We usually realise the importance of medical insurance when we find ourselves in a tough medical situation. A good insurance plan makes you financially prepared against any future medical expenses and saves you a lot of hassle at the time of need.
Several insurance companies operate in this sector in India and offer lucrative plans under different categories such as individual health insurance plans, health insurance for companies, family health insurance plans, heart insurance policies, senior citizens’ policies, and many more.
These companies offer all the basics and additional benefits unique to each plan they offer to their customers. You have various policies that you can choose as per your requirement.
Some of the top companies that offer health insurances in India are: –
- Star Health Insurance
Even though it began operations in 2006, Star Health Insurance is India’s top standalone health insurance provider. Their products cater to corporates, families, and individuals. They have also expanded and now provide travel and personal accident insurance. They boast a 90% claim ratio and have expanded to over 11,000 cash hospitals.
They have got an excellent relationship with banks and offer bancassurance as well.
- Niva Bupa Health Insurance (previously Max Bupa Health Insurance)
Niva Bupa has a claim settlement ratio of 89.46% with a network of 7,600+ hospitals. Their insurance policies cover a wide range of expenses such as hospital room rent, daycare, etc. Their policies include regular check-ups once or twice a year, depending on the insurance plan.
- HDFC ERGO Health Insurance (previously Apollo Munich Health Insurance)
HDFC Ergo has an excellent client base of 15+ million customers. They were one of the first companies to offer lifetime renewability for their insurance plans. The company has a network of over 13,000+ hospitals and a claim settlement ratio of 86.52%.
- Care Health Insurance (previously Religare Health Insurance)
Care Health Insurance offers cashless hospitalisation at their network hospitals and covers life-threatening diseases like heart, kidney, liver-related issues, etc. They have a network of over 7,400+ hospitals.
- ICICI Lombard Health Insurance
ICICI Lombard Health Insurance was born after Fairfax Financial Holdings Limited (Canada) came together with ICICI Bank. They offer family health insurance, health insurance for companies employees, and many other policies among their vast lists of products. The recent merger with Bharti AXA Health Insurance has expanded their customer base.
- Bajaj Allianz Health Insurance
Bajaj Allianz Health Insurance provides maximum cover at affordable prices. Their network hospitals are over 6,500, and they cover expenses such as pre and post hospitalisation, free health check-ups, cumulative bonuses, etc. They also offer family discounts on their products and have a claim settlement ratio of 77.61%.
- National Health Insurance
National Health Insurance is a government-owned entity operating for the past 100 years. They have an outstanding claim settlement ratio of 114.24% and 6,000+ network hospitals. They also offer free health check-ups after four claim years have been completed. Their insurance plans provide no claim bonus, ambulance rent, cashless benefits, etc.
- Oriental Insurance Company Limited
Oriental Insurance is another government-owned insurance company operating in India for a long time. They also provide medical insurance to individuals above 60 years without asking for a medical test. Their family plans are very lucrative and can accommodate cover for seven members.
Most providers offering health insurance for companies have different associated terms and conditions depending on the insurance plan. When an unpleasant incidence occurs, the individual personal accident coverage protects that individual alone. Accidental injuries sustained by the insured, such as loss of vision or limbs, impairments, or even death, are covered by such an insurance policy. Therefore, you must carefully read the details and choose family health insurance plans that best fulfil your needs. You must compare the insurance plans of several companies and make an informed decision.