Health insurance in India is very important for every person, irrespective of age and gender. Due to rise in medical expenses and hospitalization instances, health insurance policies are very necessary. Policies offered by the top 10 health insurance companies in the country play an important role. They provide people with good quality medical treatments, hospital stays and meeting costly medication.
Health insurance policies can be called as an insurance product. It provides variety of benefits. You and your whole family are covered by the insurance companies and coverage depends on the package which you have opted.
There will be no need to worry in case of emergency health issue like Accident or sudden disease in which someone is suppose to get admit in hospital.
First lets discuss the complete process about how your health insurance card help you ?
Before buying any health policy please check the most important points given below-
1. Check the total hospital list which are covered by Insurance companies, Although they will give you list of all hospitals but ask them which are cashless and which are non cashless hospitals. In cashless hospitals you need to submit your card only whereas in non cashless you need to pay the cash and later insurance company will reimburse you.
You need to inform your insurance company by email that patient is admitted with all details so that they can reimburse you easily. Reimbursement is hectic process so I will strongly suggest that always go to hospital which fall under cashless coverage by your insurance company.
2. Always check that which disease are covered from which year. For example Gallbladder stones are covered after 3rd Payment to insurance company. Some insurance companies cover many diseases after 2nd payment whereas some cover after 3rd or 4th year.
3. Never change your insurance company, always port it. You need to approach the new health insurer at least 45-60 days before the expiry of your existing health insurance policy. If you did not port the policy than you will again start from 1st year and many diseases will not be covered.
4. Check Claim settlement Ratio: This is very important because in case your insurance company rejected to pay to hospital than you are suppose to pay your all bills.
5. Ask them do they have in house claim settlement department or third party ? In house approval department is easy for customer, they approve the hospital package easily.
According to claim settlements and customer review these are best Top 10 Health insurance companies in India.
Apollo Munich Health Insurance Company Limited:
This joint venture between Munich Health and Apollo Hospitals Group has a very good record. The company is recommended by healthcare experts.
It provides variety of insurance products to meet health needs of customers. The existing policies provide lifetime renewals and portability. It has 4500+ branches across the country and its incurred claim ratio in 2017-2018 is 62.47%.
1. It offers 11 plans for individuals like optima restore, Easy Health, Health wallet, energy, iCan cancer Plan, Day2Day care Silver, Optimal Vital, Dengue Care, optima cash, optima super.
2. There are 5 plans for family like optima restore, Easy Health, Health wallet etc.
3. They have special plans for diabetic and cancer patients.
4. Critical advantage rider add-on for critical diseases.
5. 15 days money back if not satisfied.
6. There is a Wellness program in which you get health coach for customized diet,exercise plans and 2 health checkup per year.
7. It has a big list of hospital network all over India with cashless facility.
8. In house approval department for hospital bills approval and reimbursement as well.
1. Wellness program is not free, its your choice to opt in or not.
2. There is waiting period of 2 years in for many diseases.
3. Plans are costly.
Star Health & Allied Insurance Company Limited:
This is a joint venture between few veterans, Oman Heath Insurance Co. and ETA Ascon Group. The company offers health insurance, travel insurance and person accident insurance. Also, it offers variety of insurance products targeting Diabetes and HIV patients. It has 6000+ branches and its incurred claim ratio in 2017-2018 is 60.51%.
Max Bupa Health Insurance Company Limited:
It is a joint venture between Bupa Finance PLC and Max India Ltd. The company provides best service. It deals in different types of insurance products. Furthermore it caters to all income groups and age categories. It has over 3500 branches in the country and its incurred claim ratio in 2017-2018 is 50.19%.
ICICI Lombard General Insurance Company Limited:
This company provides customers with the best health benefits. Above all, it provides complete expense coverage. In addition, it offers free health check-up, emergency ambulance, cashless hospitalization, tax benefits, free look period, etc. Its incurred claim ratio in 2017-2018 is 68.26%.
Religare Health Insurance Company Limited:
This company protects the family and the policy holder during any medical emergency. The company is a joint venture between Union Bank of India, Corporation Bank and Religare Enterprises Ltd. Furthermore, it has over 4500 branches spread throughout the country. Its incurred claim ratio in 2017-2018 is 51.97%.
Cigna TTK Health Insurance Company Limited:
This joint venture between TTK Group and Cigna was launched in 2014. Although it is a new company, it managed to get into the top 10 companies. It deals in different types of products and meets the health insurance requirements of families and individuals. The company opened 4000+ branches and its incurred claim ratio in 2017-2018 is 46.29%.
Bajaj Allianz General Insurance Company Limited:
This joint venture between Allianz SE and Bajaj Finserv provides best health products like Silver Health, Star Package and Health Guard. It was the first to provide captive TPA services combined with specific benefits. It opened over 5700 branches and its incurred claim ratio in 2017-2018 is 77.61%.
New India Assurance Company Limited:
The company was established in 1919, it is a fully government owned firm. In India, there are 2097 offices and operates in over 22 nations across the globe. It offers many products at very low price and is popular for Mediclaim policy. The company is among the best and reliable. Its incurred claim ratio in 2017-2018 is 103.19%
Oriental Insurance Company Limited:
This government owned company was established in 1947. It offers different types of healthcare products for customers. All products cater to the requirements of urban and rural India. Medical examination is not required until age 60. There are more than 4300 branches around the country. Its incurred claim ratio in 2017-2018 is 113.86%.
National Insurance Company Limited:
This company is fully government owned and offers variety of insurance products like health, personal, fire and motor insurance. Also, t offers the very best health insurance coverage. They have over 6000 branches and its incurred claim ratio in 2017-2018 is 115.55%.
- There are few diseases which are covered after 1 or 2 years of insurance and it depends on insurance company. In addition, always read the documents before taking final decision.
- However, use port option to change insurance company after few years. You will get all health issue covers from day one in new insurance company. Policy port can only be done before 45 days of expiry.
- Therefore, it is important to know what is covered in policy. Check everything in detail.
Therefore, it is necessary to compare the different health insurance companies and plans to choose the best one. I hope you like the article, do comment and share it.