If you are also looking to purchase a health insurance plan anytime soon, then this article is for you. We have mentioned the top ten health insurance companies in India for the year 2022.
What is health insurance?
Health insurance can be understood as a shield that would protect you in case of a medical emergency. Health insurance would help you by covering your medical expenses, in case of a serious illness, accident, or hospitalization. Also, along with you, it would protect your family if you have a family cover. In simple terms, health insurance can be understood as a contract between an insurer and an insured, under this contract the insurer would have to bear medical expenses for the amount stated in the contract. This insurance is provided against a premium paid by the insured. Health insurance has 2 basic compensation options –
1. Cashless treatment- where you don’t have to pay a single dime and is taken care of by the insurance company.
2. Reimbursement- under this you pay your medical expenses and later they would provide reimbursement.
What is health insurance?
Health insurance can be understood as a shield that would protect you in case of a medical emergency. Health insurance would help you by covering your medical expenses, in case of a serious illness, accident, or hospitalization. Also, along with you, it would protect your family if you have a family cover. In simple terms, health insurance can be understood as a contract between an insurer and an insured, under this contract the insurer would have to bear medical expenses for the amount stated in the contract. This insurance is provided against a premium paid by the insured. Health insurance has 2 basic compensation options –
1. Cashless treatment- where you don’t have to pay a single dime and is taken care of by the insurance company.
2. Reimbursement- under this you pay your medical expenses and later they would provide reimbursement.
Top 10 health insurance companies for 2022-
1. Bharti AXA general insurance company, is one of the top companies in the insurance sector. The company is a joint venture between Bharati enterprise and AXA group from France. The company was incorporated in 2008. It provides all types of insurance, health, life, vehicle, etc. The company has over 60 corporate offices all across India. Also, the company is known for its fair and seamless claim experience. It has a high claim ratio of 98.27%.
2. Tata AIG- It is one of the largest insurers in India, TATA AIG general insurance company limited is a joint venture between the Tata group from India and an American international group. The company was formed in 2001 and offers both personal and business insurance plans. The company has a claim ratio of 95%, which is quite good.
3. AEGON Life- It is a joint venture between AEGON Life, a Dutch company and Bennett, Coleman & Company (publisher- Times of India). The company started in 2008, and has won many awards since then they offer customers a wide variety of insurance options. The claim ratio stands at 95.67%.
4. HDFC ERGO- It is a joint venture between HDFC and ERGO International AG. It is the 4 largest insurance providers in India. The company offers a wide variety of insurance policies, for individuals, families, and senior citizens. The company has a claim settlement ratio of 90.32%. It has been awarded the ‘iAAA’ rating by ICRA, for its high claim paying ability.
5. ICICI Lombard- Founded in 2001, it is a joint venture between ICICI BANK and Fairfax Financial Holdings, a Toronto-based company. It is one of the largest insurance companies in India. You can also buy their policy online. The company has an average claim settlement ratio of 99.87%.
6. STAR health insurance- Started in 2006, it is a joint venture between Star health and allied insurance ltd. And has assets of over 17,211 under its management. It is one of the fastest-growing insurance providers in India. They have a claim settlement ratio of 61.76%. It is also known for its average settlement time of fewer than 2 hours, for 90% of its cashless claims.
7. NIVA Bupa (MAX Bupa) Started in 2010, it is a joint venture between MAX Group and Bupa. The company has the largest network of hospitals that provide cashless treatments. The claim settlement is outstanding, with 9 out of 10 cashless claims in less than 30 mins. The company has a claim ratio of 89%, which is quite good.
8. Future Generali Starting in 2007, it is a joint venture between Future Group and Generali. The company offers a wide variety of health insurance plans. The company has a customer-centric approach making it one of the best insurance companies in India. The company has a claim settlement ratio of 96.95%.
9. Bajaj Allianz general health insurance company ltd. Starting in 2001, it is a joint venture between the Bajaj group and Allianz SE. The company offers a wide range of products to customers. The company has grown exponentially and has great profitability. The company has an ‘AAAA’ rating from ICRA which indicates the company has the highest claim paying abilities.
10. The new India assurance co. ltd. It is a company owned by the government of India- the Ministry of Finance. It was started back in 1919 by “Sir Dorabji Tata” and was nationalized in 1973. The company has its headquarters in Mumbai, Maharashtra. The company has a claim ratio of 89%.
In Closing – We have mentioned the top 10 Insurance companies in India, and the best part is most of them offer their services online. So you just take a quick look and compare them and buy the best one that suits your needs.
1. Bharti AXA general insurance company, is one of the top companies in the insurance sector. The company is a joint venture between Bharati enterprise and AXA group from France. The company was incorporated in 2008. It provides all types of insurance, health, life, vehicle, etc. The company has over 60 corporate offices all across India. Also, the company is known for its fair and seamless claim experience. It has a high claim ratio of 98.27%.
2. Tata AIG- It is one of the largest insurers in India, TATA AIG general insurance company limited is a joint venture between the Tata group from India and an American international group. The company was formed in 2001 and offers both personal and business insurance plans. The company has a claim ratio of 95%, which is quite good.
3. AEGON Life- It is a joint venture between AEGON Life, a Dutch company and Bennett, Coleman & Company (publisher- Times of India). The company started in 2008, and has won many awards since then they offer customers a wide variety of insurance options. The claim ratio stands at 95.67%.
4. HDFC ERGO- It is a joint venture between HDFC and ERGO International AG. It is the 4 largest insurance providers in India. The company offers a wide variety of insurance policies, for individuals, families, and senior citizens. The company has a claim settlement ratio of 90.32%. It has been awarded the ‘iAAA’ rating by ICRA, for its high claim paying ability.
5. ICICI Lombard- Founded in 2001, it is a joint venture between ICICI BANK and Fairfax Financial Holdings, a Toronto-based company. It is one of the largest insurance companies in India. You can also buy their policy online. The company has an average claim settlement ratio of 99.87%.
6. STAR health insurance- Started in 2006, it is a joint venture between Star health and allied insurance ltd. And has assets of over 17,211 under its management. It is one of the fastest-growing insurance providers in India. They have a claim settlement ratio of 61.76%. It is also known for its average settlement time of fewer than 2 hours, for 90% of its cashless claims.
7. NIVA Bupa (MAX Bupa) Started in 2010, it is a joint venture between MAX Group and Bupa. The company has the largest network of hospitals that provide cashless treatments. The claim settlement is outstanding, with 9 out of 10 cashless claims in less than 30 mins. The company has a claim ratio of 89%, which is quite good.
8. Future Generali Starting in 2007, it is a joint venture between Future Group and Generali. The company offers a wide variety of health insurance plans. The company has a customer-centric approach making it one of the best insurance companies in India. The company has a claim settlement ratio of 96.95%.
9. Bajaj Allianz general health insurance company ltd. Starting in 2001, it is a joint venture between the Bajaj group and Allianz SE. The company offers a wide range of products to customers. The company has grown exponentially and has great profitability. The company has an ‘AAAA’ rating from ICRA which indicates the company has the highest claim paying abilities.
10. The new India assurance co. ltd. It is a company owned by the government of India- the Ministry of Finance. It was started back in 1919 by “Sir Dorabji Tata” and was nationalized in 1973. The company has its headquarters in Mumbai, Maharashtra. The company has a claim ratio of 89%.
In Closing – We have mentioned the top 10 Insurance companies in India, and the best part is most of them offer their services online. So you just take a quick look and compare them and buy the best one that suits your needs.