Top 10 Health Insurance Companies in India – Updated List 2023

In your life, health stands as the most precious asset. It is the foundation on which you build your dreams, career, and future. But when the world is brimming with uncertainties, even the healthiest among you cannot predict what lies ahead. This is where health insurance emerges as the shield that safeguards your well-being.

India, being a land of diversity and contrasts, boasts a healthcare industry that mirrors its dynamic character. The healthcare landscape here has undergone remarkable transformations over the years. The soaring medical costs, coupled with the rising prevalence of lifestyle-related diseases, have underscored the necessity of a robust health insurance policy. This is where health insurance in India is not just an option anymore but a vital component of financial planning.

In its evolving landscape, choosing the right health insurance provider can be considered similar to charting a course through uncharted waters. It requires a discerning eye and a deep understanding of the industry. That is why we bring you the list of the top 10 health insurance companies in India, along with tips to use it to your advantage.

List of the Top 10 Health Insurance Companies in India

While it is easy to look for the list of top health insurance companies, it is equally important for you to understand two related things –

1. The parameter based on which the companies have been sorted in the list
2. Reliability of the source of information from where the numbers have been picked

Here, we have IRDAI’s Annual Report 2021-22 as the source of information presented here. Let’s start with creating the list of top 10 health insurance companies in India based on Gross Domestic Premium (GDP) in crores of General and Health Insurers as specified in this report.

Top 10 Health Insurance Companies Based on Gross Domestic Premium (GDP)

If you want to look at the exact numbers in terms of GDP (in crores), the following table covers the required information about the top 10 health insurance companies:

This takes us to the following list of top ten health insurance companies based on 2021-22 data:

1. ICICI Lombard General Insurance Co. Ltd.
2. Bajaj Allianz General Insurance Co. Ltd.
3. HDFC ERGO General Insurance Co. Ltd.
4. IFFCO TOKIO General Insurance Co. Ltd.
5. Cholamandalam MS General Insurance Co. Ltd.
6. Go Digit General Insurance Ltd.
7. Future Generali India Insurance C. Ltd.
8. Acko General Insurance Ltd. 
9. Edelweiss General Insurance Co. Ltd.
10. Bharti AXA General Insurance Co. Ltd.

Top 10 Health Insurance Companies Based on Incurred Claims Ratio (ICR)

The following table covers health insurance companies based on ICR in the health insurance category:

This takes us to the following list of top 10 health insurance companies in India based on 2021-22 data:

1. IFFCO TOKIO General Insurance Co. Ltd.
2. Cholamandalam MS General Insurance Co. Ltd.
3. Edelweiss General Insurance Co. Ltd.
4. Acko General Insurance Ltd. 
5. HDFC ERGO General Insurance Co. Ltd.
6. ICICI Lombard General Insurance Co. Ltd.
7. Bajaj Allianz General Insurance Co. Ltd.
8. Future Generali India Insurance C. Ltd.
9. Go Digit General Insurance Ltd.
10. Bharti AXA General Insurance Co. Ltd.

Also Read: What is Incurred Claim Ratio?

Top 10 Health Insurance Companies Based on Status of Claims (Closed)

The following table covers health insurance companies based on the status of the claims closed during 2021-22:

This takes us to the following list of the top ten health insurance companies in India based on claim status:

1. Bajaj Allianz General Insurance Co. Ltd.
2. HDFC ERGO General Insurance Co. Ltd.
3. ICICI Lombard General Insurance Co. Ltd.
4. Acko General Insurance Ltd. 
5. Future Generali India Insurance C. Ltd.
6. IFFCO TOKIO General Insurance Co. Ltd.
7. Go Digit General Insurance Ltd.
8. Cholamandalam MS General Insurance Co. Ltd.
9. Kotak Mahindra General Insurance Co. Ltd.
10. Edelweiss General Insurance Co. Ltd.

Also Read: All About Section 80D 

Top Health Insurance Companies Based on Solvency Ratio

The following table covers health insurance companies based on the solvency ratio during 2021-22:

This takes us to the following list of top health insurance companies in India based on solvency ratio:

1. Shriram General Insurance Co. Ltd.
2. Bajaj Allianz General Insurance Co. Ltd.
3. Liberty General Insurance Ltd.
4. ICICI Lombard General Insurance Co. Ltd.
5. Raheja QBE General Insurance Co. Ltd.
6. Royal Sundaram General Insurance Co. Ltd.
7. Go Digit General Insurance Ltd.
8. Tata AIG General Insurance Co. Ltd.
9. Cholamandalam MS General Insurance Co. Ltd.
10. Navi General Insurance Ltd.
11. SBI General Insurance Co. Ltd.
12. Kotak Mahindra General Insurance Co. Ltd.
13. Magma HDI General Insurance Co. Ltd.
14. Acko General Insurance Ltd.
15. IFFCO Tokio General Insurance Co. Ltd.
16. Edelweiss General Insurance Co. Ltd.
17. Future Generali India Insurance C. Ltd.
18. Reliance General Insurance Co. Ltd.
19. HDFC ERGO General Insurance Co. Ltd.

How to Pick from the Top 10 Health Insurance Companies in India?

With the understanding that health insurance in India is a vital component of financial planning and well-being, it’s essential to know how to navigate the diverse options presented by the top ten health insurance companies in the industry. While the list we’ve compiled serves as a valuable starting point, choosing the right insurer requires a deeper dive into your specific needs and preferences. Here’s a comprehensive guide on how to pick the best health insurance provider among the top contenders:

• Assess your needs

Begin by evaluating your unique healthcare needs and those of your family. Consider factors such as age, pre-existing medical conditions, lifestyle, and the number of family members to be covered. This assessment will help you determine the type and extent of coverage required.

• Research the companies

Dive deeper into the details of each insurance company on the list of top 10 health insurance companies. Research their reputation, financial stability, customer service, and track record in processing claims. Reliable sources include customer reviews, industry reports, and ratings from regulatory bodies.

• Compare coverage

Compare the coverage options provided by each insurer. Pay close attention to inclusions and exclusions, waiting periods, sub-limits, and co-payment clauses. Ensure that the policy aligns with your healthcare needs and preferences.

• Compare premiums

Consider the premium associated with each policy. Remember that a low premium may come with limited coverage, while a higher premium might offer more comprehensive benefits. Find a balance between affordability and the level of coverage you require.

• Check the list of network hospitals

Check the insurer’s network of hospitals and healthcare providers. A broad network ensures easier access to quality medical care. Ensure that your preferred hospitals or healthcare facilities are included in the insurer’s network.

• Consider Claim Settlement Ratio (CSR)

CSR reflects the insurer’s efficiency in processing claims. Opt for companies with a high claim settlement ratio, as it indicates a greater likelihood of hassle-free claims processing.

• Look for customer support options

Evaluate the quality of customer support and assistance offered by the insurer. Responsive customer service can be crucial during emergencies and claim settlement processes.

• Check for additional benefits

Look for value-added benefits such as maternity insurance coverage, coverage for critical illnesses, NCB, and wellness programs. These extras can enhance the overall value of your health insurance policy.

• Read the fine print

Thoroughly read and understand the policy documents. Pay attention to terms/conditions and any hidden clauses. Seek clarification from the insurer on any ambiguous points.

• Seek professional advice

If you find the decision overwhelming, consider consulting a financial advisor or insurance expert. They can provide personalized guidance based on your specific circumstances. You can also gain knowledge about different sides of health insurance using online health insurance guides.

• Review the policy periodically

Your healthcare needs may change over time. Periodically review your health insurance policy to ensure it still aligns with your requirements. You can consider switching to a different insurer or policy if needed.

Is Checking the List of Top 10 Health Insurance Companies in India Useful?

Checking the list of the top 10 health insurance companies in India can be highly useful for individuals seeking to purchase health insurance. Here’s why:

• The list can help narrow down the overwhelming number of health insurance providers in India to a manageable selection. It saves time and effort that would otherwise be spent researching and comparing numerous companies.
• Inclusion in the top 10 list may also signify a level of trustworthiness and reliability. These companies typically have a strong track record in terms of customer service, claim settlement, and financial stability.
• The list can also be used as a benchmark for comparing different insurers. It helps individuals assess the industry’s leading players, their offerings, strengths, and weaknesses.
• The top 10 list may allow individuals to explore a variety of options, from basic coverage to comprehensive plans.
• Checking the list of top 10 health insurance companies in India can also lead individuals to customer reviews and ratings for these insurers, thereby offering insights into the real experiences of policyholders.

Here, it’s crucial to remember that the list is just a starting point. While these companies are considered among the best in the industry, the definition of the best health insurance may vary from person to person based on individual needs and circumstances. Therefore, it’s essential to conduct additional research and consider personal factors like age, health status, family size, and budget when making the final decision.

Disclaimer: The information provided in this article is for informational purposes only. We do not endorse, rate, or recommend any specific insurance company or its products. Decisions regarding health insurance should be made after careful research and consideration of individual needs.

BimaBandhu aims to empower you with the knowledge and insights needed to make an informed decision. We believe that the right health insurance policy isn’t just about protecting your health but securing your peace of mind.

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