ICR of 72% in FY 2018-2019 and 2019-2020, with a Claim Settlement Ratio of 95% in FY 2019-2020.
- Care Health Insurance Company: Launched in 2012, Care Health Insurance has rapidly grown as a joint venture between Union Bank of India, Corporation Bank, and Care Enterprises Limited. With an Incurred Claim Ratio of 59% in FY 2019-2020 and a remarkable Claim Settlement Ratio of 95%, it has earned recognition at the FICCI Healthcare Excellence Awards.
- Manipal Cigna Health Insurance Company Limited: Established in 2014, Manipal Cigna is a merger between Manipal Group and Cigna Corporation. Despite being relatively new, it has become one of the best health insurance companies in India. With an Incurred Claim Ratio of 62% and a Claim Settlement Ratio of 90% in FY 2019-2020, it offers comprehensive health insurance products.
- Bajaj Allianz General Insurance Company Limited: Founded in 2001, Bajaj Allianz is a prominent private insurance company in India, a joint venture between Allianz and Bajaj Finserva Limited. With an ICR of 69% in FY 2018-2019 and 71% in FY 2019-2020, and an impressive ICR of 98% in FY 2019-2020, it is known for its efficiency and diverse product offerings.
- New India Assurance Company Limited: Established in 1919, New India Assurance is one of the oldest insurance companies and the largest nationalized general insurance company. Notable for its Mediclaim policy, it achieved an Incurred Claim Ratio of 92% in FY 2019-2020.
- Oriental Insurance Company Limited: A nationalized general insurance company founded in 1947, Oriental Insurance Company offers health insurance products and stands out for not requiring a medical examination for customers up to 60 years of age. Its Incurred Claim Ratio for FY 2019-2020 is 102%, and the Claim Settlement Ratio is 89%.
- National Insurance Company Limited: Established in 1906, National Insurance Company is a nationalized company under the ownership of the Ministry of Finance, serving in India and Nepal. With an Incurred Claim Ratio of 106% in FY 2019-2020, its popular health insurance product is Varishtha Mediclaim for senior citizens.
