People are curious about the best health insurance company in India. It’s like trying to find out which is the best Indian movie. There are a lot of Indian films which are considered best. But the one that you think is best may not be best as per your friend.
It’s the same with insurance companies. The market is teeming with insurers offering a host of policies and plans. Each company is a bit different from the other. And so are their plans and policies. You should find out which company and policy are best for your current needs.
Let us see what factors to consider while evaluating to find the best health insurance company and policy in India.
Flexibility of Coverage
Look for a plan that covers daycare and outpatient procedures. Not every medical procedure needs to require more than 24 hours of hospitalisation. Your plan should be flexible enough to cover these procedures like cataracts, dialysis and more to sort the best health insurance among others.
Network Hospitals
While you are planning to apply for medical insurance, you can look at the number and the breadth of the network hospitals of the insurer. The network should be vast, with a good number of network hospitals. Also, look for an insurer with a good network in the area where you reside.
Varieties of Insurance Plans
Some insurers offer basic health insurance plans such as
- Individual Plans
- Family Floater Plans
- Senior Citizen Plans
However, some insurers have a variety of insurance plans in addition to the basic ones like
- Children’s Plans
- Women’s Plans
- Householder’s Plans, and many more.
Look for a plan that suits your individual requirements best.
Copay
Some insurers mandate a copay clause, especially for senior citizen policies. A copay clause requires the insured person to pay a portion of the claimed amount. For example, if the copay is 20%. If the claim amount is ₹5 Lakh, you will have to pay ₹1 Lakh. The insurer will then pay the rest of the ₹4 Lakhs.
You may not always have access to cash immediately. This can be an issue in medical emergencies. As far as possible, opt for the least or zero copay plans.
Ambulance Services Cover
In a medical emergency, ambulance service could be critical. Look for a plan with as much ambulance services cover as possible.
Oxygen Cover
The pandemic has taught us all how critical oxygen can be. Opt for a plan with oxygen services covered.
Pre-Existing Conditions Cover
A condition which the insured person had before the policy purchase is called a pre-existing condition. Examples of pre-existing conditions are diabetes, hypertension and certain cardiac conditions. Some plans do not cover pre-existing conditions. Some plans cover pre-existing conditions subject to the terms, conditions and limits specified in the policy. While making your medical insurance online application, look for a plan which has the most pre-existing conditions coverage.
Critical Illness Cover
It can be helpful to apply for health insurance that covers critical illnesses. Critical illnesses are conditions like cancer, certain cardiac conditions, paralysis, stroke etc. Some plans do not cover critical illnesses. In comparison, some do subject to the terms, conditions and limits specified in the policy document. Go for an insurance policy with the maximum level of critical illness cover.
Cashless Hospitalisation
A medical emergency may strike at any time. You may not be forewarned of an impending emergency. And you might have to hospitalise a family member suddenly. You may not always have access to cash immediately in such situations.
Therefore, cashless hospitalisation is a critical feature. Look for a company that offers cashless hospitalisation plans.
Customer Support
A medical emergency may strike suddenly. Getting prompt and helpful customer support can become crucial at such times. You should be able to get through to the support team quickly. The support team should be able to answer questions related to your coverage quickly.
Reviews, Ratings and Reputation
While looking at your medical insurance applications, you must look online for reviews of the insurer. Also, ask around for people’s experiences. Pick a company with a good customer support service rating. You can compare ratings and reviews of similar medical insurance apps.
Claims Procedure
The procedure for settling claims should be prompt and smooth. It should not be riddled with red tape and bureaucracy. Look for an insurer with a suitable claims procedure.
Pre-Medical Check-up
Some insurers mandate a pre-medical check-up before issuing a policy. Some insurers do not. Also, it may differ based on the age of the insured person. Go for a plan that mandates the least amount of medical check-ups.
Go with the Plan which is Good for You
Looking at the above factors can help you choose the best health insurance company for your health insurance needs. However, while you apply for medical insurance online, you must be cautious to look at your needs rather than the best medical insurance company, first.
Additionally, you can read about the Fundamentals of applying for health insurance in India
Top Health Insurance Companies in India
Here are a few popular Insurance Companies In India.
| HEALTH INSURANCE COMPANY | HEALTH CLAIM SETTLEMENT RATIO FY20 | NETWORK HOSPITALS | Popular Plan(s) |
| Bajaj Allianz Health Insurance Company | 81.96% | 6,500+ | Bajaj Allianz Health Guard Platinum |
| Bharti AXA Health Insurance Company | 77.50% | 4,500+ | Bharti AXA Life Triple Health Insurance Plan |
| Cholamandalam Health Insurance Company | 40.67% | 7,240+ | Cholamandalam Health Insurance Company Flexi Health, Cholamandalam Health Insurance CompanyAarogya Sanjeevani |
| Manipal Cigna Health Insurance Company | 61.64% | 6,500+ | Manipal Signa Pro Health Insurance |
| HDFC ERGO Health Insurance Company | 69.01 | 10,000+ | HDFC ERGO My Health Suraksha, HDFC ERGO Optima Secure, HDFC ERGO Optima Restore |
| IFFCO TOKIO Health Insurance Company | 95.66% | 6,400+ | IFFCO TOKIO Health Insurance Company Individual Health Protector Policy, IFFCO TOKIO Health Insurance CompanyAarogya Sanjeevani Policy |
| Max Bupa Health Insurance Company | 53.51% | 7,000+ | Max Bupa Health Companion Individual |
| Reliance Health Insurance Company | 89.36% | 7,300+ | Reliance Health Infinity |
| Star Health Insurance Company | 65.91% | 10,200+ | Star Health Family Health Optima, Star Health Comprehensive Plan |
| TATA AIG Health Insurance Company | 66.61% | 7,200+ | TATA AIG Medicare |
| ICICI Lombard Health Insurance Company | 69.90% | 6,500+ | ICICI Lombard Complete Health Insurance Plan |
Read more about Life Insurers by IRDAI here