n a country like India, whenever someone decides to buy Health Insurance the majority of the people tend to go with what the others agree with. As being carried away with the family, friends, colleagues, and relatives. The most common thing seen in Indians when buying health insurance is that they go with the most standard insurance policies and expect the most advantageous benefits. Of course, taking advice from others when buying something as important as health insurance is a good thing but even though some people may claim to know everything, there are certain factors to be considered when buying the health insurance. In accordance with the recent numbers that rolled out from major health, companies is that the price of health insurance mainly depends on factors such as the name of the brand and the ease of settlement.
The best thing to look at health insurance is to consider what features it offers in terms of benefits over other health insurance companies that claim to offer the same benefits. As the majority of the population in India belong to the middle class, yet the masses fail to recognize the importance of health insurance and skip it. As it is something very important when it comes to taking care of the huge medical expenses. As we all know that the cost of medication and operations are going all the way up it is best to buy health insurance just to be on the safer side. Hence it is a worthwhile investment to make.
Some important numbers to take a look at (Fact Source: IBEF)
- The Total number of insurance companies is 57. Out of which 24 are life insurance companies while the remaining 33 are non-life insurance companies.
- The total valuation of the insurance sector in India in 2018 was INR 4.50 Trillion.
- As of the now the total valuation has reached INR 5.50 Trillion. An overall hike of 3% or 4% can be observed.
- As also the growth rate is expected to grow more by 10%-12%.
- So according to the information from various websites and MouthShut.com, the future for the insurance companies seems to be promising
- The overall market value of the insurance sector would reach $280 Billion in the year 2020. There are chances where the health insurance companies may see a growth of 12%-15% in the next 3 to the 5-year bracket.
- More than 5,800 cashless hospitals across India
- The total claim ratio is over and above 75%
- The total claim settlement ratio is over 92%
- To date 5,10,000 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house basis.
- Women Specific Critical Illness Insurance-50 Thousand
- Premium Personal Guard-Approx 10 Lakh
- Silver Health-Approx 50 Thousand
- Health-Guard Family Floater-Approx 1.5 Lakh
Star Health Insurance was established in the year 2006 as an independent insurance company. The company began its business operations as selling health insurance in the earlier period. The prime investors of the company are Star Health Investments Group, Rakesh Jhunjhunwala, ETA Group. It stands as a pioneer in being the first-ever Indian Insurance company which began the business operation in Chennai more than a decade back. And today it is a market leader as offering the most beneficial health insurance for families and senior citizens.
Facts & Figures
- 9500+ network hospitals
- 30,80,500 policies issued to date.
- The claim ratio nears about a ratio of 62%
- The settlement ratio is over 85%.
- Renewable for a lifetime.
- The settlement is done on an in-house basis.
The best insurance plans include:-
- Red Carpet-Approx 1 Lakh
- Cardiac Care-Approx 3 Lakh
- Family Health Optima-Approx 3 Lakh
- Diabetes Safe-Approx 3 lakh.
Believed to be one of the biggest insurance companies in India. As the foundation was laid on July 1919. One of the oldest companies in the country. In terms of premium collection, it is the biggest insurance company. Established by Dorabji Tata in the year 1919 and was legalized in the year 1973. The company just doesn’t have business operations in India but countries such as New Zealand and Japan as well. As being an Indian and very old country by age, it is seen in most cases that the people of India trust this company more than any other insurance company in India.
Facts & Figures
- More than 1,000 cashless hospitals across India
- The total claim ratio is over and above 95%
- The total claim settlement ratio is over 93%
- To date 16,80,000 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house basis.
The best insurance plans include:-
- Cancer Mediclaim Policy-Approx 50 Thousand Rupees
- Mediclaim Policy-Approx 1 Lakh
- Premier Mediclaim Policy-Approx 15 lakh
- Floater Mediclaim-Approx 2 Lakh.
SBI General Insurance Company was established in the year 2009 and is a collaboration among the companies Insurance Australia Group (IAG) and State Bank of India. The IAG has control over 27% share while SBI has 73%. As any customer taking insurance from this company enjoys the best insurance benefits. The company has its operations managed from Mumbai and is quite popular among the Indian masses as known to be offering the best variety of Inbsuanace plans so to make it reachable to one and all. Also, the company is into offering health, life, motor, auto fire, aviation insurances, etc.
Facts & Figures
- More than 2800 cashless hospitals across India.
- The claim ratio is more than 53%.
- The claim settlement ratio is over 51%.
- Right from the day of inception about 4,20,000 policies have been issued.
- Renewable throughout life.
The best insurance plans include:-
- Arogya Plus Policy-Approx 1 Lakh
- Critical Illness Insurance Policy-Approx 2 Lakh
- Arogya Premier Policy-Approx 10 Lakh
- Hospital Daily Cash-Approx 500/- per day.
Religare Health Insurance Company is an insurance organization which is based in Gurgaon. And was founded in 2012, July. The company houses several insurances for as per the comfort and use according to the buyer. The company has collaborated with the Corporation Bank and Union Bank of India. Promoted by the Fortis Healthcare, Religare Wellness & SRL Diagnostics. Known to be giving the best health insurance solutions as it ensures the insurer that he will be insured against any anomalies.
Facts & Figures:-
- More than 10,000 cashless hospitals across India
- The total claim ratio is over and above 52%
- The total claim settlement ratio is over 87%
- To date 4,30,000 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house basis.
The best insurance plans include:-
- Super Mediclaim-Approx 1 Lakh
- Care Senior-Approx 3 Lakh
- Assure-Approx 5 Lakh
- Critical Mediclaim-Approx 10 Lakh
- National Insurance
National Insurance is one of the most trusted and oldest companies as had been started in 1906. Right after the company was nationalized along 20 foreign countries 11 Indian firms, hence forming the company National Insurance. The company has its roots in Kolkata. Also, it offers a wide range of insurance policies and services to the people as per the need.
Facts & Figures
- More than 5,900 cashless hospitals across India
- The total claim ratio is over and above 97%
- The total claim settlement ratio is over 71%
- To date 17,90,578 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house basis.
The best insurance plans include:-
- National Mediclaim-Approx 50 Thousand
- Critical Illness Insurance Policy- Approx 1 Lakh
- National Mediclaim Plus-Approx 2 Lakh.
The ICICI Lombard Health Insurance is a combined effort among the 2nd largest bank of India and Fairfax Holdings Ltd which is a market leader in the home country, Toronto. It began its operation in 2001 and is one of the leading insurance companies in India. It also offers insurance for the car, auto, home, international travel, and so on. In the year 2018, it had a record-breaking business of Rs 1.20 Billion. Yet it never fails to offer the best insurance for families, individuals and senior citizen
Facts and Figures
- More than 3,500 cashless hospitals across India
- The total claim ratio is over and above 69%
- The total claim settlement ratio is over 75%
- To date 10,12,000 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house
The best insurance plans include:-
- Rishtey-Approx 2 Lakh
- Complete Health Insurance-Approx 5 Lakh
- Health Booster-Approx 5 Lakh.
Max Bupa Health Insurance was founded in the year 2008 on Feb 27th. For over a decade the company has been offering some great health insurance which offers the maximum benefits to the insurer. It is the perfect combination of service and healthcare altogether. The total evaluation of the company is +500 crore. Also, the company has been offering services through Max Financial Services. Honored with the Golden Peacock Award.
Facts & Figures
- More than 3800 cashless hospitals across India
- The total claim ratio is over and above 52%
- The total claim settlement ratio is over 88%
- To date 3,10,000 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house
The best insurance plans include:-
- GoActive-Approx 4 Lakh
- Health Recharge-Approx 2 Lakh
- Health Companion-Approx 2 Lakh
- Criticare-Approx 3 Lakh
Apollo Munich Health Insurance company is a privately help insurance company based in India. It is a company that came into existence after the collaboration between Munich Health & Appollo Hospital group. The company has over 150 centers across India. The company earlier was known as Apollo DKV Insurance Company Limited. It was later renamed to Apollo Munich Health Insurance in the year 2009. The owner of this insurance company is Munich Re. The best insurance plans include
Facts & Figures
- 4,700+ network hospitals
- 8,05,348 policies issued to date.
- The claim ratio nears about a ratio of 61%
- The settlement ratio is over 82%.
- Renewable for a lifetime.
- The settlement is done on an in-house.
The best insurance plans include:-
- Optima Restore (Bestselling) – Approx 3 lakh
- Easy Health (Affordable) – Approx 3 lakh
- Health Wallet (A plan for all) – Approx 3 lakh
- Energy (Best for diabetes) Approx 2 Lakh.
Oriental Insurance Company began its operations in the year 1947, September 12. The basic motto of the company was to help people know more about insurance and to motivate the purchase of insurance across India. As in the earlier days, people hardly knew anything about insurance and never really bought it. But the company through its endeavors succeded in doing so and the company today is mentioned in the list of the most trusted companies when it comes to buying health insurance. The company has a presence in over 25+ locations & 1700+ branches and is also present in countries like Dubai, Nepal, and Kuwait.
Facts & Figures:-
- More than 3,900 cashless hospitals across India
- The total claim ratio is over and above 98%
- The total claim settlement ratio is over 91%
- To date 12,10,000 policies issued since inception.
- Renewable at any point in time.
- The settlement is done on an in-house basis.
The best insurance plans include:-
- Individual Mediclaim Policy-Approx 1 Lakh
- HOPE (Health of Privileged Elders)-Approx 1 Lakh
- Happy Family Floater Policy-Approx 1 Lakh.
