Top 5 health insurance companies in India 2023

We know that the Covid-19 pandemic was affected in the last two-three years in India. Now every people are ready to care for his health in the coming days. So that they can survive easily. 

They are interested to take health insurance to control extra medical expenses. If you also want to take perfect health insurance for yourself or your family member then you are in the right place. Here I am going to share a list of the top 5 health insurance companies in India 2023. 

As per a 2011 report by the UN Department of Economic and Social Affairs (UNDESA), India has the highest number of people aged 60 years and above in the world. 

In fact, it also ranks 3rd in the world when it comes to the population aged 80 years and above. This makes health insurance all the more important since medical costs are bound to arise with increasing age. 

The concept of private health insurance has been on the rise in India, with over 95% of the population having access to some form of medical cover at present.

 Several new insurers have entered the market, offering customers greater choice and improved benefits with regard to health insurance in India. Let’s take a look at the Best top 5 health insurance companies in India.

Why health insurance is compulsory for Indians in 2023

health insurance is compulsory as it provides financial protection against high healthcare costs. It will help you to get easy access to health services at hospitals and clinics without paying for care directly.

With health insurance, you have assurance that your expenses on treatment will be taken care of by the insurer if required. All insurers (Insurance company) make their best efforts to provide quality service with maximum satisfaction to policyholders so that policyholder doesn’t have any inconvenience when getting insured by them. 

So choose a good health insurance plan from the top five most popular companies & stay protected against unexpected medical expenses arising out of accident, surgery, or chronic illness. You can compare prices and benefits offered by different providers and choose one according to your requirements and budget.

Even though the Indian healthcare industry is one of the largest in the world, India has some of the highest healthcare costs in the world. This means that even those with health insurance have to pay large out-of-pocket expenses in order to cover their healthcare costs on a regular basis. 

For this reason, it’s important to take advantage of cost-saving options like these top 5 health insurance companies in India which are set to dominate the Indian market in based on their service and facilities.

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How to choose perfect health insurance (best features)

The concept of private health insurance has been on the rise in India, with over 95% of the population having access to some form of medical cover at present. 

Several new insurers have entered the market, offering customers greater choice and improved benefits with regard to health insurance in India. Let’s take a look at the top 5 health insurance companies in India 2023.

Perfect health insurance must be comprehensive, affordable, and accessible to everyone. It should cover all medical costs as well as other medical and hospital expenses. The health insurance plan should not have a boundness or limitation for each health condition.

The features and advantages of health insurance vary from company to company. It may differ from one person to another depending on their needs and health objectives. 

For example, Mr. A believes that a health insurance provider should have a strong hospital network. And Mr. B believes that when choosing a health insurance provider, the range of health insurance plans should be prioritized. This example cleared that health insurance may best for one person or another health insurance is best for another person. 

If you are going to choose a health insurance plan, you must have to check the following parameters. These parameters will help you to choose the perfect health insurance in India in.

Claim Settlement Ratio

It is the most popular parameter that makes health insurance to best and perfect.  As per the previous record of best health insurance plans, a claim settlement ratio between 85-95% is considered good. So you have to check every plan what is the claim settlement ratio of it?

Cashless treatment facility at Hospital

Every insurance company must have a cashless treatment facility at connected hospitals. Before choosing a health insurance company, you have to confirm that they allow cashless treatment facilities at all hospitals. It may help to file a cashless claim in the hospital.

Easy and fast Claim Procedure

Your health insurance company must quickly resolve your claim. We know that the entire procedure for claim settlement is very confusing and time-consuming, especially when you are in a hurry. Therefore, you must have to check the health insurance claim procedure before choosing a health insurance plan and company.

24x7 Customer care support service

Make sure that the insurer's customer support service is available and of excellent quality. It is recommended that you choose a health insurance company that can give 24x7 customer service to answer your problems.

Types of Health Insurance Plans

We know that every health insurance company has various types of health insurance plans. It is the most important factor to consider when comparing health insurance providers is the availability of various health plans. 

While some health insurers simply provide basic health insurance plans such as individual health insurance, family floater health insurance, and specialty health plans for children, women, older citizens, and so on, others offer a wide range of health insurance options. Choose an insurance provider that provides coverage that meets your needs.

Top 5 health insurance companies in India 2023 

A good health insurance policy ensures that you get timely medical care without bearing most of the cost yourself while providing you with sufficient coverage to cover non-medical expenses such as travel and hotel accommodations while you are away from home on account of treatment.

There are a large number of health insurance companies working in India for the last many years. It is very difficult to find the best health insurance company for a middle-class Indian. So, our team is going to share a list of the best top 5 health insurance companies in India working in 2023 on the basis of the above-listed features. These are as under-

1. Bajaj Allianz General Insurance
2. Aditya Birla Health Insurance
3. Care Health Insurance
4. HDFC Ergo General Insurance
5. Bharti AXA General Insurance Company Ltd

01. Bajaj Allianz General Insurance

Bajaj Allianz General Insurance is the most popular insurance company working in India having an impressive claim settlement ratio. It offers a wide range of health insurance plans for people. The Bajaj insurance company also provides more than 6500+ hospital networks where insurers can avail of medical treatment with a cashless payment facility.

 

It is one of the largest private insurers in the insurance industry that offers health coverage to individuals, families, as well as senior citizens. We can say that Bajaj Allianz's health insurance has designed various health plans for all age groups that also cover life-threatening illnesses like strokes, tumors, cancer, etc.

• Individual Health Insurance
• Family Health Insurance
• Critical illness Insurance
• Critical illness Insurance for women
• Health Infinity Plan
• Top Up Health Insurance 
• Personal Accident Insurance
• M Care Health Insurance
• Hospital Cash
• Arogya Sanjeevani Policy
• Comprehensive Health Insurance
• Tax Gain
• Star Package Policy
• Health Ensure
• Global Personal Gaurd

Click here for more info

02. Aditya Birla Health Insurance

Aditya Birla Capital Ltd is the parent firm of Aditya Birla Health Insurance. It was created to make general insurance services more accessible to its consumers. This company gained a large number of customers across globle such as in South-East Asia, the Middle East, and South Asia. 

Aditya Birla health insurance company offers cashless treatment in more than 5850+ hospitals and also provides fitness assessment ceters, diagnostic centers across more then 600 cities in India.

Most popular health insurance products offered by Aditya Birla health company are as under-

• Activ Health Platinum Enhanced
• Activ Assure Diamond + Super Health Topup
• Activ care Classic
• Activ Assured Diamond
• Activ Health Platinum Essential
• Activ Health Platinum Premiere
• Activ Care Standard
• Activ Care Premier
• Arogya Sanjeevani
• Corona Kavach
• Cancer Secure
• Activ Secure Critical Illness
• Activ Secure Personal Accident
• Group Activ Health
• Group Activ Secure
• Group Activ Travel
• Global Health Secure

Click here for more info

03. Care Health Insurance

Care Health Insurance Limited  also known as Religare Health Insurance Company Limited was working since 2018-19 and establishing a great network in Indian insurance market.

As per information availabe on the official website, it had an Incurred Claim Ratio of 93 percent for the fiscal year 2018-19. Fortis Hospitals are continuously promoting this insurance company. 

You can check here all health insurance plans provided by Care Health Insurance company.

• Care
• Care for 45+
• Joy
• Care plus Youth Heath Insurance plan
• Care Freedom
• Cancer Mediclaim
• Care Plus the complete health insurance plan
• Care Senior
• Critical Illness Insruance Plan
• Care Advantage
• Care Heart
• Care Classic
• Enhance

Click here for more info

04. HDFC Ergo General Insurance

HDFC Ergo is the 4th largest private sector general insurance company. It is  a joint venture between HDFC Ltd. and Ergo International AG. The organisation has a claim settlement percentage of 90%+ and offers a wide choice of health insurance policies.

It has received several important awards for providing outstanding customer service, including the 2016 Best Customer Experience Award of the Year. ICRA has granted it the 'iAAA' grade for its strong claim-paying capability.

The company offers dedicated health plans for individuals, famil,ies and parents. These are as under:-

• Optima Secure
• Optima Restore
• My health Medisure Super Topup
• My Health Suraksha
• My Health Koti Suraksha
• My health Suraksha Silver
• Critical Illness Insurance
• iCan Cancer Insurance
• Super Top up Insurance
• Corona Kavach Policy 
• Arogya Sanjeevani
• Optima Restore Family floater
• Energy Diabities plan

Click here for more info

05. Bharti AXA General Insurance Company Ltd

Bharti AXA General Insurance company began operations in August 2008, is a joint venture between Bharti Enterprises and AXA, with Bharti Enterprises holding 74% of the company and AXA owning the remaining 26%. Bharti Enterprises is a well-known Indian business conglomerate.

It is one of the most reputable and up-and-coming insurance providers. Bharti AXA health insurance is recognized for its dedication to customer care, easy client connections, and simple claim procedure. Some of the advantages of purchasing health insurance from Bharti AXA Health Insurance are listed below:

• Certain plans provide unlimited hospital room rent
• Policy holder can avail cashless hospitalization in more than 4500+ network hospitals throughout India.
• You can avail tax-saving benefits up to Rs. 55,000 under Section 80D
• Bharti AXA Life Triple Health Insurance Plan

Click here for more info

The benefit of health insurance

No one is ever ready for major medical expenses, but if you have health insurance, you can put your worries aside. The biggest benefit of health insurance is that it enables people to cope with serious health issues by providing coverage for everything from doctor visits and prescriptions to hospital stays and surgery. 

Even if you do not face a significant medical issue at any point during your life, there are still many perks to having health insurance. You will never be denied coverage based on pre-existing conditions and you can avoid some hefty out-of-pocket expenses while using preventive care services such as regular checkups. Plus, your monthly premium costs will be significantly lower than without coverage.

Conclusion

Today I told you the best top 5 health insurance companies in India 2023. I also explained a list of important factors, parameters, and features that makes health insurance to perfect or best. Top 05 health insurance companies' name and their famous insurance plan are also mentioned here. I think you enjoyed this post and get a basic knowledge of top insurance companies in India in 2023. If you have any suggestions about it, may send them to our team by submitting a comment.

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