Top 10 Health Care Companies In India – October 7, 2021 February 22, 2023 Sonia Nagpal 67979 Views 25 Comments Best Health Insurance Companies in India, HDFC ERGO General Insurance Limited, ICR OF Oriental Insurance Company Limited, ICR of New India Assurance Company Limited, ICR of Star Health & Allied Insurance , ManipalCigna Health Insurance Company Limited, National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, SBI General Insurance Company Limited, Star Health & Allied Insurance Company Limited, Top 10 Health Insurance Companies in India, Top 10 Health Insurance Company 2022, Top Health Insurance Companies
To guide the customers while purchasing health insurance. The Insurance Regulatory and Development Authority of India (IRDAI) has released a list of the top 10 health insurance companies in India every year.
Top 10 Health Care Companies In India
Both general insurers (private and public) and specialist health insurers are authorized to offer health plans to customers, based on performance in terms of the companies’ Incurred Claims Ratio (ICR) and their overall financial status.
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HDFC ERGO General Insurance Limited is a joint venture between HDFC Ltd and ERGO International AG. It is one of the companies that fall under the “Top 10 Health Insurance Companies in India”. It has an impressive Incurred Claims Ratio (ICR) of nearly 74% for the financial year 2019-20 and 63% for the financial year 2018-19. And it has brought innovations like lifetime renewals and carryover benefits of the existing policies. The claim settlement ratio of HDFC Ergo is quite good and the mark is 99% in the financial year 2019-2020.
Star Health & Allied Insurance Company is a joint venture between Oman Health Insurance Company. ETA Ascon Group and a few veterans from the country can boast of an Incurred Claims Ratio (ICR) of 66% for the financial year 2019-20 and 63% for the financial year 2018-19. The company has an in-house TPA to handle cashless facilities seamlessly while also coming up with exciting products. Like Diabetes Safe (for diabetes patients) and Star NetPlus (for HIV+ patients). Star Health & Allied Insurance has an impressive claims settlement ratio of 90% for the financial year 2019-20.
Niva Bupa Health Insurance Company is a joint venture between Max India Limited and Bupa Group established in 2010. The latest ICR of this healthcare company stands at 54% for the financial year 2019-20 and 2018-19 and also offers subscription to its policies for citizens of all age groups. Niva Bupa also ranks well in claims settlement ratio at 96% for the 2019-20 financial year.
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 the State Bank Group. It covers over 110 cities across India along with over 350 locations via satellite resources. It is one of the companies that fall under the “Top Health Insurance Companies of India”.
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It also has an Incurred Claims Ratio (ICR) of 72% for the financial year 2019-20 and 2018-19. Talking about the claim settlement ratio of SBI is quite better than others with 95% for FY 2019-20.
Care Health Insurance Company is a joint venture between Care Enterprises Limited, Union Bank of India and Corporation Bank which was launched in 2012. But in a short span of time it has shown tremendous growth and distinguished itself in the insurance sector with an Incurred Claims Ratio (ICR) of 59% for the financial year 2019-2020. And 55% for the financial year 2018-19.
The claims settlement ratio for Care Health Insurance is quite good and the grade is 95% in the financial year 2019-2020. It is promoted by the founders of Fortis Hospitals. It is one of the companies that fall under the “Top Health Insurance Companies of India”.
Manipal Cigna Health Insurance Company is a relatively new player in the Indian insurance sector. First launched in 2014, it has instantly become a part of the top health insurance companies in India. Its Incurred Claims Ratio (ICR) for both FY 2019-20 and 2018-19 stands at an impressive figure of 62%. That’s no mean feat considering it’s so new to the market. ManipalCigna Health has an impressive claim settlement ratio of 90% for the financial year 2019-20.
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Bajaj Allianz General Insurance Company is a joint venture between Bajaj Finserv Limited and Allianz SE has some healthcare 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 bonded TPA with certain efficiency gains.
Incurred Claims Ratio (ICR) for this company is 71% for the financial year 2019-20 and 69% for the financial year 2018-19. Bajaj Allianz also ranks well in terms of claim settlement ratio at 98% for the financial year 2019-20.
New India Assurance Company is a wholly owned company of the Government of India. It has been operating since 1919 and is most famous for its Mediclaim policy. The most unique thing about this health insurance is that it gives a differentiated rating for major cities compared to other places. The latest Incurred Claims Ratio (ICR) for FY 2019-20 is 92% and FY 2018-19 is 95.39% which may be on the higher side. But it covers any losses or deficiencies from other insurance products.
Oriental Insurance Company is a public non-life insurance company that offers a range of health insurance products. The best thing about this insurance company is that it does not require a medical examination of the potential customers up to the age of 60 years. Whereas other companies push for medical examinations for everyone over 45. Its Incurred Claims Ratio (ICR) stands at 102% for FY 2019-20 as per IRDAI’s Annual Report. And 106.10% as per IRDAI Annual Report for the financial year 2018-19. Oriental Insurance also ranks well in terms of claim settlement ratio at 89% for the financial year 2019-20.
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National Insurance Company is a fully state-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 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 to you. Find out about various plans offered by these general insurance companies in India and buy health insurance for you and your family now!
Health policy is now a basic need for every family. and to be honest you will never face the situations you know India faced during the second wave of Covid-19, moreover we never choose such kind of life and the reason for the worst situation at that time is public hospitals were never updated until today that they can save a life, If you want to get your treatment in a private and best hospital without spending a single penny, then you have to choose a health policy. It will give you proper coverage and protect your family from uncertainties.
These are the best health insurance company in India that offers you wide coverage and makes your life and money precious and valuable. Health policy is a way to get the best treatment, even in the best private hospital in the whole country, and maybe that’s why people care a lot about health policy.
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Sonia Nagpal is an insurance specialist. She has more than 25 years of experience in sales, marketing and corporate alliances. 5 Star Stocks Best Smart 50 Stocks Best Smart Next 50 Stocks Best Smart 500 Stocks Best SmallCap Stocks Dividend Mod. Shares Smart financial services shares
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