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Health Insurance Companies in India

Your health is the most valuable possession you have, which is why you must take adequate steps to safeguard it from harm. Still, illnesses or accidents are rather common and may send you to the emergency room at any time.

With the current state and expense of healthcare in India, such unplanned visits to the hospital can leave your finances exhausted.

Thankfully, individuals securing their health with medical insurance do not need to incur such unplanned expenses.

A health insurance policy can help individuals finance their treatment, along with hospitalisation charges. In some cases, policyholders may be able to avoid spending any money from their own pockets, while seeking medical care from network hospitals and clinics.

Additional benefits of health insurance plans include, pre and post hospitalisation expenses cover, daycare expenses reimbursement and attractive annual tax benefits.

List of Health Insurance Companies in India

Company name	Founding year	Headquarter location
National Insurance Co. Ltd.	1906	Kolkata
Go Digit General Insurance Ltd.	2016	Bengaluru
Bajaj Allianz General Insurance Co. Ltd.	2001	Pune
Cholamandalam MS General Insurance Co. Ltd.	2001	Chennai
Bharti AXA General Insurance Co. Ltd.	2008	Mumbai
HDFC ERGO General Insurance Co. Ltd.	2002	Mumbai
Future Generali India Insurance Co. Ltd.	2007	Mumbai
The New India Assurance Co. Ltd.	1919	Mumbai
Iffco Tokio General Insurance Co. Ltd.	2000	Gurugram
Reliance General Insurance Co. Ltd.	2000	Mumbai
Royal Sundaram General Insurance Co. Ltd.	2001	Chennai
The Oriental Insurance Co. Ltd.	1947	New Delhi
Tata AIG General Insurance Co. Ltd.	2001	Mumbai
SBI General Insurance Co. Ltd.	2009	Mumbai
Acko General Insurance Ltd.	2016	Mumbai
Navi General Insurance Ltd.	2016	Mumbai
Zuno General Insurance Ltd. (formerly known as Edelweiss General Insurance)	2016	Mumbai
ICICI Lombard General Insurance Co. Ltd.	2001	Mumbai
Kotak Mahindra General Insurance Co. Ltd.	2015	Mumbai
Liberty General Insurance Ltd.	2013	Mumbai
Magma HDI General Insurance Co. Ltd.	2009	Kolkata
Raheja QBE General Insurance Co. Ltd.	2007	Mumbai
Raheja QBE General Insurance Co. Ltd.	2007	Mumbai
Shriram General Insurance Co. Ltd.	2006	Jaipur
United India Insurance Co. Ltd.	1938	Chennai
Manipal Cigna Health Insurance Company Limited	2014	Mumbai
Aditya Birla Health Insurance Co. Ltd.	2015	Mumbai
Star Health & Allied Insurance Co. Ltd.	2006	Chennai
MAX Bupa Health Insurance Company Ltd.	2008	New Delhi
Care Health Insurance Ltd.	2012	Gurgaon
Universal Sompo General Insurance Co. Ltd.	2007	Mumbai

Now that you have seen the list of health insurance companies in India, understanding the difference between Insurance company, Insurance broker and Insurance Aggregator is also important.

Insurance Company Vs. Insurance Aggregators Vs. Insurance Brokers

Understand the difference between insurance companies, aggregators and brokers.

Insurance Company	Aggregators	Brokers
Insurance companies are businesses responsible for creating insurance products and selling them to customers.	Aggregators are third party entities who list all available insurance options, along with relevant data for potential customers to compare.	Brokers are mediating parties between an insurance company and its customers.
Role - Produce various insurance products for customers and offer adequate financial support to individuals who purchase these products.	Role - Offers a platform to potential insurance buyers to compare the various plans available so that they can pick the most suitable option.	Role - Sell or market insurance products to customers on behalf of the insurance company to earn a commission.
Employed By - None	Aggregators are third parties with no affiliations to any insurance companies operating in the market.	Brokers are often employed by the insurance company. Alternatively, they may be affiliated to such companies through a commission programme.
An insurance company is responsible for settling all credible claims from its policyholders.	NA	NA

With so many choices to consider, selecting the perfect health insurance plan can seem stressful. Fortunately, you need to keep certain specific factors in mind when availing a medical insurance policy.

Things to check before choosing Health Insurance Policy

If you keep the following things in mind, the health insurance plan you end up purchasing will likely provide sufficient financial coverage to you.

The reputation of the Brand - You need to be able to rely on your health insurance provider during medical emergencies. Thus, checking a company’s ratings on social media and other places online is an essential part before selecting it as your insurance provider. Keep your eyes peeled for negative comments or problems, which existing customers of the company faced with its products or service.
IRDAI Approval is Must - The Insurance Regulatory and Development Authority of India is a government entity, which is responsible for the regulation of insurance companies in India. Companies registered under it must abide by its guidelines, maintaining sufficient transparency in their activities. Thus, it is always wiser to stick to such IRDAI approved companies when availing medical insurance for yourself or your family.
Track Record of Claim Settlement - During a medical emergency, you may have extremely limited scope or time to arrange funds for treatment. At such a time, you require an insurance company that is quick to approve claim requests, providing the necessary financial assistance to ensure that proper care is not delayed. Before picking your insurance company, check its claim settlement ratio. It should give you a fair idea about the percentage of claims the company settles out of the ones it receives. Needless to say, higher ratios are desirable.
Network Hospitals - Policyholders can avail cashless treatment at an insurance company’s network hospitals and clinics. In these cases, one does not need to file an insurance claim or follow a reimbursement procedure to acquire financial compensation. Instead, medical bills accrued are directly settled between the insurer and the hospital in question. Look for companies with a maximum number of network outlets, so that you can avail cashless treatment every time.
Hassle-free Claims Process - A complicated claim filing procedure can leave you bogged down with formalities during an emergency. When a medical emergency strikes, you cannot afford to fill piles of paperwork to acquire the financial assistance you deserve. Therefore, before picking your health insurance company, always ensure that the provider follows a simple and hassle-free claims procedure, which is not time-consuming or confusing.
Health Insurance Premiums - The amount of money you pay to afford medical coverage is another important factor to consider before purchasing a plan. Nevertheless, do not go by price alone. Instead, look for the policy with the best value for money. Compare prices while also considering the policy inclusions and exclusions. Doing so should help you pick an economic plan without compromising financial security during medical emergencies.

Perhaps the most important bit of advice for a potential health insurance buyer is to stick to purchasing such policies directly from the insurance company.

Many prefer to go through agents when buying medical care. Still, direct transactions with the company are always more beneficial.

Let’s learn why!

Benefits of Purchasing Health Insurance directly from Insurance Company

The following are some of the benefits of buying health coverage from a company, as opposed to from other sources or brokers:

Choose from Various Options - Brokers or agents often do not reveal all of the health insurance products available from a particular company. They try to limit your knowledge to just the costlier options since they can secure a greater commission from such options. Direct purchase from insurers prevents such limitations.
Customising Insurance Plans As Per Your Needs - Insurance companies offer a range of customisation options to its policyholders, using which you can modify health insurance policies to suit your specific needs. A broker, selling you a plan, may not disclose such customisations due to which you would be stuck with a basic policy.
No Commission Payments - Agents or brokers act as mediating parties between you and the company offering medical coverage. When you decide to buy from such a broker, you are paying an additional fee as part of your policy premium, which is pocketed by this agent as commission. Thankfully, no such fee is necessary when you deal directly with the insurance company.
Compare Various Products - Brokers will scarcely offer you a chance to look at all your options. Instead, they will hurry you along to purchase the insurance policy they have to offer. When you approach companies directly, you can take your time to compare and research the various plans available to you. Only after you make an informed selection do you need to sign the policy documents.

A health insurance policy can be the difference between life and death. Therefore, do not take decisions related to such coverage lightly.

Read all terms and conditions in your policy documents to understand what it covers and what it does not. Doing so will help you maximise its benefits in the long term.

Frequently asked questions

All

When is the right time to avail a health insurance policy?

Health insurance plans tend to be cheaper for young people and vice versa. Therefore, opting for one in your 20s or 30s is a wise decision. Apart from the affordable coverage, you can also benefit financially during any medical emergency.

What are some of the factors to consider when buying medical coverage?

A reputed insurer always provides quick and efficient claim settlements, which should allow policyholders in availing quality medical care. Additionally, you must consider the claim filing process. Some companies allow you to raise insurance claims through mobile applications. Such digital procedures are easier to comprehend and complete when the need arises.

Why is IRDAI approval important when choosing insurance companies?

The IRDAI is a central government body responsible solely for the development and regulation of the insurance sector in India. Companies registered under the IRDAI must follow certain guidelines and rules, which ensure transparency for the policyholder. Other companies are not bound to these rules, which can cause complications for customers later on.

Why are health insurance policies cheaper when purchased directly from the insurance provider?

Health insurance policies tend to be more expensive when you buy from an agent, but costs marginally less when purchasing directly from the company. This is because agents charge a certain commission on each policy they sell to clients.

This additional charge comes from the policyholders pocket in the form of hiked premiums. When you approach an insurance company directly, you do not need to bear this commission amount, thereby lowering your premium liabilities.

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Disclaimer: This information is added only for informative purposes and collected from different sources across the Internet. Digit Insurance is not promoting or recommending anything here. Please verify the information before making any decisions.

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