Top 10 Best Health Insurance Company in India 2018 details

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In order to guide clients during the purchase of health insurance, the Insurance Regulatory and Development Authority (IRDA) is coming out with the list of best health companies every year. Both general insurance companies (private and public) and specific health insurance companies are authorized to provide health plans to customers.

On the basis of performance related to companies’ expense claims ratio (ICR) and their overall financial status, India’s top 10 health care companies are as follows:

 

 

 

Top 10 Best Health Insurance Company in India

 

  • Apollo Munich Health Insurance Company Limited
  • Star Health & Allied Insurance Company Limited
  • Max Bupa Health Insurance Company Limited 
  • ICICI Lombard General Insurance Company Limited 
  • Religare Health Insurance Company Limited 
  • Cigna TTK Health Insurance Company Limited 
  • Bajaj Allianz General Insurance Company Limited 
  • New India Assurance Company Limited 
  • Oriental Insurance Company Limited 
  • National Insurance Company Limited

 

What is Insurance & Types of Insurance 

 

 

Top 10 Best Health Insurance Company

 

1. Apollo Munich Health Insurance Company Limited

Apollo Munich Health Insurance Company is a Joint Venture between Germany’s Munich Ray part Apollo Hospital Group and Munich Health. There is an effective claim claim ratio (ICR) of 54.99% for the financial year 2016-17, and has brought innovation such as lifetime renewal and portability benefits.

 

 

 

2. Star Health & Allied Insurance Company Limited

Star Health and Allied Insurance Company is a joint venture between Oman Health Insurance Company, ETA Ascun Group and some of the country’s leading giants, who claim 60.51% expense claims ratio (ICR) for the financial year 2016-17.

While coming up with exciting products like Diabetes Safe (for diabetic patients) and Star NetPlus (for HIV + patients), the company has a TPA in a house to deal with cashless facility.

 

 

 

 

3.Max Bupa Health Insurance Company Limited

 

Max Bupa Health Insurance Company is a Joint Venture between Max India Ltd and Bupa Group in 2010. The latest ICR for this health care company for the financial year 2016-17 is 51.96% and provides enrollment in its policies for citizens of all ages.

 

 

 

 

4. ICICI Lombard General Insurance Company Limited

The most popular product offered by the ICICI Lombard General Insurance Company is health benefits, which not only covers hospitalization expenses, but also provides outpatient benefits like toothpaste, tooth costs. For the financial year 2016-17 it has an expense claim ratio (ICR) of 90.22%. Plan details

 

 

 

5. Religare Health Insurance Company Limited

Religare Health Insurance Company is a joint venture between Religare Enterprises Ltd, Union Bank of India and Corporation Bank, which was launched in 2012.

However, in a short span of time, it has seen tremendous growth and has created a mark with insurance in the insurance sector, claims ratio (ICR) of 50.52% for the financial year 2016-17. It is being promoted by the founders of Fortis Hospital.

 

 

 

 

6. Cigna TTK Health Insurance Company Limited

Signa TTK Health Insurance Company is a relatively new player launched in Indian insurance sector in 2014 and has become part of the best health insurance companies in India.

For the 2016-17, the claimed claim ratio (ICR) is an impressive figure of 48.14%, which means there is no point in thinking so new to the market.

 

 

 

 

7. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz is a joint venture between General Insurance Company Bajaj FinServ Ltd and Alianz SE, which has some health products sleeve.

Three major products are Health Guards, Silver Health and Star Package. Bajaj has the distinction of being the first company to provide captive TPA with some capabilities. Its expense claims ratio (ICR) for 2016-17 is 78.50%.

 

 

 

8. New India Assurance Company Limited

The New India Assurance Company is a wholly owned company by the Government of India, has been in operation since 1919 and is the most famous for its mediclaim policy. The most unique feature of this health insurance policy is that it provides a difference for major metros compared to other places.

The latest Expense Claim Ratio (ICR) for the financial year 2016-17 is 102.94% which may be higher, but it is included for any loss or deficiency caused by other insurance products.

 

 

 

9. Oriental Insurance Company Limited

Oriental Insurance Company is a public sector general insurance company offering many health insurance products. The best part about this insurer is that there is no need for medical examination of potential customers over 60 years old, while other companies put pressure on medical examinations for those above 45 years of age.

According to IRDA Annual Report for FY 2016-17, its Expenditure Claim Ratio (ICR) is 118.23%

 

 

10. National Insurance Company Limited

The National Insurance Company is a fully government-owned general insurance company, which is more than 100 years old and provides health insurance coverage.

Its expense claims ratio (ICR) for 2016-17 is 126.98%, but it involves its losses with other insurance products in various other categories. The most popular health product offered by the company is Varitha Mediclaim for Senior Citizens.

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