The Indian health
insurance market is growing rapidly, although in the current scenario of corona
crisis its challenging and tough time for health insurance industries to maintain
the same pace of service.
During this pandemic era service and support for
those who seek medical care to cover themselves and their loved ones who ready
to take health insurance and their service.
However, each insurance company has its own
distinct characteristics which sets it apart from other companies. Also, there
is no insurance company that is best for everyone. Definitions of the best
health insurance providers in India vary from individual to individual
depending on their needs.
For example, some insureds may find an insurance
company best suited to their extensive network of hospitals that offer instant
cashless claims, while others are known for the quality of services offered or
the availability of customer support.
Keeping
all these in mind we bring some Best Health Insurance Service Providers
during Corona crisis. Such details may help to our readers to select best
health insurance company for their health insurance need during this this
pandemic.
Mention details based on the previous year's
performance of such service provider and validated by the concern
authority.
1. HDFC ERGO Health Insurance Company
HDFC ERGO Health Insurance Limited
(formerly known as Apollo Munich Health Insurance) is basically a joint venture
between HDFC Ltd and Munich Re. The company is well-known to offer a
comprehensive range of health insurance plans.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
63% |
|
Cashless Hospitals |
4500+ |
|
Grievances Solved |
96.73% |
2. Star Health and Allied Insurance Company Limited
Star Health and Allied Insurance Company of India was established in the year 2006. The company has maintained a good reputation in the market due to its hassle-free claim settlement process.
The company has
been awarded "Claims Service Company of the year 2014” and has PAN India
presence in more than 340 cities and towns.
|
Headquarters |
Chennai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
63% |
|
Cashless Hospitals |
9800+ |
|
Grievances Solved |
98.96% |
3. Future Generali India Insurance Company Ltd
Future Generali India Insurance Company Ltd. was established in the year 2007 and is in collaboration with Future Group, among the leading businesses and Assicurazioni Generali of Italy.
The company offers effective and advanced plans to its customers with loads of benefits and features according to their requirements during.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
73% |
|
Cashless Hospitals |
5000+ |
|
Grievances Solved |
99.73% |
4. Bajaj Allianz General Insurance Company Limited
Bajaj Allianz General Insurance Company Limited was founded in the year 2001. It is a joint venture between Bajaj Finserv Limited held by the Bajaj Group and Allianz SE in Germany.
Bajaj FinServ carries a 74% stake and the remaining 26% by other.
|
Headquarters |
Pune |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
85% |
|
Cashless Hospitals |
6500+ |
|
Grievances Solved |
99.78% |
5. Manipal Cigna Health Insurance Company
Manipal Cigna Health Insurance Company was incorporated in the year 2014, previously known as Cigna TTK Health Insurance Company.
IT is a joint venture between Cigna, the global business group for insurance
and TTK Group (an Indian giant). The company focuses on producing effective
plans for individuals as well as group.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
62% |
|
Cashless Hospitals |
4500+ |
|
Grievances Solved |
99.58% |
6. National Insurance Company Limited
National Insurance Company Limited is a public health insurance company that was established in 1906.
The company is nationalized in 1972 and has become one of the leading insurance providers in India. It consists of several policies for all sectors of society to fulfil their requirements.
|
Headquarters |
Kolkata |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
107.64% |
|
Cashless Hospitals |
6000+ |
|
Grievances Solved |
97.07% |
7. Iffco Tokio General Insurance Company Limited
Iffco Tokio General Insurance Company was
founded in the year 2000. It is an effective health insurance company and a
joint venture between Indian Farmers Fertilizer Co-operative (IFFCO) and its
associates with Nichido Fire Group biggest listed insurer of Japan & Tokio
Marine.
|
Headquarters |
Gurugram |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
102% |
|
Cashless Hospitals |
4200+ |
|
Grievances Solved |
98.47% |
8. New India Assurance Company Limited
The New India Assurance Company Limited is a
public insurance company that operates in 28 nations. The company was founded
in 1919 and it owns around 2452 offices in India. This company offers great
products in budget prices.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
103.74% |
|
Cashless Hospitals |
1200+ |
|
Grievances Solved |
99.94% |
9. Oriental Insurance Company Limited
The Oriental Insurance company was
founded in 1947 and since then, it is offering multiple healthcare products and
laying down a smooth system for the better convenience of customers.
|
Headquarters |
New Delhi |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
108.80% |
|
Cashless Hospitals |
4300+ |
|
Grievances Solved |
73.83% |
10. Reliance General Insurance Company Limited
Reliance General Insurance Company Limited was founded in 2000 & is one of the leading general insurance companies (private sector) in India.
The company deals with various needs of customers
through a wide range of products related to motor, health, travel, and
commercial.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
94% |
|
Cashless Hospitals |
4000+ |
|
Grievances Solved |
98.49% |
11. United India Insurance Company Limited
United India Insurance Company Limited was
established in 1938 and got nationalized in 1972. The company offers a needful
insurance cover to around 1 crore policyholders. It has a wide range of health
insurance products.
|
Headquarters |
Chennai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
110.51% |
|
Cashless Hospitals |
7000+ |
|
Grievances Solved |
96.59% |
12. Royal Sundaram Alliance Insurance Company Limited
Royal Sundaram Alliance Insurance Company Limited was
founded in 2001. It is a joint venture between Sundaram Finance (the most
respected non-banking financial institutions of India) and RSA (the
second-largest general insurer in the UK).
|
Headquarters |
Chennai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
61% |
|
Cashless Hospitals |
3000+ |
|
Grievances Solved |
99.74% |
13. Tata AIG General Insurance Company Limited
TATA AIG was founded in 2001 & is a renowned name
in the general insurance industry of
India. It is a joint venture between Tata Group and renowned American
International Group, Inc.
At present, Tata AIG General Insurance Company is offering a
wide range of general insurance products that include health, motor, travel,
etc.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
78% |
|
Cashless Hospitals |
3000+ |
|
Grievances Solved |
99.90% |
14. Cholamandalam MS General Insurance Company Limited
Cholamandalam MS General Insurance Company Ltd. was
founded in 2001. It is a joint venture between Mitsui Sumitomo Insurance Group
of Japan & Murugappa Group.
It is a private insurance company that offers a wide range of
insurance products that includes accident, engineering, health, liability,
marine, motor, property, travel and rural insurance for both individuals and
corporate.
|
Headquarters |
Chennai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
35% |
|
Cashless Hospitals |
8000+ |
|
Grievances Solved |
99.55% |
15. HDFC ERGO General Insurance Company Limited
HDFC ERGO General Insurance Company Limited was
incorporated in 2002. It is a joint venture between HDFC Limited & ERGO
International AG sharing a partnership with Applo munic.
The company offers a variety of health insurance products
which can easily match the requirements of customers related to health, travel,
motor, home, and personal accident.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
62% |
|
Cashless Hospitals |
10000+ |
|
Grievances Solved |
98% |
16. Universal Sompo General Insurance Company Limited
Universal Sompo General Insurance Company Limited was
established in 2007. It is a joint venture between three banks and an FMCG
company which is popular by the name of Sompo Japan Nipponkoa Insurance Inc.
The company offers an extensive range of healthcare products
& also deals in motor and commercial insurance.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
92% |
|
Cashless Hospitals |
4000+ |
|
Grievances Solved |
98.20% |
17. Bharti AXA General Insurance Company Limited
Bharti AXA General Insurance Company was
incorporated in 2008. The company is a joint venture between Bharti Enterprises
of India, a pivotal Indian business group and the AXA group of Europe, a world
leader in financial protection.
It has around 79 branch offices throughout the country. Apart
from this, it is the first general insurance company that carries dual certifications
of ISO 27001:2005 & ISO 9001:2008
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
89% |
|
Cashless Hospitals |
4500+ |
|
Grievances Solved |
99.69% |
18. SBI General Insurance Company Limited
SBI General insurance company is a
joint venture between Insurance Australia Group (IAG) & State Bank of
India. SBI owns 74% of the total capital whereas the IAG carries 26%.
SBI follows a multi-distribution model that encompasses
through broking & retail direct channels, agency, and bancassurance. SBI is
the largest banking franchise in India that carries 23000 branches across the
country and over 5500 Regional Rural Banks (RRBs).
At present, SBI General Insurance Company is providing
coverage against travel, health, motor, personal accident and home insurance
for individuals.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
52% |
|
Cashless Hospitals |
3000+ |
|
Grievances Solved |
96.01% |
19. Raheja QBE General Insurance Company Limited
Raheja QBE General Insurance Company Limited was founded in 1938 and is a joint venture that is promoted by Prism Cement Limited, and QBE Holdings (AAP) Private Limited (a wholly-owned subsidiary of QBE Insurance Group Limited, Australia).
This insurance company offers an
effective line of healthcare products that are designed.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
33% |
|
Cashless Hospitals |
2000+ |
20. Max Bupa Health Insurance Company Limited
Max Bupa Health Insurance Company is a well-known health insurance company that provides a wide range of products to cater to the different needs of consumers.
It is a joint venture between Max
India Limited and UK based Bupa Finance PLC. The perfect mixture of global expertise
and local knowledge in health care.
|
Headquarters |
New Delhi |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
54% |
|
Cashless Hospitals |
3500+ |
|
Grievances Solved |
99.30% |
21. Religare Health Insurance Company Limited
Religare Health Insurance Company Limited was launched in 2012. It is one of the popular health insurance companies engaged in providing different health insurance products.
|
Headquarters |
New Delhi |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
55% |
|
Cashless Hospitals |
5420+ |
|
Grievances Solved |
99.30% |
22. Liberty Videocon General Insurance
Liberty Videocon General Insurance was established in the year 2013. The company was founded after the joint venture between Videocon Group and the US-based Liberty Mutual Insurance Group.
It is a popular general insurance company that highly deals in a two-wheeler, private car and health insurance.
|
Headquarters |
Mumbai |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
82% |
|
Cashless Hospitals |
4000+ |
|
Grievances Solved |
98.70% |
23. Shriram General Insurance Company
Shriram General Insurance Company was founded in 1974 after a joint venture between Shriram Group and South Africa based Sanlam Limited. Shriram Groups holds a 74% stake in the company while Sanlam enjoys a 26% stake.
SCL and its operating entities have a customer base
of over 12 million, more than 60,000 employees across 3,000 offices.
|
Headquarters |
Gurugram |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
53% |
|
Cashless Hospitals |
2000+ |
|
Grievances Solved |
99.30% |
24. Magma HDI General Insurance Company Limited
Magma HDI General Insurance Co Ltd. is a well-known general insurance company which is a joint venture between Magma Fincorp Ltd, Kolkata, and HDI-Gerling Industry Versicherung AG Germany.
Magma
HDI General Insurance offers a wide range of effective health care and several
other categories.
|
Headquarters |
New Delhi |
|
Incurred Claim Ratio (As per the IRDA report 2018-19) |
90% |
|
Cashless Hospitals |
4100+ |
|
Grievances Solved |
55.86% |
Conclusion
Health insurance is one of the important places
during corona pandemic as people more aware about their benefit and financial support
in need.
however, we will be suggested kindly visit
respective service provider website and check complete details along with
the term and condition before any decision and choose the best option as per
there requirement.
Information shares only for the education purpose which prime objective to introduce people about available service provider in the industry.
Reviewed by Mr. Pradhan
on
May 09, 2021
Rating:
