Best Health Insurance Companies: Life is precarious nobody knows what is going to happen next moment. Unlike other developed countries, India does not provide national insurance coverage to its citizens. The people of India have to buy a suitable health insurance policy on their own.
Life is important so everybody should buy an insurance plan to protect his/her life or property against any damage or loss. Here is the list of the Best Health Insurance Companies in India.
What is health insurance? Health insurance is a type of insurance that protects you and your family from medical expenses due to an accident, injuries, or a critical illness.
There is a variety of health insurance companies that offer benefits like cashless treatment, coverage for pre-and post-hospitalization expenses, an ambulance cover, etc.
Why do we need health insurance
The rising cost of medical expenses due to any type of accident, an illness, or a critical illness can make you and your family financially stressed. Hence, taking a policy from a health insurance company provides you protection in such times.
Some other reasons why should we take insurance coverage
- The rising cost of hospitalization and medical expenses that are uninsured can drain your savings. So taking the right coverage policy will help you to mitigate this problem.
- Coverage for COVID-19 pandemic and critical illnesses.
- It provides immediate cashless hospitalization without any out-of-pocket expenses.
- Can avail of tax benefits under section 80D of the Income Tax Act in India.
- Avail coverage for your family members.
What are the types of insurance?
Generally, there are two types of insurance:
- Life Insurance
- General Insurance
1. Life Insurance
What is Life insurance? Life insurance is a contract between an insurer and the policyholder.
In this type of insurance, the insurance company assures monetary protections to an insured person in an event of misfortunate. For instance – An accident, injury, critical illness, and/or upon death.
As the name suggests, your life is insured with a life insurance plan. You buy life insurance so that even if you are not on this planet, the family members financially dependent on you, can live a dignified life without struggle for survival.
Life insurance becomes very important for those people who are the only earner in their families. It is vital for you if your whole family depends on you.
2. General Insurance
What is General Insurance? General insurance is basically non-life insurance. This kind of insurance coverage provides insurance against the loss or damage to property.
For example –
- Motor insurance: Similarly, with motor insurance, you insure your motor or a car. If any accident is to happen then you get monetary compensation for it. Read this article to know more that why Motor or automobile insurance is mandatory.
- Education Insurance: In this insurance, you are depositing money for the right education of your child and when the right time come, you get a lump sum amount for the education of your child.
- House Insurance: If you have built your house, then you must buy home insurance because if there are any damages to your house, whether it is a fire, any natural calamity or anything else, you get your compensation for everything.
- Business liability insurance: A liability Insurance is actually to compensate for the loss or damages caused to the customer arising out by the work or difficiaency in products or services of a company. In such a situation, the entire cost of the penalty and legal proceedings of the company has to be borne by the insurance company doing the Liability Insurance.
- Crop Insurance: According to the existing rules, it is necessary for every farmer who has taken an agricultural loan to buy crop insurance. In case of any damage to the crop, the insurance company gives compensation to the farmer under this crop insurance policy,.
- Travel insurance: This policy provides you compesation in case of an injury, accident, property loss or in death during travel.
Best Health insurance companies in India
When you think about buying an insurance plan the first question that comes to your mind is – which is the best insurance company in India? Though, here we are only discussing – The Best Health insurance companies in India.
If you are looking for the best insurance companies in a country outside India, please let us know about it in the comment box, we will coordinate with our subject matter expert in the particular country and will try to cover the topic separately.
However, the name of some best Health insurance companies are given in below –
- National Insurance Company Limited.
- Oriental Insurance Company Limited.
- New India Assurance Company Limited.
- Bajaj Allianz General Insurance Company
- Allied Insurance Company Limited
- Apollo Munich Health Insurance Company Limited.
- Religare Health Insurance Company Limited.
- Max Bupa Health Insurance Company Limited.
- Cigna TTK Health Insurance Company Limited
- ICICI Lombard General Insurance Company Limited.
1. National Insurance Company Limited
National Insurance Company Limited is a public-funded company. The company is fully owned and controlled by the Government of India. It was found in back 1906 that provides insurance services for the last 100 years.
It is important to highlight that – It is a General Health Insurance Company and currently it does not provide health or life insurance facilities.
With 1730+ offices and over 13000 skilled employees, the corporate features a strong attendance in India.
National Insurance features a claimed ratio of 109.94% and mantles losses alongside other insurance productions.
Below are the net benefits of taking National Health Insurance –
- The National Health Insurance Companies has provision for cashless treatment in 6000 hospitals across the country.
- Many health plans offer a free health check benefit of 1% of the sum insured on completion of 4 claim free years.
2. Oriental Insurance Company Limited
It is a state-owned general health insurance company that offers affordable Health insurance products in India. Anyone above the age of 60 years doesn’t need to undergo a medical test.
The Oriental Health Insurance Company has tie-ups with over 4309 network Hospitals that provide cashless treatment.
Oriental Insurance company’s claim ratio is 108.80%.
- It had an Insured Claims Ratio of 80% for 2018 – 2019.
- The oriental health insurance company also offers a family floater and individual wellness plans.
- This Health Insurance Company has provids for cashless treatment in 4300 hospitals across the country.
3. New India Assurance Company Limited
New India Assurance Company Limited is a multinational general health insurance company owned by the govt of India.
It offers numerous features to the insurance policy and is legendary for the Mediclaim policy.
The health insurance company is operating in 28 countries and deals with non-life businesses.
It has provided cashless treatment in hospitals with a claim ratio of 95.39%.
Below are the net benefits of taking new India Health Insurance.
- New India Assurance Company offers comprehensive health insurance benefits for individuals, spouses and for two dependent children.
- In New India Caesar Guard Policy, the Health insurance company provides sensor coverage.
- For global coverage, the company offers a new India mandate policy.
4. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Health insurance company may be a venture between Bajaj Finserv Limited and Allianz SE.
Health-Guard, Silver Health, and Star Packages are its popular plans.
Bajaj Allianz General Insurance Company Limited offers a cashless claim settlement facility in around 6500 hospitals. it has an estimated claim ratio of 85%. The best thing is that it settles cashless claims within 1 hour.
Other features of Bajaj Allianz General Insurance Company Limited.
- The National Health Insurance Company has provision for cashless treatment in 6000 hospitals across the country.
- Most of the plans offer coverage for 30 days before hospitalization and 60 days after hospitalization.
- Many health plans offer a free health check-up benefit of 1% of the sum insured on completion of 4 claim free years.
5. Allied Insurance Company Limited
It was started in 2006. The corporation has superb customer service with its innovative products.
The insurance Company provides Sterling services for private accident and overseas travel insurance.
It is primarily Bancassurance and features a well-established relationship with various banks. The insurer features a claimed ratio of 63%. The corporation has 11000+ customers and 550+ branches across the country.
Other features of Allied Health Insurance Company.
- Edelweiss plan is designed for pre and post-in-patient hospitalization expenses, critical illness, accident, illness, etc.
- The insurance company provides facilities like – guarantee bed and zero deposit to the holders.
- It also avails monetary support for – Maternity, Gallbladder Removal, Cat Rest etc.
6. Apollo Munich Health Insurance Company Limited
Apollo Munich Health Insurance Company Limited is a venture between HDFC Limited and ERGO International AG.
The corporation has an exceptional record of a claim ratio of 62%. It has brought additional benefits such as lifetime renewable options and portability in insurance plans.
Other features of Apollo Munich health insurance.
- This plan comes with the benefit of air ambulance cover services.
- It pays 25000 INR in a lump sum if a policyholder is hospitalized for more than 10 consecutive days.
- Road ambulance cover is also provided by Apollo Munich health insurance.
7. Religare Health Insurance Company Limited
Religare Enterprise Limited is a venture between Union Bank of India and Corporation Bank. It is a specialized health insurer that gives insurance services to employees of corporate and individual clients.
The company offers products like health insurance, Critical Illness, Personal Accident, International Travel Health Insurance. It also provides Group health insurance, and Group Personal Accident health Insurance for Corporates. The corporation has tremendous growth and features a claim ratio of 55%.
Other features to Religare Health Insurance
- Religare Health Insurance Company Limited offers general insurance products related to the health sector, which include health insurance, personal accident insurance and travel insurance.
- Trishikhar Bechers LLP is about to acquire 18.95% equity share capital of Religare Gear Health Insurance Company Ltd.
8. Max Bupa Health Insurance Company Limited
Max Bupa health insurance company is a venture between Max India Limited and Bupa Group. The corporation has smart top-up options to spice up your cover.
With 4000 Max Bupa Network Hospitals, you’ll get the advantages of cashless treatment offered. The claim ratio of Max Bupa is 54%.
Some other features of max Bupa Health Insurance.
- Max Bupa plans are tailored for individual and family needs.
- Some plans provide cover for 9 diseases in 90 countries.
- This company processes the cashless claim in 30 minutes.
- Max Bupa Kiricare health insurance companies plan also has the option to cover life-threatening diseases.
9. Cigna TTK Health Insurance Company Limited
The company focuses on improving health, well-being, and peace of mind. It makes health insurance cheaper with its quality cost-effective insurance plans.
The main objective of Cigna TTK is to supply comprehensive health care coverage and serve the customer, client, patient, and the community.
Other features of Cigna TTK Health Insurance.
- Offers basic coverage likes basic hospitalization, including pre and post-admission charges. It also includes daycare treatment, treatment done at home, ambulance expenses, donor expenses, and worldwide emergency cover for treatments done abroad.
- It provides some health points to you which can be redeemed when you renew your. The policy provides you coverage against health checkups and expert opinions on critical illness.
- Cigna TTK Health insurance company also gives a cumulative bonus boost of 25% per year to those insured under any scheme.
- The policy-holder can get hospitalized cash benefit along with a less maternity waiting period from 48 months to 24 months and a critical illness add on the cover.
10. ICICI Lombard General Insurance Company Limited
The insurance company offers a robust product portfolio that has health, motor, car, travel, and residential health insurance.
ICICI General Health insurance company provides coverage against sudden events in life. Hence, you avail security solutions for business, personal, and project liabilities in rural also as urban areas across the country.
unlike other Insurance companies, it has a gross customer value of around 4 Crore customers. It provides transparent, and approachable services to its customers.
Other features of ICICI Lombard General Health Insurance.
- A plan allows you to choose the frequency of premium payment yearly, half-yearly, and/or monthly which can make it easier for you to pay.
- With a premium of Rs 24000, the plan will cover you till the age of 99 years.
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