Copyright © 2022 Techbomb Inc. All Rights Reserved.
The insurance industry has been booming in India, thanks to the growth of the middle class. This has led to the development of many new companies and services, and this article will give you an overview of the most popular health insurance companies in India.
In India, there are various Health Insurance companies available that provide healthcare coverage. In this article, we’ll take a look at the top 5 companies and provide you with all of the information you need to get started.
Health Insurance Companies
Standalone Health insurance companies in India are offering comprehensive health insurance plans, which cover most of the common health conditions and also offer hospitalization benefits. These plans are cheaper and offer a wide range of benefits. They are also providing health insurance plans at affordable prices.
Here are the top 5 health insurance companies in India in 2022
- Aditya Birla Health Insurance
- Bajaj Allianz Health Insurance
- Bharti AXA Health Insurance
- Future Generali Health Insurance
- Kotak Mahindra Health Insurance
Which is the Best Health Insurance Company in India?
In this post, we’re going to take a look at the best health insurance companies in India.
And while these companies aren’t perfect, there are a lot of benefits to using them.
The first benefit is that they are usually cheaper than traditional healthcare providers. So if you don’t want to spend a lot of money on healthcare, this is a good option for you.
Another benefit is that these companies usually cover a wider range of conditions, so you can be sure that you’ll be covered for almost anything.
It’s also important to note that some of these companies also provide wellness plans. And while they usually cost a lot more, they are often worth it if you’re looking for a convenient way to improve your overall health.
Aditya Birla Health Insurance – ABHI
Aditya Birla Health Insurance was founded in 1991, and they are now one of the leading health insurance providers in India. They are part of the Aditya Birla Group, which also includes: Aditya Birla Life Insurance, Aditya Birla Corporate Services, Aditya Birla Dental Solutions, Aditya Birla Pharmaceuticals, and Aditya Birla Pension Plan.
ABHI provides medical insurance, dental insurance, vision insurance, and life insurance for both salaried and self-employed individuals. It is the only company that offers health insurance for every individual who is self-employed, and it is the first company to introduce the concept of group health insurance. The insurance provider also offers an employee assistance program, which is available 24/7, 365 days a year.
The main benefits of Aditya Birla Health Insurance include:
• No waiting period before insurance starts (within 15 days of the date of your request)
• Flexible policies (policies can be renewed without any additional charges)
• A choice of three plans for salaried employees
• Low rates and affordable premiums for salaried employees
• One-time enrolment (no annual premiums)
• Low claims ratio and claims settlement ratio
• Reimbursements up to 90% within 14 days of receipt
• No deductibles and co-insurance (only 30%)
• 100% reimbursement for hospitalization expenses for out-of-pocket expenses
• Pre-approved emergency treatment
• Dedicated account for each insured person
• Comprehensive coverage for a wide range of critical illnesses and ailments
• Medical claims for surgical and diagnostic treatments (covering outpatient, inpatient, and critical care facilities)
Bajaj Allianz Health Insurance
Have you heard about Bajaj Allianz’s health insurance? Well, it’s time to find out more.
Bajaj Allianz Health Insurance Company Limited is one such company that offers quality health insurance plans for a relatively low cost. Here, you get all the basic facilities included, and it’s one of the cheapest health insurance plans.
So, what makes this company better than others? Let’s look at it:
What makes this company unique?
1. Flexible Plans
The company offers flexible plans which can be changed and altered according to your needs. This is a very important feature, as this allows you to compare health plans and choose the most suitable plan.
2. Best Services
The company offers excellent services. This is why many doctors recommend this company to their patients. The company is known for its medical support team, and they are available 24×7.
3. Excellent Customer Care
The customer care executives are very helpful. They are quick to reply to your emails and calls. Also, they are available in English and Hindi languages.
4. Convenient Payment Methods
The company accepts payment through credit cards, debit cards, online banking, etc. Also, it does not charge any hidden fees. This makes it convenient for you to pay and avail of benefits.
5. Great Health Coverage
The company offers high coverage. It covers up to 80% of the costs. The premium includes all the charges like medicine, hospitalization, tests, etc.
6. Good Discounts
The company gives discounts on the plans which you select. You can get these discounts even if you are new to the company.
How to Get Bajaj Allianz Health Insurance?
You can get Bajaj Allianz Health Insurance through the website. The online application process is simple and you can apply for it from the comfort of your home.
Once you have applied for it, you will receive the information about your plan and the discount which you will get if you buy your policy before the end of the year.
Bharti AXA Health Insurance
AXA Life Insurance has been offering coverage for over three decades and offers life insurance plans such as Term Life, Permanent Life, Income Protection, and Disability Protection.
Individuals can purchase AXA Life Insurance through a network of AXA partners across India. They can also avail themselves of an online AXA Life Insurance policy that can be purchased instantly.
Why is Bharti AXA the best health insurance company in India?
1. Best claim settlement ratio
2. Excellent customer service
3. Lowest premium
4. Low claims expenses
Future Generali Health Insurance
Future Generali Health Insurance is the largest provider of health insurance in India. The company has been operating in the Indian market for over 40 years now.
The company was founded in 1969, by the brothers, Javed Habib, Mohammed Habib and Tariq Habib. They had decided to offer health insurance for the middle class, which wasn’t available at that time. In fact, they had to offer health insurance for the workers who were employed in textile mills, as they didn’t have any other options.
Today, Future Generali Health Insurance has become one of the largest companies in India, with over 13,000 employees and over 2.1 million customers.
They offer medical cover for a number of illnesses, including diabetes, cancer, hypertension, asthma, and many others.
If you are looking for Health Insurance Companies in India, you will definitely want to consider Future Generali Health Insurance. Their claims settlement ratio is about 98% in the last five years.
So what exactly makes them different? What do they offer? Let’s take a look at some of their offerings.
Premium is the amount that you need to pay each month to Future Generali Health Insurance. It can range anywhere between INR 1000-INR 6000+.
Claim Settlement Ratio
The claim settlement ratio is the percentage of claims paid to doctors within 30 days of filing. This ratio has been above 99% for the last five years.
– Flexible-Premium Structure
– Deductible Option
– No Waiting Period
– No Age Limit
– Free Consultations
– Free Life Insurance
– Free Mediclaim
– Pre-Existing Illness
– 24/7 Customer Care
– Easy Claim Settlement
– Low-Cost Plan
– High Claim Settlement Ratio
– Free Home Delivery
Kotak Mahindra Health Insurance
Kotak Mahindra Health Insurance offers high-quality healthcare at affordable prices. The health insurance company has a special package of benefits, which includes both outpatient and inpatient treatment at leading hospitals. The packages offered by the insurance company include hospitalization, maternity and nursing care, diagnostic tests, treatment for chronic diseases, travel and medical expenses, etc.
1. Plan Features
Kotak Mahindra Health Insurance provides excellent coverage to the customers. The health plan covers pre-existing conditions and provides benefits for accidental injuries, childbirth, emergency medical costs, long-term illness, etc. The health plan is very effective in providing insurance coverages to the customers in case of any unforeseen accidents and illnesses.
The insurance company is covered by the Government of India, so you don’t have to worry about your premiums. Kotak Mahindra Health Insurance also provides customized packages to suit your needs, which you can select from a wide range of plans. You can avail of the health insurance plan at very affordable rates, and you can save up to 90% of your monthly premium by availing of a low-cost plan.
2. Benefits Offered
• Hospitalization: The health plan covers up to 50 days of hospitalization. You can avail of inpatient treatment at top hospitals across India.
• Maternity & Nursing Care: The maternity and nursing care benefit covers both inpatient and outpatient treatments. You can avail of maternity and nursing care benefits after the birth of your first child and up to 12 months postpartum.
• Diagnostic Tests: The insurance plan provides diagnostic tests to its customers at very affordable prices.
• Travel & Medical Expenses: You can avail of reimbursement of medical expenses incurred abroad. You can also avail of reimbursement for dental expenses.
• Basic Plan: You can opt for a basic plan of Kotak Mahindra Health Insurance. The cost of the plan starts from Rs. 500 to Rs. 3,000.
• Comprehensive Plan: The comprehensive plan offers coverage for both inpatient and outpatient treatment. It covers a variety of services like surgery, inpatient, emergency, dental care, maternity care, etc.
4. Claim Settlement Ratio
• Outpatient Treatment: For outpatient treatments, the claim settlement ratio is 96.3%.
• Inpatient Treatment: For inpatient treatment, the claim settlement ratio is 93.1%.
• Pre-Existing Conditions: The insurance company also covers pre-existing conditions.
5. Premium Payment Option
• Direct Debit: You can pay your premium through direct debit.
• Pay Later: You can also pay your premium by paying a part of the premium at one go and pay the rest of it later.
• Cash: You can also pay your premium in cash.
6. Plans Offered
• Basic Plan: The basic plan is ideal for those who are looking to save some money. The basic plan covers a number of services like accident & sickness, emergency treatment, maternity and nursing care, etc.
• Comprehensive Plan: The comprehensive plan offers coverage for a wide range of services like accident & sickness, emergency treatment, inpatient, maternity and nursing care, etc.
• Deluxe Plan: The deluxe plan offers coverage for services like accident & sickness, inpatient, maternity and nursing care, etc.
• Gold Plan: The gold plan offers the most extensive benefits. This plan covers up to 100 days of inpatient treatment
Now, which company do you think is the best? Let us know in the comments below.
Choose Health Insurance Coverage of Your Choice
Health insurance is mandatory for all Indian residents. This is a legal requirement so how to choose the health insurance coverage of your choice.
Health insurance policy covers not only hospitalization but also expenses like doctor fees, medicines, and diagnostic tests.
So you must select the health insurance company that will give you the best possible coverage.
The following are the most important things to consider while choosing a health insurance policy.
The cost of the health insurance policy should not be higher than the amount you will need to pay towards medical expenses.
The premium depends on factors like your health history, age, occupation, and income.
3. Hospitalization and OPD (Outpatient Department) coverages
This means how much money you will be required to pay for hospitalization and medical treatment done outside the hospital.
This is the percentage of the total cost of treatment that you will have to pay out of your pocket.
This is the minimum amount that you have to pay for your health care before the insurance kicks in.
6. Lifetime maximum benefit
This is the maximum benefit you will receive when you fall sick for the rest of your life.
7. Medical expense tax
This is the tax you will have to pay to the government on your medical expenses.
8. Additional benefit
This is a separate amount that you will receive if you fall sick for a certain period of time.
This is the amount of money that you will be required to pay your doctor before he starts treatment.
10. Deductible and pre-authorization together
You should choose an insurance policy that gives you both deductibles and pre-authorizations.
How to choose the best health insurance company?
The health insurance industry in India has experienced a lot of changes in recent years. There are now a variety of different companies that you can choose from to cover your medical expenses. Some companies specialize in offering cheap plans to individuals, while others cater more to large companies that need affordable coverage.
To be able to choose the right health insurance company for you, you need to look at a few things. You need to know what kind of plan you need, and you also need to know what options are available. Here are some tips for choosing the best health insurance company.
What Kind of Health Insurance Do You Need?
The first thing you need to decide is what type of health insurance do you need? If you already have health insurance, this is easy. But if you don’t, you will need to think about which health insurance company would be best for you.
There are many different types of health insurance companies that you can choose from. Some of them offer cheaper plans, while others offer more expensive plans.
You can choose between different types of plans, such as Bronze, Silver, and Gold. Bronze plans usually come with low monthly premiums, but they only cover a small percentage of your medical expenses. You can save money with a Bronze plan by paying for a higher deductible.
On the other hand, if you are a large company, you may need to consider an employee benefits plan. These types of plans typically come with higher premiums, but they provide a higher level of coverage than a Bronze plan.
You will need to compare all these different types of plans to decide which one is the best for you.
What Plans Are Available?
Once you know what type of plan you need, you will need to think about which companies offer that plan. For example, some companies offer their own plan that is tailored to meet the needs of the individual. They will also offer discounts and other incentives to encourage people to choose their plan.
But some companies only offer their own plan, so you will need to shop around to find the best company. You can compare rates online, or you can just call up companies directly and ask them if they offer any specific plans.
Also keep in mind that you may not need health insurance at all. This is especially true if you are young and healthy. You may be able to save a lot of money by choosing to pay for your own health insurance.
But if you have pre-existing conditions, or if you have a family, you should definitely consider buying health insurance.
How Much Will Your Insurance Costs?
Now that you have decided what type of plan you want, it’s time to think about how much you will pay for it. You should know that there are three main factors that go into how much you will pay for your plan.
One is the deductible. This is the amount that you will pay out of pocket before your insurance begins to cover any expenses.
Another is your premium. The premium is the amount that you will pay every month for your plan.
Finally, you should consider your total out-of-pocket cost. This is the amount that you will pay for your plan plus your deductibles.
Choosing the best health insurance company doesn’t have to be hard. Just follow these tips and you will be able to find the best plan for your needs.
Can I port my health insurance policy to another company?
Sure, this is usually quite simple. The provider should be willing to accept the new coverage if they have not excluded you, however, you may have to pay a higher monthly premium. To do this, call the provider’s customer service line, explain the situation, and ask for their guidance on how to proceed. If you are planning to move from one company to another, you may be thinking that your current policy will follow you to the new company. However, this is not always the case.
Does any health insurance company cover cancer treatment expenses?
No! If your policy does not cover that, you can buy a separate policy for that. But, that’s expensive. There are a lot of plans that have cancer as a pre-existing condition. So, it is not covered at all. If it is pre-existing, your plan may or may not cover it.
Does any health insurance company cover insulin expenses in India?
In most cases, insulin is not covered by health insurance. There are many cases where the family has to pay for insulin in India. The best way is to make sure that you have a proper plan and understand how it works in order to avoid such situations.
Does any health insurance company offer dental cover?
Yes, there are many insurance companies that offer dental cover to their members.