Top-Rated Health Insurance Companies in India for 2024 (2024)

Selecting the right health insurance company is like finding a reliable partner for your well-being journey. Listed below are the key factors that you should keep in mind while choosing your health insurance partner:

• Claim Settlement Ratio: The Claim Settlement Ratio (CSR) is a key indicator of how reliable a health insurance company is in honoring claims. This ratio represents the percentage of claims settled by an insurance company against the total claims filed. A higher CSR signifies that an insurance provider handles claims efficiently.
• Solvency Ratio: When considering health insurance companies, the solvency ratio plays a significant role. This ratio indicates the company's ability to meet its financial obligations. Therefore, it's always good to opt for a company with a healthy solvency ratio.
• Gross Direct Premium: The Gross Direct Premium is the total premium collected by the insurance company before deducting reinsurance and commission. While it's crucial to consider the cost, it's equally important to weigh it against the coverage offered. So, we suggest you look for a balance i.e. a company offering comprehensive coverage at a reasonable premium as it will ensure that you get the best value for your money.
• Number of Products & Add-ons: A wide range of insurance products and add-ons allows you to tailor your coverage as per your specific needs and requirements. Therefore, one must always choose a company that offers a variety of plans and additional riders as it ensures you can customise your health insurance policy to match your unique health requirements and financial situation.
• Customer Support: Effective customer support acts as a lifeline when you have questions or need assistance. You must always go for a health insurance company that is known for its responsive and helpful customer support. This will make your experience smoother and more reassuring.
• Network Hospitals: As you know a strong network of hospitals is crucial for easy access to quality healthcare services, therefore it's imperative to check if the health insurance company has a wide network of hospitals. A larger network will mean you have more choices for medical facilities.
• Claim Settlement Process: Understanding the claim settlement process is also important. A transparent and streamlined process ensures that in the event of a claim, you won't be caught in complexities. One must always look for a health insurance company with a straightforward claim settlement process as it will make your entire experience either hassle-free or disturbed.
• Customer Reviews and Ratings: Last but not least, make sure you go through customer reviews and ratings to gain insights from real experiences. The opinions of others can provide valuable perspectives on a health insurance company's service, responsiveness, and overall customer satisfaction.

We have chosen the top 10 health insurance providers based on factors including market share, cashless hospitalisation availability, solvency ratio, and claim settlement ratio.

You can refer to the table given below for the market share and cashless hospitalisation availability provided by the companies:

The data has been taken from the official IRDAI website.

No. of Products here refers to the health insurance products that act as financial instruments and provide coverage for medical expenses. Moreover, these products offer financial protection in case of any health emergency like illness, injury, or other covered health-related issues.

On the other hand, Product add-ons are supplementary features that medical insurance policyholders can include in their health insurance policy to avail of additional benefits.

Types of Health Insurance Products

• Individual Health Insurance Plans
• Family Floater Health Insurance Plans
• Group Health Insurance Plans
• Senior Citizen Health Insurance Plans
• Critical Illness Insurance Plans
• Maternity Health Insurance Plans
• Hospital Daily Cash Benefit Plans
• Preventive Health Insurance Plans
• International Health Insurance Plans
• Short-Term Health Insurance Plans
• Student Health Insurance Plans
• Top-Up and Super Top-Up Health Insurance Plans
• Disease-Specific Insurance Plans
• Personal Accident Insurance Plans

Types of Health Insurance Add-ons

• Critical Illness Rider
• Maternity Cover
• Accidental Death Benefit
• Home Care Treatment
• Dental Cover
• Alternative Treatment Cover
• Medical Equipment Cover
• Second Opinion Cover
• Travel Cover
• Donor Expense Cover
• Convalescence Benefit
• Hospital Cash
• Room Rent Waiver
• Personal Accident Cover
• OPD Cover

Top 5 Companies with No. of Products & Add-ons

The tabular data below highlights the No. Of Products & Add-ons of different health insurance providers in India:

The data for No. of Products & Add-ons has been taken from the official IRDAI website.

Claim Settlement Ratio

An insurance company's performance in resolving claims is gauged by its claim settlement ratio. Concerning the overall number of claims the company receives each year, it displays the proportion of claims that the company has paid out. An insurance company's high claim settlement ratio shows that they are good at paying out the majority of claims they get, which may reassure customers seeking trustworthy insurance.

A higher solvency ratio signifies a strong financial position, enabling the company to meet its obligations, including timely claims payment. This stability is vital for policyholders, who have a higher level of confidence in the insurance provider's ability to meet financial responsibilities. Claim Settlement Ratio, however, is a reflection of an insurance company's commitment to its policyholders. The two ratios together define the company’s internal and external growth.

Solvency Ratio

The Solvency Ratio for insurance firms functions as a financial health check. An insurance company's strength and stability can be determined by comparing its money to the risks it covers. Consider it a safety cushion, the greater the cushion, the more capable the business is of handling unforeseen financial difficulties. A high solvency ratio indicates the business has sufficient funds to settle claims even during lean periods. This ratio is significant because it helps guarantee that the insurance provider can fulfill its commitments to policyholders, giving clients piece of mind.

Why Claim Settlement Ratio And Solvency Ratio is Important?

The following are the benefits of having a higher CSR and solvency ratio:

1. Policyholder Protection: The Solvency Ratio guarantees that insurance providers have enough cash on hand to fulfill their long-term obligations, particularly if policyholders bring forth claims. The claim settlement ratio, however, shows the company’s dedication towards its customers.

2. Timely Claim Settlements: A high solvency ratio indicates a company's substantial assets to cover liabilities, enabling efficient and prompt claim handling. This not only supports policyholders during challenging times but also contributes to the company's CSR, demonstrating its commitment to customer needs.

3. Financial Stability: The solvency ratio is a crucial indicator of an insurance company's financial stability, indicating its ability to withstand unforeseen shocks and market fluctuations, infusing confidence among policyholders, enabling successful claim settlements, and increasing the insurer's CSR.

4. Credibility and Trust: A high solvency ratio boosts an insurance company's credibility and trustworthiness, as policyholders prefer insurers with a strong financial foundation. CSR also builds trust by demonstrating the company's ability to settle claims without delays or failures.

Top Health Insurance Companies with Claim Settlement Ratio (CSR) and Solvency Ratio for Year 2022-23

The tabular data below highlights the solvency ratio and the CSR of different health insurance providers in India for FY 2022:

The data for Claim Settlement Ratio has been taken from the official IRDAI website.

Customers can choose from a variety of plans offered by health insurance companies to meet their needs and specifications. These insurance companies provide senior citizens, critical illness, family floater-based, and other policies with pre-existing coverage.

• Family Floater-based Plans: Insurance companies provide family health insurance policies that include all of your family's medical costs into a single, all-inclusive coverage. This occasionally covers you, your spouse, and your kids in addition to your dependent parents. These providers offer family health insurance that can cover the medical needs of your whole family without requiring you to purchase several policies.
• Senior Citizens Plan: As the name implies, this insurance is specifically made for individuals who are sixty years of age or older. Pre-existing medical disorders, chronic illnesses, and age-related issues are just a few of the healthcare needs that these plans cover specifically for senior citizens.
• Critical Illness Plan: Financial protection against serious medical disorders such as cancer, heart attacks, and other life-threatening illnesses is provided by these plans. If it is determined that the policyholder has a covered critical illness, the insurance will pay a lump sum to cover treatment-related medical expenses.
• Pre-existing Cover: Financial support for medical issues a customer has even before purchasing health insurance is provided by the pre-existing cover. However, this coverage is provided as a rider or add-on to the customers. The consumer can add this benefit to a base policy that they have purchased according to their needs.

Top 10 Health Insurance Plans in India

Given below are various plans offered by Top-rated Health Insurance companies for Families, Senior Citizens, Critical Illness & Pre-existing coverage:

The companies that insure people against medical expenses are known as health insurance companies. These companies accept regular and flexible payments from their customers, known as premiums, and in exchange, they cover all or part of the costs associated with prescription drugs, hospital stays, doctor visits, and other healthcare services. This makes medical care more affordable for people without requiring them to pay for it entirely out of pocket.

There are two types of Health Insurance Companies in India:

1. Private Health insurance Companies:

Private Health Insurance Companies offer health insurance coverage for individuals and groups. These companies offer insurance services such as medical costs such as doctor visits, hospital stays, prescription medicine, etc. to earn profit; they are privately held companies and not governed by the government. These services are offered in exchange for a regular premium paid by the customers.

There are two types of companies under Private Health Insurance Companies:

• Standalone Health insurance Companies offer Only health insurance plans. These firms only focus on health insurance, in contrast to other insurance providers that could offer a variety of insurance products. This implies that they devote all of their resources and knowledge to covering medical costs, including prescription drugs, hospital stays, and doctor appointments.
• General Insurance: Businesses that offer different kinds of insurance coverage, except life insurance, are known as general insurance companies. They provide plans that shield individuals and companies from monetary losses brought on by mishaps including auto accidents, theft, property damage, health concerns, and travel difficulties. In essence, they assist in reimbursing expenses in the event of unforeseen circ*mstances, sparing you from having to pay for everything yourself.

2. Public Health Insurance Companies:

In India, public health insurance companies are government-owned enterprises providing health insurance policies to the citizens. These plans lessen the financial load on people and families by helping to pay for hospital stays and medical treatments.

Cashless Hospitalization Facility

Health insurance companies in India also offer cashless hospitalization facilities, which enable the insured to have all medical costs fully covered. Customers are not required to pay for medical expenses out of pocket.

Health Insurance Companies Market Share in India

Market Share is a portion of industry revenue that your company receives by selling goods and services. Companies with higher market shares are leaders in their respective industries and pose competition to smaller ones. To calculate your market share:

Market Share = (Your Business Revenue/ Total Industry Revenue) * 100

Imagine having a healthcare partner who not only understands your needs but also stands by you during any health uncertainty. If you want a similar health partner then there's no better choice than the health insurance companies included in the list below.

Whether it's the ease of claim settlement, a wide network of hospitals, or a broad range of offerings, these insurers are setting the standard for what the best health insurance company should be.

1. HDFC ERGO Health Insurance

HDFC ERGO General Insurance Co. Ltd. is a result of a collaboration between HDFC, India's premier Housing Finance Institution, and ERGO International AG, a key insurance entity of the Munich Re Group. As a subsidiary of HDFC Bank - one of India's leading private sector banks, HDFC ERGO General Insurance Co. Ltd. offers a comprehensive range of general insurance products. From motor, health, travel, home, and personal accident coverage for individuals to property, marine, and liability insurance for businesses, the company has got it all covered.

Company Highlights:

• HDFC Ergo Health Insurance was founded in 2002.
• Issued over 1.5 crore policies over the years.
• Wide Range of network hospitals of over 13,000.
• With a high Claim Settlement Ratio of 100%, it is a customer-centric company.

2. ICICI Lombard Health Insurance

With a rich history spanning over 21 years, ICICI Lombard General Insurance Co. Ltd. is dedicated to prioritising its customers through their brand ethos of 'Nibhaaye Vaade.' The company's commitment is reflected in its extensive range of insurance products, covering motor, health, crop, fire, personal accident, marine, engineering, and liability.

Having issued over 32.7 million policies and successfully settling 3.6 million claims, the insurer's track record speaks volumes. With a widespread presence through 300+ branches and a team of 12000+ dedicated employees, ICICI Lombard General Insurance Co. Ltd. provides comprehensive and diversified insurance solutions. Their general insurance offerings extend to cover various aspects, including business, personal, and project liabilities, catering to both rural and urban areas across India.

Company Highlight:

• ICICI Lombard Health Insurance was established in 2001.
• Issued 2.7+ policies over the years.
• Numerous network hospitals totalling more than 9500+.
• Settled 1.6 million claims in the past years.
  

3. Reliance Health Insurance

With a goal of making affordable insurance accessible to all, Reliance General Insurance Co. Ltd. has 127 offices and more than 90,​000+ intermediaries across India. They also have 3 crore plus policyholders across India and have 100+ insurance products. With a focus on protecting policyholders’ interests, Reliance General Insurance Co. Ltd. has a 98.6% claim settlement ratio.

If you are looking for an insurance partner who has a track record of claim settlement (1.26 Cr+ claim settled), who also has a smooth process of paperless and cashless claims, then Reliance General Insurance Co. Ltd. should definitely be in your priority set.

Company Highlights:

• Reliance Health Insurance was founded in 2000.
• Issued more than 3 crore policies over time.
• Network healthcare providers of over 10,000.
• Claims settled, 1.26 crore+.
• Branches in 127 Indian cities.

4. Go Digit Health Insurance

Loved by 3 crore plus customers, Go Digit General Insurance Co. Ltd. is on a mission to simplify insurance products so that even a 15-year-old can understand them. With a claim settlement ratio of above 80%, Go Digit General Insurance Co. Ltd. is reimagining products and redesigning processes.

Company Highlights:

• In 2016, Go Digit was established.
• During a period, issued over 3 crore policies.
• More than 16,400 network healthcare providers.
• Offers coverage across the globe.
• Provides built-in personal accident insurance.

5. Cholamandalam MS Health Insurance

Cholamandalam MS General Insurance Co. Ltd. is a joint venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. With 11000+ cashless network hospitals, over 297 lacs customers, Cholamandalam MS General Insurance Co. Ltd. has over 29 lacs+ claims settled. The company has about 93.23% claim settlement ratio.

Company Highlights:

• Cholamandalam MS Health Insurance was founded in 2001.
• Issued more than 2.97 crore policies over a period of time.
• 11,000 or more healthcare providers in the network.
• Claims resolved; over 29 lakhs.

6. SBI Health Insurance

One of the fastest-growing general insurance companies in India, SBI General Insurance Co. Ltd. was established in 2009. Having served 55.55 crore customers, SBI General Insurance Co. Ltd. has a 95% plus claim settlement ratio. The company’s vision is to become the most trusted general insurer for a transforming India.

Company Highlights:

• SBI Health Insurance, founded in 2009.
• Over the course of time, more than 20.46 crore insurance were issued.
• 16,625 or more medical professionals are part of the network.
• Over 24,000 crore of claims were settled.

7. Royal Sundaram Health Insurance.

With over 2 crore customers in India, Royal Sundaram General Insurance Co. Ltd. is a subsidiary of Sundaram Finance Group. The claim settlement ratio of the company stands at over 90%.

Company Highlights:

• Royal Sundaram Health Insurance, was founded in 2009.
• Over the course of time, more than 2.8 crore insurance were issued.
• They Have over 158 branches in India.
• The company has a claim settlement ratio of 92%.

8. Future Generali India Health Insurance

Future Generali India Insurance Co. Ltd. has a claim settlement ratio of 96.01% and has settled over 2.6 lacs claims last year. With 8000+ cashless hospitals, the company’s vision is to protect and enhance people’s lives actively. Future Generali India Insurance Co. Ltd. is a joint venture between the Generali Group and the Future Group. Established in 2006, the company's goal is to offer insurance solutions for retail, commercial, personal, and rural needs to both individuals and corporations, aiding them in effectively managing and minimising risks.

Company Highlights:

• Future Generali India Health Insurance was founded in the year 2006.
• They have a wide range of network hospitals in India approximately 8000+.
• Also, 158+ branches in India.
• They have settled claim around 2.6 lakh+ last year.

9. Liberty Health Insurance

With a claim settlement ratio of 94%, Liberty General Insurance Co. Ltd. is a joint venture between Liberty State Holdings PTE Ltd. and Enam Securities. The total number of partner hospitals of the company stands at 6000 pan-India. Liberty General Insurance Co. Ltd. aims to provide comprehensive retail, commercial, and industrial insurance solutions in the country. Their vision is to go beyond what other health insurance companies or car insurance companies in India might offer; to become an attentive and empathetic insurer of choice for the citizens of the country.

Company Highlights:

• Liberty Health Insurance was founded in 2013.
• They have 6000+ network hospitals across India.
• Also, 110+Branches Across India
• Their Claim Settlement Ratio is 97%.

10. Zuno Health Insurance

Formerly known as Edelweiss General Insurance, Zuno General Insurance Co. Ltd. was born from the conviction that any kind of insurance should be easy, friendly, and transparent.

Company Highlights:

• Zuno Health Insurance Company founded in 2016.
• They have 10000+ cashless hospitals in India.
• The company has a 94% Claim settlement ratio.

11. Magma HDI Health Insurance

By maintaining a claim settlement ratio of 90% and above, Magma HDI General Insurance Co. Ltd. is a company jointly held by Adar Poonawalla and Rising Sun Holdings Pvt Ltd. The company caters to all your General Insurance needs with over 70 products across various categories.

Company Highlights:

• The Magma HDI Health Insurance Company Was Founded In 2012.
• They Have issued 44 lakhs+ policies.
• They have 95+ branches across India
• The Claim Settlement ratio is 90%

12. Bajaj Allianz Health Insurance

Bajaj Allianz General Insurance Co. Ltd. has a claim settlement ratio of 98%. The company is a joint venture between Allianz SE, and Bajaj Finserv Limited. Bajaj Allianz General Insurance Co. Ltd. has a strong focus on customer centricity and aims at delivering an excellent experience to its customers with care and superior value.

Company Highlights:

• The Bajaj Allianz health insurance company was founded in 2001.
• They have 18400+ cashless network hospitals across India.
• They have a claim settlement ratio of 92.24%.

13. Kotak Mahindra Health Insurance

Claiming to have a jet speed in addressing claims, Kotak Mahindra General Insurance Co. Ltd. has a claim settlement ratio of 98%. The company is a 100% subsidiary of Kotak Mahindra Bank Ltd. and aims to cater to a wide range of customers across the Indian region offering a variety of non-life insurance products like Motor, Health, Home, and Commercial.

Company Highlights:

• Kotak Mahindra Health Insurance company was founded in 2015.
• They Have issued 1.23 crore+ policies.
• They have 9000+ cashless network hospitals across India.
• Their Claim Settlement Ratio is 97%.

14. Niva Bupa Health Insurance

Formerly known as Max Bupa Health Insurance Co. Ltd., Niva Bupa Health Insurance Co. Ltd. enjoys the trust and support of over 1 crore customers across India. The company has a 91.6% claim settlement ratio and is a joint venture between Fettle Tone LLP and Bupa.

Their mission involves empowering every Indian by imparting knowledge, offering expert guidance, and providing a comprehensive range of services in healthcare. This approach instills confidence and returns control to individuals, aligning with their desire for each moment of life to unfold just the way they want.

Company Highlights:

• Niva Bupa health insurance was founded in 2008.
• The company has issued more than 1.2 crore policies.
• Niva Bupa has more than 10000 network hospitals.
• The claim settlement ratio of the company is 90.7%.

15. Care Health Insurance

Care Health Insurance Co. Ltd. has secured 3 crore plus lives keeping its vision of being the most preferred health service provider, which is caring, cost-effective, innovative, and reachable on top. With a claim settlement ratio of 95.2%, the company has settled 38 lacs plus claims.

Company Highlights:

• Care Health Insurance was founded in 2012.
• The company has settlement 48 lakhs + claims.
• More than 24800 cashless network hospitals are present.
• Care health insurance has a claim settlement ratio of 95.22%.

16. Star Health Insurance

Having 14000+ network hospitals across India, and 4.68 user rating based on 9050 user reviews, Star Health and Allied Insurance Co. Ltd. is one of the most trusted companies in India. With a 99.06% claim settlement ratio, the company claims to settle 90% of cashless claims within 2 hours of it being raised. Star Health and Allied Insurance Co. Ltd. operates with a simple and clear vision - To be the Most admired health Insurance company in India.

Company Highlights:

• Star health Insurance was founded in 2006.
• 17 Crore policies has been issued by the company.
• There are total 14000+ network hospitals.
• The claim settlement ratio is 89.9%.

17. Aditya Birla Health Insurance

With 96% claim settlement ratio, Aditya Birla Health Insurance Co. Ltd. is a part of Aditya Birla Capital Ltd. (ABCL), and a joint venture between Aditya Birla Group and MMI Holdings of South Africa.

Company Highlights:

• Aditya Birla Health Insurance, founded in 2015.
• The company has issued 2.5 Crore+ policies.
• Aditya Birla has more than 11000 cashless network hospital.
• The claim settlement ratio of the company is 96%.

18. ManipalCigna Health Insurance

ManipalCigna Health Insurance Co. Ltd. is a joint venture between Manipal Group and Cigna Corporation. With 94% of cashless approvals settled within 2 hours, the company has served over 14 lacs claims. The claim settlement ratio of ManipalCigna Health Insurance Co. Ltd. is 99.9%.

Company Highlights:

• ManipalCigna Health Insurance, founded in 2014.
• There are total 8500+ network hospitals of the insurer.
• The company has more than 77 branches across India.
• 88% of total claims were settled by the company.

19. The New India Assurance Health Insurance

With over 2 crore policies issued, The New India Assurance Co. Ltd. has settled over 99.4 lac claims. The company has so far served 3.75 crore happy customers. The New India Assurance Co. Ltd. is on a mission to provide Financial Security to Individuals, Trade, Commerce & all other segments of Society by offering Insurance products & Services of High Quality at affordable Cost.

Company Highlights:

• New India Assurance Health Insurance, founded in 1919.
• Over the course of time, more than 2 Crore+ insurance were issued.
• There are total 1800+ network hospitals of the insurer.
• Over 99.4 Lacs of claims were settled.
• The company has a claim settlement ratio of 99.4 lacs

Role of IRDA in Regulating the Insurance Industry

The term "IRDA" or “IRDAI” stands for the Insurance Regulatory and Development Authority of India which serves as the regulatory body overseeing the insurance industry in the nation. The primary role of IRDA is to safeguard the interests of policyholders and regulate the operations of both Life Insurance and General Insurance companies in the country.

The key functions of IRDA include:

• Protecting policyholders
• Fostering the orderly growth of the insurance sector for the common man's benefit
• Contributing to the nation's economic development through long-term funds
• Establishing and enforcing high standards of integrity, fair dealing, financial soundness, and competence among insurance providers

In addition to all this, IRDA aims to expedite genuine claim settlements, prevent malpractices and fraud through grievance redress mechanisms, and promote transparency and fairness in financial markets.

In essence, the IRDA, as the apex body of the insurance industry, takes measures to formulate rules and regulations that are clear and unbiased, ensuring that no particular insurance company faces ambiguity in its implementation.

Health Insurance Terminologies