Posted by Health Insurance Companies
The health insurance industry in India has been witnessing exponential growth, As of now there are 24 are general insurance companies and 7 are standalone health insurance companies so in total there are 31 insurance companies in India that offer health insurance products and services.
General insurance companies deal in various segments of insurance products such as motor insurance, travel insurance, health insurance, rural insurance, and other products as well while the stand-alone insurance company offers only health insurance products.
How to Select the Best Health insurance Company in India?
There are around 31 health insurance companies in India and every company has its own benefits and features that create differences among them.
The definition of a health insurance company varies from one to one depending on their needs and health-related goals. For example, many of us may find an insurance company good because of their good health service and customer support, higher claim settlement ratio, good services on budget-friendly premiums, some prefer because of their good hospital network, cashless claim facilities.
Above mentioned following factors you could consider while choosing the best health insurance company in India. Before selecting any insurance company, you should compare the different health insurance companies in the below-mentioned parameters.
Plans Availability:
This is one of the most important factors that is types of policy and plans offered by that company before buying any health insurance policy it Is important to know which types of health insurance plan they have for you such as family floater plan, retirement plan, and individual health insurance plan. And some insurance companies offer a policy which is specifically designed for certain categories like for child, parents, senior citizen and women. Consider that plan which meets with your requirement.
Claim Settlement Ratio:
Higher the claim settlement ratio, the better is the company is. Claim settlement ratio tells about the company current status how good a company is means how many claims settled by the company out of the total number of claims received during FY
Claim Settlement Process:
How much time an insurance company would be taking to process your claim that is called the claim settlement process is an important factor to consider before choosing an insurance company because no one would want to get involved in a time-consuming and complicated process at the time of emergency. So, it is advisable to go for an insurance company that offers the best claim settlement.
Cashless Network Hospital:
Every health insurance company have a huge list of a partnered hospital which allows you get services where you want. It is recommended to know the strength of network hospital either it is offering cashless or cash-based services before choosing a health insurance company.
Know Company Market Share & Volume:
Market share of the company could be considered another parameter to judge. How many policies are sold by the company and what is the response of the customer against the company. The company with the highest business volume can be trusted easily by customers.
Know Company Recognitions:
Before choosing any health insurance company it is better to see their recent and current awards and accolades. Higher number of awards and recognitions indicates company credibility.
Company Digital Presence:
Today almost every insurance company has a strong digital presence and this factor helps the customer a lot like no need to go to the insurance office for document process. you simply get insurance and their respective services on the official website of the insurer. So, before going to choose any health insurance company, it is imperative to choose the company whose digital presence is strong and good.
Customer Support:
It is another factor to judge a health insurance company because after getting the policy what type of customer support are you getting and how your grievances addressed. and what types of methods are available like Email, SMS, chat, and etc. So you can reach out to them.
Online Reviews of Company:
Consider a review of the company, there are the number of online platforms and web aggregators where you easily can see every company review and rating online.
Check Company Performance:
There are the number of online portals where you can find insurance company previous and current performance.
How to Buy Best Health insurance Policy Online
Directly you can buy a policy online by visiting the company website or there is a number of web aggregators that are providing online insurance services. It is better you should prefer any web aggregator to buy a policy.
Step 1: Visit any web aggregator website and click on the health tab
Step 2: Enter your name and mobile number and instantly you get an OTP on your mobile to validate the correctness of the information as provided by you.
Step 3: Click on view instant quotes and proceed. Along with providing information when are you planning to buy
Step 4: Select a family member you want to include along with you.
Step 5: Enter the age of the member and continue
Step 6: Get customized quotes instantly and choose the best one which suits your requirements.
Step 7: Choose the health insurance plan tenure, enter details and proceed with payment ( BHIM, PhonePe, G-Pay and etc.)
Once your payment successfully submitted instantly you may receive a health insurance premium receipt via email.
Best Health Insurance Company in India with Higher Claim Settlement Ratio 2018 – 19
Listed below are the best health insurance company with their claim settlement ratio
| Health Insurance Company | Claim Settlement Ratio |
|---|---|
| IFFCO Tokio General Insurance Co. Ltd. | 96.57% |
| Magma HDI General Insurance Co. Ltd. | 96.41% |
| The New India Assurance Co. Ltd | 95.92% |
| Oriental Insurance Co. Ltd. | 94.28% |
| Bajaj Allianz General Insurance Co. Ltd | 93.68% |
| Care Health Insurance (Religare) | 92.83% |
| Manipal Cigna Health Insurance Company Limited | 89.50% |
| Future Generali India Insurance Co. Ltd. | 87.68% |
| Acko General Insurance Ltd. | 86.98% |
| National Insurance Co. Ltd. | 85.47% |
| HDFC ERGO Health Insurance Limited (Apollo Munich) | 84.51% |
| Navi General Insurance Ltd. (Formerly DHFL General Insurance Company) | 84.31% |
| Max Bupa Health Insurance Co. Ltd | 84.15% |
| HDFC ERGO General Insurance Co.Ltd. | 83.66% |
| Go Digit General Insurance Ltd. | 83.08% |
| Liberty General Insurance Ltd. | 82.13% |
| Edelweiss General Insurance Co. Ltd. | 79.82% |
| Tata AIG General Insurance Co. Ltd. | 78.93% |
| Star Health & Allied Insurance Co.Ltd. | 78.52% |
| ICICI Lombard General Insurance Co. Ltd. | 78.32% |
| Bharti AXA General Insurance Co. Ltd. | 78.23% |
| Royal Sundaram General Insurance Co. Ltd. | 77.32% |
| Aditya Birla Health Insurance Co. Ltd. | 73.37% |
| Reliance General Insurance Co.Ltd | 72.20% |
| SBI General Insurance Co. Ltd. | 59.42% |
| Cholamandalam MS General Insurance Co. Ltd. | 50.01% |
| Claim Settlement Ratio As Per IBAI’s General Insurance Claim Insights Handbook For Policyholders | |
