September 1, 2021
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In order to guide customers while buying health insurance. The Insurance Regulatory and Development Authority of India (IRDAI) has been coming out with a list of the best health insurance companies in India every year.

Both General Insurers (private and public) and Specialized Health Insurance companies are authorized to offer health plans to the customers. Based on the performances with regards to companies’ Incurred Claims Ratio (ICR) and their overall financial standing. The top 10 Health Insurance Companies of India are as follows:

  1. HDFC ERGO General Insurance Limited
  2. Star Health & Allied Insurance Company Limited
  3. Max Bupa Health Insurance Company Limited
  4. SBI General Insurance Company Limited
  5. Care Health Insurance Company Limited
  6. ManipalCigna Health Insurance Company Limited
  7. Bajaj Allianz General Insurance Company Limited
  8. New India Assurance Company Limited
  9. Oriental Insurance Company Limited
  10. National Insurance Company Limited

1. HDFC ERGO General  Insurance Limited

HDFC ERGO General Insurance Limited is a Joint Venture of HDFC Ltd and ERGO International AG. It has an impressive Incurred Claims Ratio (ICR) of almost 74% for the financial year 2019-20 and 63% for the financial year 2018-19. And it has brought innovations like lifetime renewals and portability benefits of the existing policies. The Claim Settlement Ratio of HDFC Ergo is quite good and the mark is 99% in FY 2019-2020.

2. Star Health & Allied Insurance Company Limited

Star Health & Allied Insurance Company is a joint venture between Oman Health Insurance Company. ETA Ascon Group and a few veterans of the country boasts of an Incurred Claims Ratio (ICR) of 66% for FY 2019-20 and 63% for FY 2018-19. The company has an in-house TPA to deal with cashless facilities seamlessly while also coming up with exciting products like Diabetes Safe (for diabetic patients) and Star NetPlus (for HIV+ patients). Star Health & Allied Insurance has an impressive Claim Settlement Ratio of 90% for FY 2019-20.

3. Max Bupa Health Insurance Company Limited

Max Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa Group brought into existence in 2010. The latest ICR for this health care company stands at 54% for FY 2019-20 & 2018-19 too and offers enrollment to its policies for citizens of all age groups. Max Bupa also holding a good place in term of Claim Settlement Ratio with 96%  for FY 2019-20.

4. SBI General Insurance Company Limited

SBI General Insurance Co. Ltd comes with a joint venture of State Bank of India and Insurance Australia Group (IAG). SBI General has a wide presence in over 23,000 branches of State Bank Group. It covers over 110 cities across India along with over 350 locations through satellite resources. It has an Incurred Claims Ratio (ICR) of 72% for FY 2019-20 & 2018-19 too. Talking about Claim Settlement Ratio of SBI is quite better than others one, with 95% for FY 2019-20.

5. Care Health Insurance Company Limited

Care Health Insurance Company is a joint venture between Care Enterprises Limited, Union Bank of India, and Corporation Bank that was launched in 2012. However, in a short period of time, it has shown tremendous growth and made a mark in the insurance sector with an Incurred Claims Ratio (ICR) of 59% for the FY 2019-2020 & 55% for FY 2018-19. The Claim Settlement Ratio of Care Health Insurance is quite good and the mark is 95% in FY 2019-2020. It is being promoted by the founders of Fortis Hospitals.

6. ManipalCigna Health Insurance Company Limited

Manipal Cigna Health Insurance Company is a comparatively new player in the Indian insurance sector being launched only in 2014 and has immediately become part of the best health insurance companies in India. Its Incurred Claims Ratio (ICR) for the both FY 2019-20 & 2018-19 stands at an impressive figure of 62% that is no mean feat considering it’s so new to the market. ManipalCigna Health has an impressive Claim Settlement Ratio of 90% for FY 2019-20.

7. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE has some health products up its sleeve. The three major products are Health Guard, Silver Health, and Star Package. Bajaj has the distinction of being the first company to provide captive TPA with certain efficiencies. Its Incurred Claims Ratio (ICR) is 71% for the FY 2019-20 & 69% for FY 2018-19. Bajaj Allianz also holding a good place in term of Claim Settlement Ratio with 98%  for FY 2019-20.

8. New India Assurance Company Limited

New India Assurance Company is a fully owned company by the government of India. That has been in operations since 1919 and is most famous for its Mediclaim policy. The most unique feature of this health insurance policy is that it provides a differential rating for major metros in comparison to other locations. The latest Incurred Claims Ratio (ICR) for FY 2019-20 is 92% and FY 2018-19 is 95.39% that might be on the higher side, but it covers up for any losses or deficiencies from other insurance products.

9. Oriental Insurance Company Limited

Oriental Insurance Company is a public sector general insurance company that offers a number of health insurance products. The best part about this insurer is that it doesn’t require a medical examination of the prospective customers up to the age of 60 years, while other companies press for medical examinations for everyone over 45 years of age. Its Incurred Claims Ratio (ICR) stands at 102% for FY 2019-20 as per IRDAI annual report for and  106.10% as per IRDAI annual report for FY 2018-19. Oriental Insurance also holding a good place in term of Claim Settlement Ratio with 89%  for FY 2019-20.

10. National Insurance Company Limited

National Insurance Company is a fully government-owned general insurance company that is more than 100 years old and also provides health insurance coverage. Its Incurred Claims Ratio (ICR) is 106% for FY 2019-20 and 109.94% for FY 2018-19. But it covers up its losses with other insurance products in various other categories. The most popular health product offered by the company is Varishtha Mediclaim for senior citizens.

Hope this information was useful for you. Find out about various plans being offered by these General insurance companies in India and buy a health insurance policy for you and your family, now!

Note: Latest IRDA Incurred Claims Ratio for FY 2018-19 of General Insurance Companies in India.

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