Monday, 16 April 2018

Who Are the Best Health Insurance Providers in India?

The list of health insurance providers in India is very long and all the listed companies claim that they provide the best health insurance plans. In absence of any specific method to test their truth, it is very difficult for the general public to separate one from the other and choose the best one for them. 

But there is an Insurance regulatory authority called IRDA (Insurance Regulatory Authority of India) which issues a list of authenticated and trusted health insurance companies in India from time to time. So if you are in search of some best health insurance plans or providers, you can refer to this list of IRDA. 

The IRDA has formed this list of best health insurance companies based on various factors like Claim Ratio, performance, overall benefits received by the customers and the benefits offered etc. So here is a list of six best health insurance providers in India. Maybe, this list will help you to choose the best health insurance plans for you and your family. 

1. Max Bupa Health Insurance Company Limited:

Max Bupa Health Insurance Company is located in about 190 countries worldwide. This company has been formed by a tie-up between Max and Bupa healthcare service providers in the UK. Apart from health insurance, the company has an expertise in other insurance-related services like clinical research, life insurance etc. 

In recent past, this company had an Incurred Claim Ratio of about 55.16%. The company provides its customer with a variety of health insurance plans to choose from like ‘Health Companion Individual’, ‘Personal Accident – Health Assurance Insurance Policy’ etc. 

2. Apollo Munich Health Insurance Company Limited:

You must have heard about the Apollo hospitals for sure, haven’t you? Apollo Munich Health Insurance Company Limited is a combined undertaking between the very famous Apollo hospitals and Munich Re (a German company). The health insurance plans offered by this company are exceptional and meet the expectations of all. In the recent past, the company had an Incurred Claim ration of 63.03% and it has also added some additional benefits like lifelong renewability and portability. The health insurance plans of the company are as follows:

Apollo Munich Optima Restore Health Insurance Plan
Apollo Munich Vital Optima Insurance Plan
Apollo Munich Optima Plus Insurance Plan
Apollo Munich Senior Optima Insurance Plan
Apollo Munich Optima Cash Insurance Plan
Apollo Munich Optima Super Insurance Plan
Apollo Munich Health Easy Premium Plan

3. Star Health and Allied Insurance Company Limited

With no famous name attached to the name of the company, this company is formed as a combined undertaking between many famous and trusted companies of India. It is a combined undertaking of Tata Capital Growth Fund, Sequoia Capital, ICICI Ventures Funds Management, Oman Insurance Company and Alpha TC Holding Pte Ltd. In India, it is one of the first standalone insurance firms. 
The best thing about this company is that it supports the direct in-house settlement, instead of a third party settlement option. Immediate access to cash-less hospitalization facility is loved by one and all. The company provides a comprehensive and a long list of health insurance plans, which can be researched and matched to suit your needs. The company had an Incurred Claim Ration of about 63.96 % in the recent past. 

4. Religare Health Insurance Company Limited

This company has set a benchmark in the insurance sector of India. It has achieved a very high growth in a very short time period. Its Incurred Claim Ratio in the nearest past is 61.13%. The company is continuously backed by the Fortis hospitals. The three of its major stakeholders are:  Union Bank of India, Corporation Bank, and Religare Enterprise Ltd. The company is located at more than 1690 locations in India. There are mainly 5 health insurance plans to choose from, namely – Care, Joy, Enhance, Assure and Secure. These plans are regularly appreciated by its clients. 

5. ICICI Lombard General Insurance Company Limited:

‘Health Advantage’ of the ICICI Lombard is the most embraced health insurance plan of the company. The plan offers that in any medical emergency one can get a full coverage for expenses. The expenses cover in its ambit a lot of charges like room rent, hospitalization, ambulance and dental charges etc. If we talk about its Incurred Claim Ratio in the recent past, it was about 87.38%. Isn’t that amazing? The company is trusted in India by most of the big enterprises.

6. Bajaj Allianz General Insurance Company Limited:

There are many health insurance plans offered by the Bajaj Allianz Insurance Company, but there are 3 special health insurance plans which are appreciated by all, namely – Star, Silver Health and Health Guard Package. This company was the first to provide the TPA services. In the recent past, the company had an Incurred Claim Ratio of about 73.59%. The additional services offered with the plans is also very appreciable. 

Hope the information provided in this article is useful for you. You can research about these health insurance companies and find the detailed health insurance plans offered by them. Family floater plans provided by all of these companies are really useful for all family persons. Opt for the plans with distinction and discretion by comparing all the plans offered by these best health insurance companies.

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