What are the Top Health Insurance Companies in India?

Before we proceed, let’s understand the meaning of term called "Incurred Ratio". It’s the sum of the claims paid by the insurance provider as per the total premium accumulated during the year. This ratio determines how good a company is when it comes to settling the claims, the financial condition of a company etc.

For instance, Company X settled the claims worth Rs. 90 Crores in a financial year. During the same year, it received Rs.100 Crores as a premium for that specific financial year. Going by the data, the computed incurred ratio is 90 percent.

When it comes to CSR (Claim Settlement Ratio), companies operating in the public sector are generous. They pay more claim amount as compared to the amount they receive as premium. The only exception in the public sector domain is New India Assurance. New India Assurance is a government-owned insurance provider. It has registered its presence in 1919. New India is widely popular for its Mediclaim plans. The unique feature of its health insurance plan is that it offers various ratings for top metro cities.

On an annual basis, Insurance Regulatory and Development Authority of India declares a list of best medical insurance companies based on their Incurred Claim Ratio, overall performance and other benefits offered to the policyholders. Here are the best five health insurance providers in India.

1. Apollo Munich Health Insurance Co. Ltd.

Apollo Munich Health Insurance enjoys an excellent record of ICR. In addition to that, it has offered add-on benefits such as portability, lifelong renewability in its current medical insurance policies and so on.

2. Star Health & Allied Insurance Co. Ltd.

Star Health & Allied Insurance recorded an outstanding ICR. The insurance provider has its own in-house claim settlement process in order to handle the facility of cashless hospitalization. In addition to that, Star Health & Allied Insurance formulates various insurance plans that offer security to Diabetes and HIV positive patients.

3. Max Bupa Health Insurance Co. Ltd.

Max Bupa enjoys the reputation of one of the top insurance providers in India with a great ICR. It offers medical insurance plans to people from all age categories.

4. ICICI Lombard General Insurance Co. Ltd.

The widely popular insurance plan offered by ICICI Lombard General Insurance is Health Advantage. It offers expenses cover in a case of any medical urgency. It provides cover for the hospitalization cost, dental treatment expenses, room rent expenses, and ambulance charges restricted to a specific limit. Its ICR is very good.

5. Religare Health Insurance Co. Ltd.

Religare Health Insurance witness enormous growth within a short span of time and it has set up a benchmark in the insurance domain of India. It is appreciated and promoted a lot by the Fortis Hospitals. Its ICR keeps the policyholders happy.

Health insurance in India is considered as a luxury and the irony is that it is a necessity. If you want to buy health insurance plans, you can check plans offered by the insurance providers mentioned above.

Deepika is working as a content editor for last 5 years in a reputed company. She writes about finance, health and other media related press release and articles.