Top 10 Health Insurance Companies in India 2024

Which is the Best Health Insurance Company in India?

Over the years there has been a rise in the number of health insurance companies in India offering the policyholder a plethora of health insurance plans and products to choose from. These plans cater to most of the important healthcare needs of the policyholder depending on their budget and requirements. Most insurance companies also offer good discounts and deals to the policyholder, especially for online plan purchases.

All these wide selections and interesting features and benefits make it difficult to choose the best health insurance company while planning to buy a health plan. Moreover, different policyholders have different requirements as per their health conditions and those of their family members. Hence, deciding on one particular policy as the best one is a difficult choice.

A single insurance company may not fulfill the healthcare needs and the features that every policyholder is looking for. Thus, depending on your need and requirement for health insurance, you may choose the best policy that matches your expectations in terms of benefits and budget.

List of Best Health Insurance Companies in India – Overview

With a wide variety of health insurance companies offering a range of policies to cater to your needs, it is not an easy task to compare and choose the best one without getting confused. Many aspects are taken into consideration while selecting the best health insurance plan to suit your requirements. But the most important among them are the claim settlement ratio and network hospitals for cashless treatment. These two variables are generally considered by every policyholder while comparing and buying health insurance policies.

There are a number of health insurance companies in India that offer a wide range of health insurance plans to meet the medical needs of all age groups. Health insurance providers uniquely and carefully design their health insurance plans so that they can offer the right coverage to all their customers. Every health insurance company aims to provide its customers with a variety of features and benefits through its varied products. We also understand that finding a health insurance company that can meet all your needs can become difficult at times.

So, below, we have listed some of the leading health insurance companies in India. It is imperative to check the Incurred claim ratio (ICR), a number of network hospitals, types of plans offered, etc, while comparing these health insurance providers in order to make an informed decision.

List of Top Health Insurance Companies in India 2024

Sr. No	List of Best Insurance Company	*Incurred Claims Ratio for 2022-23	Claim Settlement Ratio FY 21-22	Network Hospitals**
1	Acko General Insurance Company	83.88%	96%	7100+
2	Aditya Birla Insurance Company	64.68%	94%	10051+
3	Bajaj Allianz General Insurance Company	74.27%	97%	8000+
4	Care Health Insurance Company	53.82%	100%	10000+
5	Cholamandalam MS General Insurance Company	67.88%	88%	10900+
6	Digit General Insurance Company	71.87%	85%	16000+
7	Zuno General Insurance Company	89.59%	91%	6000+
8	Future Generali India Insurance Company	79.18%	96%	8400+
9	HDFC ERGO General Insurance Company	79.04%	95%	12000+
10	ICICI Lombard Insurance Company	77.33%	97%	6700+
11	IFFCO Tokio General Insurance Company	111.18%	94%	7500+
12	Kotak Mahindra Health Insurance Company	56.01%	97%	7000+
13	Liberty Insurance Company	74.17%	91%	5000+
14	Magma HDI General Insurance Company	72.10%	92%	7800+
15	Manipal Cigna Insurance Company	64.66%	100%	8500+
16	Niva Bupa (earlier Max Bupa) Insurance Company	54.05%	90%	10000+
17	National Insurance Company	102.35%	86%	3000+
18	Navi General Insurance Company	59.28%	100%	10000+
19	New India Assurance Company	103.33 %	98%	3000+
20	Oriental Insurance Company	130.09%	90%	3500+
21	Raheja QBE General Insurance Company	138.67%	96%	5000+
22	Reliance General Insurance Company	86.31%	95%	9500+
23	Royal Sundaram Alliance Insurance Company	83.36%	96%	10000+
24	SBI General Insurance Company	73.92%	88%	16000+
25	Star Health and Allied Insurance Company	65.00%	99%	14000+
26	Tata AIG General Insurance Company	78.33%	94%	10000+
27	Universal Sompo Insurance Company	82.84%	88%	4000+
28	United India Health Insurance	89.57%	95%	6500+

*Incurred Claim Ratio data sourced from IRDAI Annual Report 2022-2023
**Network Hospitals data sourced from the official websites of respective companies

Top 10 Health Insurance Companies in India 2024

#1. ICICI Lombard General Insurance

ICICI Lombard is a leading name in the general insurance industry with attractive products. ICICI Lombard’s health insurance plans are designed keeping in mind the needs of every individual. Whether it is a comprehensive plan or a top-up one, the company provides both types of insurance plans. Claim settlement is also easy with the company’s tie-up with more than 4500 hospitals across India. The company boasts of settling four claims every minute which is evident from its claim settlement ratio of 99.7% in the financial year 2022.

Key features of ICICI Lombard:

• The claim intimation process of ICICI Lombard health plans is a quick process done through the IL Take Care app of the insurer
• The insurer offers 24×7 customer support
• They have over 7500+ healthcare providers in their network
• Restore benefit for the sum insured in plans like AdvantEdge insurance for family
• Most of the plans of ICICI Health Insurance offer guaranteed cumulative Bonus
• They also allow maternity coverage
• The plans of ICICI Lombard usually come with domiciliary hospitalization

#2. Royal Sundaram

Royal Sundaram also offers different types of health insurance plans. While Royal Sundaram health insurance’s lifeline plan has no limits on room rents or other treatments, Family Plus plan covers up to 19 different relations. You can avail cashless claim across more than 3000 hospitals and the company’s claim process is ISO certified.

Key Features of Royal Sundaram:

• Some of the plans of Royal Sundaram such as the Royal Sundaram Lifeline Elite health plan cover expenses of global emergency hospitalization
• By opting for the Royal Sundaram Lifeline Supreme Plan, the insured can avail the facility of getting a second opinion for 11 critical diseases
• These plans come with 100% restoration of the sum insured
• Domiciliary hospitalization and maternity coverage facilities are also included in most of the plans

#3. Care (Formerly known as Religare) Health Insurance

Care is a standalone health insurance company that specializes in health insurance plans. The company has a tie-up with more than 5420 hospitals which facilitates easy cashless claim settlements. The health insurance at Religare handles the claims in-house. Its Care plan is a unique plan which offers sum insured levels up to Rs. 6 crores.

Key features of Care:

• They cater to their customers via individual and family floater plans, senior citizen health plans, plans covering diabetes and hypertension as well as top-up plans among others
• You can get your cashless claim approved in just 2-hours with Care Health (if the papers are correct)
• Most plans of Care Health come with the facility of regular annual health check-ups for the members covered under their plans
• They have plans that cater to your pre-existing diseases and yearly cardiac check-ups

#4. Future Generali General Insurance Company

A part of the leading Future Group, Future Generali has a vast network in the country with tie-ups with more than 5000 hospitals and a branch presence across 125 locations. The company’s Health Total plan is an all-inclusive health plan which boasts of attractive benefits and sum insured levels up to Rs. 1 crore.

Key features of Future Generali:

• People covered under Future Generali health insurance can claim cashless treatment in over 5100 network hospitals spread across India
• Their health plans are mostly available with the option of lifelong renewability
• The insured can avail of cashless hospitalization approval in just 90 minutes
• Insured can have easy access to policy details via the mobile app of the insurer

Also Read: Star Health Insurance Company provides Renewal Online

#5. HDFC Ergo (Earlier Apollo Munich) Health Insurance

Apollo Munich is another standalone health insurance company which focuses on the health insurance segment. The company offers a multitude of health plans from indemnity plans to disease specific plans. Its Dengue Care plan is a standalone health plan for dengue. There is also a specialised plan covering OPD expenses which are usually excluded from the coverage of normal health plans. Moreover, the company launched a new plan called Health Wallet which offers carrying forward of unused coverage benefits.

Key Features of HDFC Ergo:

• The insurer has a network of 12,000+ network hospitals for cashless treatment
• The insurer has a claim settlement ratio of 100%
• Most of the health plans of HDFC ERGO cover non-medical expenses too
• Let you select the sum insured as per your budget and need
• The plans are available with a 100% restoration benefit
• The insurer also offers 24×7 customer support in 10 languages
• They allow wider pre- and post-hospitalization

Also Read: Top Insurance Brokers in India

#6. Niva Bupa ( Earlier Max Bupa) Health Insurance

Max Bupa is a leading name in the health insurance industry with its popular plans. The health insurance max bupa offers hospitalisation plans, critical illness plans and also personal accident insurance plans. The company’s claim settlement ratio stands at 96% and it is awarded the Superbrand for two consecutive years.

Key features of Niva Bupa:

• Policyholders of the Niva Bupa health plans can claim cashless hospitalization pan India in their 7600+ network hospitals
• The authorization or approval of a cashless claim can be availed within 30 minutes
• The insurer offers plans to cover life-threatening diseases under the Criticare health insurance plans

#7. HDFC Ergo General Insurance

Health plans offered by HDFC Ergo are also popular because of the benefits they provide. Every plan is curated with the healthcare needs of individuals in mind. The HDFC Ergo health insurance has a network of over 6000 hospitals for cashless claim settlements and offers you a 24*7 service for any queries or complaints.

Key Features of HDFC Ergo:

• The insurer has a network of 12,000+ network hospitals for cashless treatment
• The insurer has a claim settlement ratio of 100%
• Most of the health plans of HDFC ERGO cover non-medical expenses too
• Let you select the sum insured as per your budget and need
• The plans are available with a 100% restoration benefit
• The insurer also offers 24×7 customer support in 10 languages
• They allow wider pre-and post-hospitalization

#8. Cigna TTK Health Insurance

Cigna TTK also deals only in health plans and offers uniquely designed plans for your needs. You can read tips to buy health plans on easy EMIs, a facility offered only by Cigna. When a company offers any health plan, there are no limits on room rents. Moreover, the company promotes cashless claim settlements.

Key features of Cigna TTK:

• You get to select from a range of plans such as critical illness plans, plans for accidental care, top-up health plans, lifestyle health plans, etc.
• In most cases, the sum insured of plans ranges from INR 25 lakh – INR 10 Crores
• Most plans of the insurer are easily customizable to meet the needs of the insured
• They have some of the best comprehensive critical illness plans that cover over 30 critical diseases
• Most plans come with the facility of 100% sum restoration
• Policyholders can track claims easily online

#9. Star Health & Allied Insurance Company Limited

Another leading standalone health insurers, Star Health offers health plans with an in-house claim settlement team. The company has the largest network of more than 8400 tied-up hospitals. Moreover, the company has settled 87% of its cashless claims within 2 hours. In terms of health insurance plans, you can find comprehensive indemnity, top-up and super top-up, disease specific, critical illness as well as senior citizen health insurance plans. Thus, the company offers a health plan for each health need.

Key Features of Star Health & Allied:

• Star Health insurance company has a wide array of products that cover illnesses like diabetes, HIV, etc.
• The company takes care of the cashless claims via its in-house claim settlement procedure
• The company has more than 14,000 hospitals in its network to allow cashless treatment to policyholders
• Most of the Star health insurance plans are available with the option of lifetime renewability
• Further, there are top-up plans that can be purchased and customized as per the needs of the policyholder

#10. The New India Assurance Company Limited

New India Assurance General Insurance company is not only has its branches in India, it has an international presence across 28 countries as well. The company is a leading name in the public sector general insurance companies. The New India Assurance Health Insurance offers six different types of products. Each product promises comprehensive coverage at affordable rates of premiums. You can choose a policy either for self or for your entire family. Moreover, a top-up policy is also available which increases your health coverage at minimal premium outgoes.

Key features of New India Assurance:

• They have comprehensive health insurance policies for individuals and families covering the insured, his/her spouse and dependent kids
• New India Cancer Guard Policy is the cancer coverage plan offered by the insurer
• They also have an insurance policy for emigrants with ECR or ECNR called, New India Pravasi Bhartiya Beema Yojana

Based on what criteria are the Top 10 Health Insurance Companies in India identified?

While opting for the top 10 health insurance companies in India, the below criteria can be looked into:

• High Claim Settlement Ratio – An insurer with a high CSR can be trusted and relied on. A high CSR or claim settlement ratio means that the number of claims settled by the insurer during an FY is high as against the number of claims filed during the same year.
• Extensive Portfolio of Health Products – To identify the top 10 health insurance companies, it is important to look for the insurance provider offering a wide array of health insurance products. Also, you must look for insurers offering policies of different types such as individual, family floater, senior citizen, critical illness, and, other types of mediclaim policies.
• Brand – The brand or the name of the insurer is also important. It is crucial to check that the brand has been around for a long time and has had a good repute or standing in the insurance market. The best brands serve the customer with the best client service related to their health insurance plan.
• Efficiency of the Insurer – A top health insurer will be prompt in terms of solving customer issues and customer queries. This is important not just at the time of raising or settling claims but on a regular day-to-day basis while dealing with customer issues.
• Least Limitations – Look for a plan that comes with the minimum number of limitations. Things like sub-limits for room rent, PED waiting period, and other such clauses should be taken care of while choosing the top 10 health policies to buy.

Why Is Health Insurance Important?

Having health insurance coverage is crucial for everyone. We may not realize the need for insurance when we are young and healthy. But as we age and become prone to diseases, we feel the importance of having all-encompassing health coverage. However, you may note that buying insurance at a young age is more cost-effective as compared to when you are old. Below are some points to prove the importance of health coverage:

• Your health cover handles your medical expenses and helps you save your money
• Your health coverage offers you comprehensive protection to tackle wide-ranging diseases
• You can avail of timely medical care efficiently to cure your illness with a cashless treatment facility rather than worrying about the expenses
• You can also avail of add-on riders to make your coverage enhanced
• With family floater health policies, you can allow the entire family to stay covered under one plan
• Most health insurance companies offer an easy and simple claim process
• Besides the above points, your health plan let you avail of tax benefits under Section 80D

How to Choose the Best Health Insurance Company?

There are certain things to consider before choosing a health insurance plan. Most insurance policies and insurers differ in terms of the benefits offered as well as the features present. A single insurer/insurance plan cannot suit everyone alike. Thus, it is good to consider various aspects of an insurance plan and compare them with your needs and requirements to buy the policy that suits you best.

Below are some parameters to take note of while buying an insurance plan to suit your needs best.

1. Consider the type of health plan: The type of insurance plan means whether it is an individual policy of health, a family floater health plan, or it is a senior citizen plan, etc. Some insurance providers might offer basic insurance coverage, while others might provide specific policies for kids, women, elderly citizens, and so on. Thus, it is good to choose an insurer that offers a policy to fulfill your exact needs.
2. Consider the availability of network hospitals: The network hospitals are the clinics that the insurer partners with to offer cashless treatment. Insurance companies partner with numerous hospitals to avail customers of more and more cashless facilities in the hospitals of their choice. The more the hospitals in the network of the insurer, the better for the policyholder to seek cashless claims. Thus, keeping a check on the strength of the network hospital before choosing a plan is important.
3. Check the Claim Settlement Ratio of the Insurer: The Claim Settlement Ratio (CSR) of an insurer is the ratio that signifies the number of claims settled by the insurer in a year as compared to the number of claims received by them. Always go for a plan offered by an insurer with a CSR of 80%-90%.
4. Check the efficiency of customer support service: Like other important aspects, having an efficient customer support team of the insurer is also an important requirement. Always ensure that the insurer provides 24/7 availability of customer support to address any of your concerns.
5. Ensure Easy Claim Procedure: You buy a health insurance plan so that you can raise a claim when required and get the claim amount. Now, if your health insurance company is not good at settling claims smoothly or if the procedure is too time-consuming, you will have many issues in raising and getting your claims settled. So, look for a health insurance plan that needs minimum paperwork and TPA involvement.
6. Consider reviews and ratings received by the insurer: When comparing plans online, you can check for ratings and reviews of insurers given by the customers. These are very crucial in helping you make a good decision. So, always look for such feedback while doing research.

How To Buy a Health Insurance Policy Online?

Buying health insurance online is utterly simple. You can purchase health insurance by visiting the official portal of your insurer. Alternatively, you can also buy from Paybima insurance brokers to avail exclusive policies at attractive prices.

Online health insurance allows the customer to avail of a wide array of discounts and offers to lower premiums and save on agent fees. Besides, you can expect zero paperwork with online buying, which again saves time.

Here are the steps to buy a health insurance policy online:

• Visit the official website of your insurer and reach the health insurance section. Alternatively, visit the official Paybima portal and go to the ‘health insurance’ section
• Under that section, choose the policy type
• Next, go to the ‘buy online’ tab and click it. You will be redirected to a secure page where you can see several policies
• Check the policies here and compare premiums. Once you choose the plan to purchase, make the payment of the premium
• Submit your details – name, address, contact number, and ailment history (if any)
• You can make the premium payment via different online modes. The receipt of the payment will be sent to your registered email ID