The health insurance sector has picked up immense momentum over these years by bringing better health services to its people. From the huge numbers of health insurance companies prevailing in the market, choosing the best is surely one of the most difficult tasks. The motive of choosing an insurance company could be a comprehensive cover, reasonable premium, or less painful claim settlement process. It describes the characteristic feature that makes any health insurance provider ‘best’ in India, throws light on a few top-rated companies in this arena, and also mentions the role of AapkaPolicyWala in helping an individual get the best out of the insurance policy.
Importance of Health Insurance in India
It needs to be put into perspective how vital health insurance seems to get day by day, before going into the details of the best health insurance companies in India. Medical costs have gone up manifold in India during the last few years due to causes such as inflation, medical advancement, and alteration of lifestyles. Even a small medical emergency is bound to put considerable stress on finances without insurance.
Health insurance covers a broad range of financial needs. It will cover the best treatment for you and your family, without the fear of an inflated bill. Some of the significant advantages of health insurance are given below:
Complete Cover: Health insurance covers hospitalization and pre- and post-hospitalization expenses, day care treatment, and even critical illness.
Cashless hospitalization: Most general insurance companies are now covering large pools of hospitals all over India where the insured can go and avail cashless admissions.
Tax Benefits: The premium paid towards health insurance policies are thereby entitled to tax deductions under the provision of Section 80D in the Income Tax Act.
Peace of mind: health insurance provides peace of mind to individuals about protection during medical emergencies. Now, in detail let’s consider the factors affecting the choice of the best health insurance company in India.
Key Factors to Consider while Choosing a Health Insurance Company
The best health insurance company is not all about big names and neither about being vastly advertised; instead, it has to do with dependability as far as the company is concerned, along with its transparency, claim process, and customer support. Following are the key factors to lookout for:
1. Claim Settlement Ratio
The CSR is one of the main features when considering a health insurance company. In essence, it covers the total percentage of claims that are settled by the company within a year for the total claims. The higher the value of CSR, the more reliable the company will be during claim settlement.
2. Network Hospitals
In other words, the more network hospitals that a health insurance company maintains, the greater will be access to its healthcare services. Large networks ensure cashless treatment for their customers at a multitude of places in case of emergencies.
3. Coverage Options
The leading health insurance companies in India have plans that vary to serve different needs. Be it a family floater policy, a critical illness cover, or even maternity benefits, the company should be able to provide overall coverage options that truly meet your needs.
4. Premiums and Affordability
While it is important to select comprehensive coverage, you also have to ensure that the premiums involved are affordable. You have to weigh the cost of the premium against the benefit coverage to ensure that the value-for-money principles come into consideration.
5. Customer Service
It goes without saying that good customer service is also another major feature a health insurance provider should possess. The efficiency with which the company will be in a position to cater to your queries, guide you with policy selection, and settle claims quickly will determine your overall experience.
6. Incurred Claims Ratio
The ratio shows the claims settled by an insurance company vis-a-vis the total premium collected during the financial year. A balanced incurred claim ratio shows that the company is using the resources better but is not shying away from paying the claims.
7. Waiting Periods and Exclusions
The key reason being, most of the health insurance policies have a waiting period or specific time span for availing the facility for the pre-existing diseases or specific treatments. It is very important to check the waiting period for critical diseases and exclusions before buying a policy.
Best Health Insurance Providers in India
Now, taking into consideration all the above major parameters, let us consider a few of the insurance players to be the best in the Health Insurance Market of India that have left their mark with superior coverage, efficient claim processing, and customer satisfaction.
1. Star Health and Allied Insurance
Operating mainly as one of the leading health insurance companies in India, Star Health and Allied Insurance deals in a gamut of health-related insurance products for individuals, jointly to families, and to senior citizens. It provides an appreciable claim settlement ratio of and has a tie-up with more than 11,000 plus hospitals for cashless treatment.
Star Health facilitates comprehensive coverage required for every need, be it any and ensures that the claims arising are processed in the least possible time. A few of the major bestsellers from Star Health include Family Health Optima, Senior Citizens Red Carpet, and Comprehensive Insurance Plan.
Claim Settlement Ratio: 98.72% (as of 2023)
Key Features: Cashless hospitalization, maternity benefits, and no-claim bonus.
2. HDFC ERGO Health Insurance
HDFC ERGO, earlier known as Apollo Munich, is amongst the best health insurance in India. The company offers different health plans with critical illness cover, cashless hospitalization, and huge network hospitals. Customer care is excellent, and their claim settlement process is very nice and fast.
Claim Settlement Ratio: 97.53%
Key Features: Lifetime renewability, health check-ups, and cashless network of over 10,000+ hospitals.
3. ICICI Lombard General Insurance
ICICI Lombard stands as one of the biggest general insurance companies in India. Consequently, it sells a wide range of health-related policies to meet the diversified needs of all its clients. Its iHealth Plan is quite famous among the policyholders because this plan provides full-fledged coverage for cashless hospitalization, emergency ambulance facility, and wellness programs.
Claim Settlement Ratio: 97.8%
Key Features: No-claim bonus, day-care treatments, and wellness rewards upon maintaining good health.
4. Religare Health Insurance (Now Care Health Insurance)
The Religare, now Care Health Insurance is highly appreciated providing specialty health insurance as Critical Illness Insurance and a Diabetes Care plan. The company comes with reasonably priced premiums along with a good treatment and ailment coverage.
Claim Settlement Ratio: 95.2%
Disease-specific plans, comprehensive critical illness cover and day-care treatments.
5. Max Bupa Health Insurance
It is very renowned for its flexibility in plans and laying immense emphasis on customer care. It sells comprehensive family floater plans, individual plans, and top-up health insurance to suit varied healthcare needs.
Claim Settlement Ratio: 96.9%
Key Features: Cashless hospitalization at more than 5,000 hospitals, maternity benefits, global cover in some policies.
6. Tata AIG Health Insurance
Skewed towards saying, Tata AIG has been amongst the frontrunners of private sector general insurance companies in India for many years. Under the Medicare range, Tata AIG offers health insurance plans that extend overall covers, less paperwork, and fast claim settlement ratios. Even their health insurance policies offer global covers, thus making it apt for those looking for international covers as well.
Claim Settlement Ratio: 94.21%
Key Features: Global cover, wide network of empanelled hospitals, wellness benefits.
7. New India Assurance Health Insurance
New India Assurance is a government-owned insurance company that features in the top ranks among health insurers. Its medi claim policies have been targeted at a large mass of people at affordable premiums, with maximum network hospital coverage.
Claim Settlement Ratio: 92.68%
Key Features: Reasonable Premiums, Government Reputed, Cashless Claims.
How AapkaPolicyWala Makes It Easy to Choose Health Insurance
As far as the selection of the best health insurance company in India goes, one of the significant onus lies in the hands of AapkaPolicyWala. AapkaPolicyWala is an online platform reputed for responsibility in guiding people in making insurance-related decisions. Here’s how AapkaPolicyWala can take you through the maze called health insurance:
1. Comparison of Health Insurance Plans
AapkaPolicyWala’s interface is quite friendly; it aids in comparing all sorts of health insurance schemes offered by top insurance providers. When any person inputs his or her requirements, a listing of policies that best match one’s needs will pop up to assist in choosing the best policy concerning premiums, coverage, and benefits.
2. Expert Advice
It is also resourceful in professional policy selection advice as a way of ensuring the customer gets wind of all the terms and conditions of each and every plan. In addition, it is resourceful in the blog and knowledge base section. Offering insight into health insurance trends, hence finding it easier to get updated.
3. Seamless Purchase Experience
AapkaPolicyWala has made the getting of health insurance a few clicks away. Because of their seamless buying experience, for sure you will be covered with absolutely no hassle.
4. Claim Assistance
AapkaPolicyWala will do after-sales through claim assistance to help customers through the claim process so that they may get benefits entitled to them.
Conclusion
The best health insurance in India can be chosen by giving due importance to the following factors, namely, its claim settlement ratio, network hospitals, customer service, and coverage options. Star Health, HDFC ERGO, ICICI Lombard, and Religare provide top services and products to fulfill various healthcare needs among people.
Web portals like AapkaPolicyWala make life so easy because of the single window facility to compare, buy, and manage health insurance policies. You can get yourself insured with the best health insurance company in India through the help of such expertise. That would have you and your family members rest assured with financial security and at peace.