Based on our analysis and research, we have listed top 10 health insurance companies.
In order to guide customers while buying health insurance, Insurance Regulatory and Development Authority of India (IRDAI) has been coming out with a list of best Insurance companies every year.
Both General Insurers (private and public) and Specialized Health Insurance companies are authorized to offer plans to the customers. Based on the performances with regards to companies’ Incurred Claims Ratio (ICR) and their overall financial standing.
Top 10 Health Insurance Companies of India are as follows:
- Apollo Munich Health Insurance Company Limited
- Star Health & Allied Insurance Company Limited
- Max Bupa Health Insurance Company Limited
- SBI General Insurance Company Limited
- Religare Health Insurance Company Limited
- ManipalCigna Health Insurance Company Limited
- Bajaj Allianz General Insurance Company Limited
- New India Assurance Company Limited
- Oriental Insurance Company Limited
- National Insurance Company Limited
1. Apollo Munich Health Insurance Company Limited is a joint venture between the Apollo Hospitals Group and Munich Health, part of Germany’s Munich Re. It has an impressive Incurred Claims Ratio (ICR) of 62.47% for the financial year 2017-18, and it has brought innovations like lifetime renewals and portability benefits of the existing policies.
2. Star Health & Allied Insurance Company Limited is a joint venture between Oman Health Insurance Company, ETA Ascon Group and a few veterans of the country boasts of an Incurred Claims Ratio (ICR) of 61.76% for FY 2017-18. The company has an in-house TPA to deal with cashless facility seamlessly while also coming up with exciting products like Diabetes Safe (for diabetic patients) and Star NetPlus (for HIV+ patients).
3.Max Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa Group brought into existence in 2010. The latest ICR for this health care company stands at 50.19% for FY 2017-18 and offers enrollment to its policies for citizens of all age groups.
4.SBI General Insurance Co. Ltd comes with a joint venture of State Bank of India and Insurance Australia Group (IAG). SBI General has a wide presence in over 23,000 branches of State Bank Group. It covers over 110 cities across India along with over 350 locations through satellite resources. It has an Incurred Claims Ratio (ICR) of 52.93% for FY 2017-18.
5.Religare Health Insurance Company is a joint venture between Religare Enterprises Limited, Union Bank of India and Corporation Bank that was launched in 2012. However, in a short period of time, it has shown tremendous growth and made a mark in the insurance sector with an Incurred Claims Ratio (ICR) of 51.97% for FY 2017-18. It is being promoted by the founders of Fortis Hospitals.
6.Manipal Cigna Health Insurance Company is a comparatively new player in the Indian insurance sector being launched only in 2014 and has immediately become part of the best health insurance companies in India. It’s Incurred Claims Ratio (ICR) for 2017-18 stands at an impressive figure of 46.29% that is a no mean feat considering it’s so new to the market.
7.Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE has some health products up its sleeve. The three major products are Health Guard, Silver Health and Star Package. Bajaj has the distinction of being the first company to provide captive TPA with certain efficiencies. Its Incurred Claims Ratio (ICR) is 66.72% for 2017-18.
8. New India Assurance Company is a fully owned company by the government of India has been in operations since 1919 and is most famous for its Mediclaim policy. The most unique feature of this health insurance policy is that it provides a differential rating for major metros in comparison to other locations. The latest Incurred Claims Ratio (ICR) for FY 2017-18 is 85.7% that might be on the higher side, but it covers up for any losses or deficiencies from other insurance products.
9.Oriental Insurance Company is a public sector general insurance company that offers a number of health insurance products. The best part about this insurer is that it doesn’t require a medical examination of the prospective customers up to the age of 60 years, while other companies press for medical examinations for everyone over 45 years of age. Its Incurred Claims Ratio (ICR) stands at 85.4% as per IRDAI annual report for FY 2017-18.
10.National Insurance Company is a fully government-owned general insurance company that is more than 100 years old and also provides health insurance coverage. Its Incurred Claims Ratio (ICR) is 114.2% for 2017-18, 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.