The Indian ecosystem has seen a massive upswing in the number of health insurers. As a result, health insurance companies in India have been rising, which is a welcoming sign for the country and its citizens. Today, there are over 100 policies from 25 health insurers, with five being standalone and the rest being general insurers. Each insurer has a different way of providing its services and excels in various aspects.
This article discusses the list of top ten health insurance companies in India and how they differ from each other.
Top 10 Health Insurance Providers in India
These are the top 10 health insurance providers in India:
1. Aditya Birla
A joint venture between MMI Holdings of South Africa and Aditya Birla Capital, Aditya Birla started in 2016 with an initiative to simplify the general insurance services in the country. The insurance brand has multiple health insurance plans and has insured over 10 million people across more than 2,500 cities in India in a network of more than 10,000 cashless hospitals.
2. Niva Bupa Health Insurance
Niva Bupa (previously Max Bupa) is another one of the top health insurance providers in India and offers policies across all age groups. The company offers plans for individuals and families and coverage for critical illnesses like CABG and cancer. It specializes in cashless claim authorization within 30 minutes in a network of over 8,600 hospitals.
3. HDFC Ergo
HDFC Ergo (previously Apollo Munich) remains one of the most trusted health insurance companies in India and is a joint venture between ERGO International AG and HDFC Ltd. It offers an array of products specially curated for individuals, families and senior citizens while providing specialized products for critical illnesses and personal accidents. With one claim settled every minute, HDFC Ergo has over 13,000 hospitals in its network.
4. Bharti AXA
A joint venture between two behemoths – Bharti Enterprises and AXA which is headquartered in France, Bharti AXA began its operations in 2006. It was the first health insurance brand to receive the ISO 9001:2008 and ISO 27001:2005 certifications in the country. Since then, it has expanded to over 250 corporate offices nationwide. It touts a vast network of cashless hospitals, with over 4,500 partner facilities throughout the country, and has one of the highest claim settlement ratios in the health insurance sector.
5. Tata AIG
Tata AIG is a collaboration between Tata Group and American International Group (AIG), a finance and insurance giant that began operations in 2001. It has an overall claim settlement ratio of 95% and has over 7,000 cashless hospitals under its belt. Over the years, it has served over 5 crore customers and continues to do exceptionally well.
6. AEGON Life
A joint venture between AEGON NV (a leading international life insurance provider) and Benett, Coleman & Company (popularly known as the Times Group), AEGON Life is one of the most renowned health insurance companies in India. It is also the most awarded insurance brand and has been consistent with claims across different health policies.
7. Care Health Insurance
Formerly known as Religare Health Insurance, Care Health Insurance started in 2012 and has seen tremendous growth in the last few years. It has maintained a claim settlement of over 90%, making it one of the most trusted health insurance companies in India. It also has a vast network of cashless hospitals and has ensured cashless claims within two hours for most of its policyholders.
8. Digit
One of the newest entrants in this sector, Digit is backed by Fairfax Group and offers a plethora of insurance products, including health insurance. While being a relatively new company, its services have been top-notch and its customer experience has been exemplary.
9. IFFCO Tokio General Insurance Co. Ltd.
Incorporated in 2000, IFFCO Tokio General Insurance Co. Ltd. is a joint venture between IFFCO (Indian Farmers Fertilizer Co-operative), Tokio Marine and Nichdo Fire Group. The brand has focused on providing rural India with access to health insurance and covers a wide range of health-related ailments such as radiotherapy, cancer and more.
10. Star Health
The first standalone health insurance company in India, Star Health is one of the most popular and highly regarded health insurance providers in India. The brand has expanded rapidly over the years and accounts for over 9,000 network hospitals throughout the country. In addition, it operates through 600+ branch offices and has stated that it has the fastest claim turnaround time among all the health insurance providers in the country.
This article provides an overview of the top 10 health insurance companies in India. For further and detailed information, get in touch with Turtlemint to find the best health insurance provider for your needs. Turtlemint can help you find and buy the best health insurance plans in India including information on various types of health insurers and calculating your payments.
