The Health Insurance is protection offered against a financial losses acquire on account of medical fallouts. It comes in a form of health insurance policy i.e. contract between the insurance company & the proposer or customer.
Health care is being expensive with every passing year. Unluckily, incomes do not seem to keep up. It is not uncommon for patients to find undergoing a battery of tests & prolonged treatments for ailments that often strike at the unexpected times. Even routine health checks can keep people out by thousands.
Inactive lifestyle compound the issue by making it almost certain for people to find themselves or someone close to them, in the need of medical attention. Add to this possibility of contracting life threatening illness & importance of medical insurance become pretty evident.
Health Insurance Companies in India :
One cannot be so careful when it comes to insuring one’s health. There are many companies in the India that provide health insurance products with various benefits, advantages & coverage options – but few truly stand out among the competition in terms of the claim settlement ratios, customer satisfaction & overall industry leading brilliance.
Here is list of top 10 health insurance companies in India:
Religare Health Insurance:
The Religare Health Insurance Company risen among the competition to become one of the India’s trusted names in the health insurance. It could be wide network of over 4,100 network hospitals or fact that their promoters are founders of the Fortis Hospitals, Religare Wellness Pharmaceuticals & SRL Diagnostic Laboratories or it could be the fact that they don’t entertain any third party in between insurance claimant & themselves. All claims do business with directly & resulted in the Religare having one of the best customer satisfaction indexes in game. Their insurance products are designed to cater every individual, depending on the need for coverage & type of coverage required & also they have additional riders on every policy to make it customized as possible.
ICICI Lombard Health Insurance:
This Health Insurance Company offer the cashless hospitalization in its large network of 3,200 network hospitals. They have fastest claim processing team among the insurance providers. Cashless claims are handled directly by company & hospital whereas compensation claims are handled within 14 days. With 3 highly complected & detailed insurance products that protect when you are overseas, ICICI Lombard has established as one of the most comprehensive health insurance providers in nation. It has issued over the 13,87 million insurance policies.
Star Health Insurance:
It is India’s first standalone health insurance company, This company is present all over country with 290 branch offices & over 7,000 network hospitals. They have record cashless claims approval rate of 90 percent, all done within 1 hour of the claim being made. No intervention of TPA has ensured that Star Health Insurance Company has high rate of the customer satisfaction. The Indian Insurance Award committee awarded Star Health Insurance Company prestigious ‘Health Insurance Company of the Year 2015’ award in the 2015. The Star Health Insurance Company boasts a 95.76 percent Incurred Claim Ratio.
Apollo Munich Health Insurance:
When two giants in health care industry join forces for common good, you get company as brilliantly run as an Apollo Munich Health Insurance Company. Apollo Hospitals Group, which is the Asia’s biggest health care provider joined forces with the Munich Health, world leader in health insurance segment. Simple policies with simple wordings & inclusive coverage have led this company is a most highly trusted in insurance today. Over 90 percent of their cashless authorizations are done within the 2 hrs. of claim being made. 90% of claims are settled within 30 days & 80 percent of their customers renew policies every year which points to high degree of customer satisfaction.
The Max Bupa Health Insurance:
Over 60 years in business & over 29 million customers in 190 countries, The Max Bupa Health Insurance Company brings it on an international pedigree, varied expertise & vast knowledge, to conduct health insurance business in the India. Insurance policies with Max Bupa have no sub-limits on the room rent & have lifetime renewability. In addition, to winning Innovation of the year 2015 award for its Heartbeat Insurance Policy, Max Bupa has recently signed up with Mastek to offer India’s 1st instant policy issuance to the bank partner.
The Royal Sundaram Health Insurance:
This Company offers Motor Insurance, Home & Travel Insurance, Personal Accident Insurance & Health insurance to individual customers. In addition, it also offers specialized Fire, Marine, Engineering, Liability & Business Interruption Risk Insurance to businesses. Royal Sundaram is the leader of the health Insurance game with 3,000 partner hospitals, 5.2 million customers & 1,700 employee strong workforce. The strong presence in 115 cities in India has ensured that company & claims processes are as accessible as insurance products. Also it is the first insurer in the India to have co-branded credit card after partnering with the top banks.
The Bajaj Allianz Health Insurance:
With a large partner hospital network of over 4,000 hospitals & counting, This Health Insurance Company has emerged as the top players in health insurance sector in India. It is the ‘Best Insurance Company in the India’ is the highest in terms of the customer satisfaction.
HDFC ERGO Health Insurance:
Features such as Enhanced No Claim Bonus, flexible payment options, cashless hospitalization & a large network of over 5,000 partner hospitals earned HDFC ERGO Health Insurance Company place on this list. Exclusive benefits such as discounts at pharmacies, diagnostic centers, blood banks, OPD or Doctors, ambulance services, salons, spas, clubs, gyms & wellness centers in addition, to dental clinics bring HDFC ERGO to forefront of health insurers who are happy to go the extra mile to keep their customers happy. Also they have seven unique health insurance plan the specific insurance need that any customer can have.
SBI Health Insurance:
The health insurance company reach across the India with 14,000 branches, The SBI Health Insurance offers an individual & group health insurance policies. To say it earned the respect & trust of its customers would be understatement, as it has earned the prestigious ‘ Trusted Private Life Insurance Brand of the year 2013’ by Economic Times, Brand Equity & Nielsen Survey. It is 3 separate awards are recognizing efforts towards the employee ‘Dream Company To Work For 2014 in the Private Insurance’, ‘Dream Employer 2014’ is Ranked 4th & ‘Employer Branding Award 2014’ for the Talent Management at the World HRD Congress.
The Bharti AXA Health Insurance:
Over the 4,300 network hospitals & full coverage of all costs of the day care procedures, in addition 24×7 claim assistance over multiple channels are few of areas in which Bharti AXA has won over its competition in a health insurance sector. Bharti AXA health insurance reimburses pre & post hospitalization expenses & pays out 2x the sum insured on a diagnosis of any of 20 main critical illnesses. It is clear that customer satisfaction is high on a list of Bharti AXA’s objectives, as each claim is assigned dedicated Claims Handler. Bharti AXA has won award for ‘The Best Insurance Company in a Private Sector’ in 2014, by the World HRD Congress.
Types of Health Insurance Policies:
The Individual Health Insurance:
Under this, the selected sum assured is applicable to each person covered under a plan, on an individual basis i.e. individual cover for individual member. For e.g. if 4 member family chooses sum assured of Rs. 5 lakhs under this policy, each member of family can make claims up to the Rs. 5 lakhs. If 1 member makes claim, it doesn‘t affect a cover of another member.
Family Floater Health Insurance Policy:
The chosen sum assured is applicable to all family members covered under a plan, on the collective basis i.e. one cover for all members. For e.g. if four member family selected sum assured of Rs.5 lakh under this kind of policy, all our members are covered together for Rs.5 lakh.
The Senior Citizen Health Assurance Plan:
As the name shows, these health plans are designed to meet needs senior citizens. Health risks are increase with an age & insurers are normally hesitant to cover older people. Many insurers, have formulated plans that provide an attractive coverage at an affordable costs to cater the customer class.
The Critical Illness Plan:
These are health protection plans that cover an expenses related to the critical illnesses i.e. those ailments are normally life threatening for e.g. cancer, kidney failure etc. Critical illness plans are often taken add on covers or riders or a separate cover in addition to standard plan so as to improve coverage. Critical illness plans normally provide lump sum payouts on diagnosis of an illness specified in policy.
Maternity Health Insurance-
Many standard health plans are designed to include maternity & related expenses as part of coverage. It normally covers expenses of deliveries & pre/post natal care. This cover extends sometimes to meet expenses pertaining to new born for e.g. vaccines.
Group or Employee Health Insurance Scheme-
These are plans where in health insurance is provided to particular group of people for e.g. an organization or association or to employees of an organization or company. Normally offered as an additional benefits, premiums are shared between an employer & employees making health insurance an affordable option for the worker. In essence, all members under the group plan will receive standardized coverage.
The Preventive Health care:
Also, referred as wellness policies, these plans are general feature of group or employee schemes where insured members are covered for deterrent health services such as medical checks which can help to detect ailments that are prevented by averting hospitalization or major treatment. Many health insurers offer health care as a part of the standard non-group plan.
Personal Accident Covers:
Provided as riders to the standard plans, these covers are offered to meet the expenses for hospitalization & treatment resulting from an accident. It is used to improve coverage where such incidents aren’t covered under the standard plan.