It is not easy to find the best health insurance company in India that perfectly ticks all your requirements, but I can help you out in setting up few guidelines to ease the process of selection. Right choice needs some amount of homework to start with. There are unlimited companies with mind-boggling plans claiming to be the best cashless health insurance company in India but one needs to scrutinize the key facets needed to be covered in the policy and list them down.
I will try to cover very pertinent requirements that we all have. Flipping through these questions vs. individual needs will help you make an informed choice from amongst the “best health insurance company in India”
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Here are a few questions that you need to ask yourself before picking up a Health insurance provider:
- Do you want healthcare plan for self or your family members or a mix?
- Are you a senior citizen who needs special care with additional benefits?
- Do you want critical illnesses to be covered? What is the list of specific diseases?
- How much is the coverage amount for specific diseases?
- What are the conditions under which coverage is provided for pre-existing diseases?
- How much coverage amount (maximum amount payable by the insurance company in the event of a claim by policyholder) do you want to apply for? This will decide the premium amount of the policy.
- Tenure of the health insurance plan
- Do you need Co-Pay (fixed amount for services) option?
- How many network hospitals, the insurance carrier has tied up with?
- Do you need extra coverage over the health insurance plan provided by the employer?
A closer scrutiny regarding the following questions is also needed before finalizing the name of Insurance Carrier!
- Critical factors to zero down on the name of a carrier
- ICR (Incurred Claim Ratio) which is the ratio of Settled claims amount to the premium amount (take average ICR of all companies and shortlist the name which is closest)
- Customer Care is very critical, look for the reviews online
- Details of the Claim Process should be thoroughly reviewed with the agent
- How much limit is provided for “room rent”?
- How much “cover restoration of the cover amount” provided?
- Will you be eligible for claim bonus for every claim-free year?
- Does the company provide an option of free health checkup for every claim free year?
- If the answer is “YES” to above then how much percentage of Health insurance coverage amount can you avail of?
- In case I am hospitalized what does policy cover? Also, analyze the following wrt policy coverage
- How many daycare procedures am I eligible for?
- Which health insurance company has the best rates in India?
- Ambulance charges covered or not? If yes, how much can I claim?
- Any pre-hospitalization expenses covered? If yes, how many?
- What are day-care treatment charges?
- How much OPD costs can be claimed?
- What are the limits and sub-limits for room rents, surgeries?
- In case insuring an accident victim, what coverage does the policy provide?
- How much “daily cash allowance” does the insurance carrier provide, if it has the option?
- Opt for Cashless Mediclaim Policy to handle medical emergencies. Keep the list of feasible network hospitals ready.
- Which are the conditions where Cashless Policy does not work?
Which is the best health insurance company in India?
It is an incredible task zeroing down amongst loads of health insurance products and the insurance companies offering them. There is always a word of caution when finalizing a vendor and the health insurance plan – Scrutinize Fine Print with utmost care. If possible make it a habit to compare the metrics online due to easy access and accuracy of information. On a general basis, here are the top 10 best health insurance company in India 2018, a combination of providers in the public sector and private sector domain.
- Apollo Munich Health Insurance Company Limited (Best health insurance company in India 2018) – Boasts of the lowest ICR (51.96%), has introduced supplementary benefits like portability and lifelong renewability options. They have also earned the reputation of best cashless health insurance company in India.
- Star Health & Allied Insurance Company Limited – It is considered to be one of the pioneers in in-house claim settlement to handle cashless hospitalization features.
- Max Bupa Health Insurance Company Limited – It has products for all age groups and considered to be one of the best on the basis of expertise gathered over years
- SBI Health Insurance Company Limited – It has a bouquet of products for individuals and groups to choose. Gradually it has gained the trust of existing and future prospects
- Religare Health Insurance Company Limited – It is promoted by Fortis Hospitals, one of the largest chain of hospitals. Due to its association, it provides to the insurers a wide network of 4100 hospitals across the country. The claim process is smoother because no third party is involved. Religare Health Insurance has earned the reputation of best health insurance claim settlement company in India.
- Cigna TTK Health Insurance Company Limited – It has gained access to a large base of Indian customers though it has been only 4 years of its launch. Established itself for its personalized and empathetic services it was awarded “Best Promising Brand Award 2015”
- Bajaj Allianz General Insurance Company Limited – It has earned its name for its 3 major health insurance products Health Guard, Silver Health, and Star Package which have proved to be advantageous for insurers of a specific age group
- New India Assurance Company Limited – The oldest government-run company offering ratings for major metros is the key differentiator.
- Oriental Insurance Company Limited – Another health insurance service provider run by the government. The main attraction it proposes is no pre-policy medical tests up to the age of 60 years which is a norm of private Insurers.
- National Insurance Company Limited – The oldest public sector insurer in the field of health insurance has one of the best products for senior citizens by name of Varishtha Mediclaim
A special mention is needed for “Pradhan Mantri Jan Arogya Yojana”, PMJAY, becoming effective from September 2018, targetting poor people who are deprived of essential medical infrastructure and facilities due to rising costs. The beneficiaries under this scheme will be masses residing majorly in villages (85%) and cities (60%) given the facility of cashless and paperless treatment in the empanelled hospitals. Under this scheme, the government is targeting poor people with free medical treatment and an insurance coverage of 5 lakhs per annum.
आयुष्मान भारत योजना की वजह से देश में आधुनिक मेडिकल इंफ्रास्ट्रक्चर का नया ढांचा तैयार हो रहा है। विशेषकर टायर टू-टायर थ्री शहरों में हजारों नए अस्पताल खुलने की संभावना बनी है। ये अस्पताल, देश के नौजवानों के लिए रोजगार के लाखों नए अवसर भी लेकर आएंगे: PM @narendramodi
— PMO India (@PMOIndia) October 19, 2018