“Life insurance will protect your family’s financial future.”
Health insurance companies in India
Insurance for life being the utmost necessity today, health insurance is a growing industry in India. Under the regulation of the IRDAI, currently, thirty insurance companies operate in India that offer reliable health insurance plans. Among this twenty-five are general insurance companies, and the remaining five are solely health insurance companies. Every insurance company has its own benefits, features, and customer satisfaction that can help you choose which caters to you and your requirement the best.
When we look at health insurance companies and compare, we look at different deciding factors to see which insurance company meets your needs. Factors such as;
- The health insurance plan details of the insurance company
- The cashless network and hospitals under the said insurance company
- The claim settlement ratio being looked at
- The claims are higher than the premiums charged
- The customer service and client satisfaction facets of the insurance company
- The customer support of 24*7 for aid towards policyholders
- The overall business volume of the insurance company
- The claim settlement process that the insurance company follows
- The procedure for renewal is hassle-free
- The quick grievance redressal of the insurance company
- The complete review, rating, and presence of the insurance company
Having known how to choose the best insurance companies in India and essential factors to look for, let’s see the complete list of Health Insurance Companies in India.
List of Health Insurance Companies in India
Here is the complete list of health insurance companies currently functioning in India:
- National Insurance Co. Ltd.
- Go Digit General Insurance Ltd.
- Bajaj Allianz General Insurance Co. Ltd.
- Cholamandalam MS General Insurance Co. Ltd.
- Bharti AXA General Insurance Co. Ltd.
- HDFC ERGO General Insurance Co. Ltd.
- Future Generali India Insurance Co. Ltd.
- The New India Assurance Co. Ltd.
- IffcoTokio General Insurance Co. Ltd.
- Reliance General Insurance Co. Ltd.
- Royal Sundaram General Insurance Co. Ltd.
- The Oriental Insurance Co. Ltd.
- Tata AIG General Insurance Co. Ltd.
- SBI General Insurance Co. Ltd.
- Acko General Insurance Ltd.
- Navi General Insurance Ltd.
- Edelweiss General Insurance Co. Ltd.
- ICICI Lombard General Insurance Co. Ltd.
- Kotak Mahindra General Insurance Co. Ltd.
- Liberty General Insurance Ltd.
- Magma HDI General Insurance Co. Ltd.
- Raheja QBE General Insurance Co. Ltd.
- Shriram General Insurance Co. Ltd.
- United India Insurance Co. Ltd.
- Manipal Cigna Health Insurance Company Limited
- Aditya Birla Health Insurance Co. Ltd.
- Star Health & Allied Insurance Co. Ltd.
- Max Bupa Health Insurance Company Ltd.
- Care Health Insurance Ltd.
- Universal Sompo General Insurance Co. Ltd.
Benefits of buying health insurance
When we look at the benefits of buying health insurance, the best way to buy is directly from your chosen insurance company compared to buying from brokers or other sources. The significant advantages of buying directly from the insurance company are;
- Insurance companies will provide details of any insurance plans, unlike the brokers who may reveal only health insurance plans that may earn them a hefty commission.
- Health insurance plans can be easily customized with insurance companies directly in comparison to brokers.
- With an insurance broker, you may have to pay a fee as commission which is not there when buying insurance from the company directly.
- Buying directly from an insurance company also gives the benefit of comparing various plans to choose the one that suits you and your requirement the best.
Health Insurance Portability
Now, in case you have chosen an insurance company for your health insurance plan but wish to port to a different insurance company, the process for the same is pretty simple.
With Health Insurance Portability, IRDAI allows the policyholder to carry forward the continuity benefits and cumulative bonus on their previous policy and port the policy to any other insurance company of your choice.
Rules to follow:
- Health insurance policy can be ported from and to any general insurance company or specialized health insurance company.
- Health insurance policy of individual or family can be ported
- With the insurance company, you get the credit relating to the waiting period for pre-existing conditions that you have accumulated with the old insurance company
- The new insurance company has to insure you to the sum insured under the old policy plan
- Both the insurance companies need to complete the porting process as per the timelines and guidelines prescribed by the IRDAI
- A health insurance policy can be ported only at the time of renewal
- The new policy terms and conditions are at the discretion of the new insurance company
- Apart from the waiting period credit, all other terms of the new policy, including the premium, are at the discretion of the new insurance company
With the global pandemic with life-threatening aspects along with unpredictable circumstances putting you or your family under financial pressure, buying health insurance is no longer a luxury but a basic necessity. Acknowledge your health insurance need by buying the right plan from the best insurance company in India that meets your insurance needs fairly.
FAQs – Frequently asked questions.
Q1: Can health insurance be ported to another insurance company?
Yes, you can change the insurance policy from one insurance company to another, keeping the benefits of the plan intact.
Q2: Is IRDAI approval essential while choosing the insurance company?
Yes, since IRDAI is the central government body governing the development and regulation of the insurance sector in India, their guidelines and rules need to be followed by all the insurance companies. IRDAI believes in keeping the functioning transparent for the benefit of the policyholders.
Q3: Is health insurance bought directly from an insurance company cheaper?
Yes, health insurance plans purchased directly from an insurance company are much cheaper than those bought from a broker. The reason is, insurance companies do not charge any additional commission like the brokers.
Q4: Are there health insurance companies in India that solely offer health insurance plans?
Yes, insurance companies MAX Bupa Health Insurance Company Ltd, Care Health Insurance Ltd, Star Health and Allied Insurance Co. Ltd, Manipal Cigna Health Insurance Company Limited, and Aditya Birla Health Insurance Co. Ltd are the ones that provide health insurance plans solely.
Q5: Are there any public insurance companies that offer health insurance?
Yes, in India, four public insurance companies offer health insurance plans. The Oriental Insurance Co. Ltd, The New India Assurance Co. Ltd, United India Insurance Co. Ltd, and National Insurance Co. Ltd.