Best Health Insurance Companies in India 2025

A Health Insurance Policy is an important Insurance Policy which covers the medical expenses for the Insured Person. As of today, there are 28 Non-Life Insurance Companies which offer Health Insurance Policies in India. Health Insurance Companies offer a wide variety of Health Insurance Plans to cater to the needs of individuals, families, women and parents. It is important to consider factors like Claim Settlement Ratio, Incurred Claim Ratio, Plan Features and Premiums when choosing a Health Insurance Company. This article discusses the best Health Insurance Companies in India as well as provides the major factors in selecting the right insurance company.

Which are the Best Health Insurance Companies in India?

The best Health Insurance Companies in India are listed below:

1. Acko General Insurance Company

Acko General Insurance Company started operations in 2016 as India’s first Digital Insurer. Acko offers a range of popular Health Insurance Plans that cover Hospitalisation Expenses, Critical Illnesses and Maternity Expenses. The Company has a network of more than 10,500 Network Hospitals.

2. Aditya Birla Health Insurance Company

Aditya Birla Health Insurance Company is a standalone Health Insurer which commenced operations in 2016 as a JV between Aditya Birla Group and MMI Holdings of South Africa. The Company offers various Health Insurance products such as Individual, Family Floater Health Insurance, Senior Citizens Health Insurance and Super Top-Up Health Insurance Policy. Activ One NXT, Activ One VYTL, Activ Care Classic and Activ Health Platinum Enhanced are popular Health Insurance Plans of Aditya Birla Health Insurance Company.

3. Bajaj Allianz General Insurance Company

Bajaj Allianz General Insurance Company was incorporated on 2nd May 2001 and is a joint venture between Bajaj Finserv Limited and Allianz SE. The Company offers a range of health insurance plans in India across Family Floater Plans, Senior Citizen Plans, Critical Illness Plans and OPD Plans. Bajaj Allianz Health Guard Insurance Policy, Bajaj Allianz Health Infinity Insurance Policy and Bajaj Allianz Allianz Extra Care Plus are popular Health Insurance Plans of Bajaj.

4. Care Health Insurance Company

Care Health Insurance Company, earlier known as Religare Health Insurance, is the second largest standalone Health Insurance Company in India. The Company offers a range of Health Insurance Plans that cover Hospitalisation Expenses, Pre- and Post-Hospitalisation Expenses, Daycare Procedures and Maternity Expenses. Care Supreme, Care Freedom and Care Senior are popular Health Insurance Plans of Care Health Insurance Company

5. Cholamandalam MS General Insurance Company

Cholamandalam MS General Insurance Company is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. The Company provides a range of Individual Plans, Family Floater Plans and Critical Illness Plans. Cholamandalam General Insurance Company has a network of 12000+ hospitals and reported an Incurred Claim Ratio of 81.31% for the year ending March 2024.

6. Future Generali India Insurance Company

Future Generali India Insurance Company, incorporated in 2006, is a Joint Venture between Future Group, a leading financial services conglomerate in India, and Generali Group, a 190+ year old global insurance provider. Future Generali offers multiple health insurance plans for individuals, families, women and parents. Future Generali Health Vital Insurance Policy, Future Generali Health Total Insurance Policy and Future Generali Varishta Bima are popular Health Plans from the Company.

7. GoDigit General Insurance Company

GoDigit General Insurance Company, established in 2016 offers a range of Health Insurance Plans with Sum Insured ranging from Rs2 lakhs to Rs3 Crores. The Company had an Incurred Claims Ratio of 100.52% in FY24.

8. HDFC Ergo General Insurance Company

HDFC Ergo is the 2nd largest Private General Insurance Company in India and a Joint Venture between HDFC Ltd., a leading housing finance institution in India, and ERGO International AG, the primary Insurance entity of the Munich Re Group. The Company offers a range of popular Health Insurance Plans which cover Hospitalisation Expenses, Pre- and Post-Hospitalisation Expenses, Daycare Procedures and Maternity Expenses. HDFC Ergo also offers specific plans for Diabetes and Cancer. HDFC Ergo Optima Secure, HDFC Ergo Energy Diabetes Health Insurance Plan and HDFC Ergo Critical Illness Insurance Plan are popular plans from the Company.

9. ICICI Lombard General Insurance Company

ICICI Lombard General Insurance Company is India’s leading private General Insurance Company and provides a comprehensive range of Health Insurance Plans to Individuals, Families, Women and Parents. The Plans have a range of attractive features such as Restoration Benefits, No-Claim Bonus, Unlimited Sum Insured etc. ICICI Lombard reported an Incurred Claim Ratio of 82.57% for the Year Ending March 2024.

10. Iffco Tokio General Insurance Company

IFFCO-Tokio General Insurance Company, established in 2000, is a JV between Indian Farmers Fertiliser Co-operative Limited (51%) and Japan’s Tokio Marine Group (49%). The Company’s Health Insurance Plans cover Hospitalisation Expenses, Pre- and Post-Hospitalisation Expenses, Daycare Procedures and Maternity Expenses. IFFCO Tokio reported an Incurred Claim Ratio of 109.04% for the Year Ending March 2024.

11. Liberty General Insurance Company

Liberty General Insurance Company, founded in 2013 is a leading General Insurance Company in India.The Company is a Joint Venture between Liberty Citystate holdings PTE Ltd, a group company of US Headquartered Liberty Mutual Insurance Group, a leading multinational property and casualty group, Enam Securities, a privately owned and managed firm that makes long-term investments in listed companies and DP Jindal Group, an industrial conglomerate. Liberty General Insurance Company offers a range of Health Insurance Plans which cover Hospitalisation Expenses, Pre- and Post-Hospitalisation Expenses and Daycare Procedures. The Company’s plans offer a host of attractive features such as Coverage for AYUSH Treatments, Worldwide Coverage, Restoration Benefits and No Claim Bonus.

12. Magma HDI General Insurance Company

Magma HDI General Insurance Company, established in 2009 and headquartered in Kolkata, is a joint venture between HDI Global SE, Germany and Magma Fincorp Limited. The Company provides a range of Individual Plans, Family Floater Plans and Critical Illness Plans. Magma HDI General Insurance Company has a network of 7200+ Network Hospitals and reported an Incurred Claim Ratio of 88.49% in the Year Ending March 2024

13. ManipalCigna Health Insurance Company

ManipalCigna Health Insurance is standalone Health Insurance Company in India offering a wide range of Health Insurance Plans. The Company is a Joint Venture between the Manipal Group, an eminent healthcare delivery player, and Cigna Corporation, a global health services company. ManipalCigna ProHealth Prime, ManipalCigna Lifetime Health and ManipalCigna Prime Senior are popular plans from the Company.

14. National Insurance Company

National Insurance Company Ltd (NICL) was formed in 1906 and is one of the oldest General Insurance Company in India. The Company reported an Incurred Claim Ratio of 90.62% for FY24. National Insurance Company offers a range of Health Insurance Plans which cover Hospitalisation Expenses, Pre- and Post-Hospitalisation Expenses, Daycare Procedures and Maternity Expenses.

15. Niva Bupa Health Insurance Company

Niva Bupa, formerly known as Max Bupa Health Insurance Company Limited, is a joint venture between Fettle Tone LLP (SPV of True North Fund VI LLP - a leading Indian private equity firm), and the UK based healthcare services expert, Bupa. The Company is a Standalone Health Insurance Company with a network of 10,000+ Hospitals. Niva Bupa Aspire, Niva Bupa Senior First and Niva Bupa Reassure 2.0 are popular plans of Niva Bupa.

16. Raheja QBE General Insurance Company

Raheja QBE General Insurance Company Limited is a Joint Venture between Rajan Raheja Group and QBE Insurance, Australia’s second largest global insurer. The Company offers a range of Health Insurance Plans for Individuals, Families and Parents. The Company reported an Incurred Claim Ratio of 124.39% in FY24.

17. Reliance General Insurance Company

Reliance General Insurance Company is a leading General Insurance Company in India specialising in Health Insurance. The company has a network of 10,000+ hospitals and reported an Incurred Claim Ratio of 98.41%. Reliance Health Global, Reliance Health Infinity and Reliance Critical Illness Policy are popular plans of the company.

18. Royal Sundaram General Insurance Company

Royal Sundaram General Insurance Company is a leading General Insurance Company offering a range of Health Insurance Plans across Family Floater Plans, Senior Citizen Plans, Critical Illness Plans and OPD Cover. Health Insurance Plans from Royal Sundaram offer attractive features such as Maternity Benefits, Worldwide Coverage, Restoration Benefits and No Claim Bonus.

19. SBI General Insurance Company

SBI General Insurance Company, established in 2009, is one of the fastest growing Private General Insurance Company in India. The Company offers a range of Health Insurance Plans which cover Hospitalisation Expenses, Pre- and Post-Hospitalisation Expenses and Daycare Procedures. SBI General Health Edge Policy, SBI General Arogya Supreme Policy and SBI Arogya Sanjeevani Policy are popular plans of SBI General Insurance.

20. Star Health & Allied Insurance Company

Star Health Insurance Company, incorporated in 2006, is India’s first Standalone Health Insurance Company. The Company offers a range of Health Insurance Plans like Star Comprehensive, Star Premier, Star Cardiac Care, Star Critical Illness, etc. Star Health Insurance Plans offer attractive benefits like Hospitalisation Expenses Coverage, Coverage for Pre- and Post-Hospitalization Expenses, Restoration Benefit, No Claim Bonus etc. The Company has a network of 14,000 hospitals across India where patients can avail Cashless Claim Settlement.

21. TATA AIG General Insurance Company

Tata AIG General Insurance Company commenced operations on 22 January 2001 as a joint venture between Tata Group and American International Group (AIG). The Company offers multiple Health Insurance Plans for individuals, families and parents. The Plans provide coverage for Hospitalisation Expenses, Pre- and Post-Hospitalization Expenses, Daycare Procedures, Maternity Expenses etc. Tata AIG Medicare Premier, Tata AIG Eldercare and Tata AIG Medicare Plus are popular Health Insurance Plans from Tata AIG

22. The New India Assurance Company

The New India Assurance Co. Ltd. is a leading Government-owned Indian General Insurance Company with its headquarters at Mumbai. New India Premier Mediclaim, New India Asha Kiran and New India Cancer Guard are popular plans of New India Assurance. The Company reported an Incurred Claim Ratio of 106.67% for FY24.

23. The Oriental Insurance Company

Oriental Insurance Company is a Public Sector General Insurance Company, incorporated in 1947. The Company has many popular Health Insurance Plans such as Oriental Mediclaim Policy, Oriental Cancer Protect Policy, Oriental Happy Family Floater Policy. The Plans provide coverage for Hospitalisation Expenses, Pre- and Post-Hospitalization Expenses, Daycare Procedures, etc.

24. United India Insurance Company

United India Insurance Company Ltd is another Government owned General Insurance Company, incorporated in 1947. The Company has many popular Health Insurance Plans such as Oriental Mediclaim Policy, Oriental Cancer Protect Policy, Oriental Happy Family Floater Policy. The Plans provide coverage for Hospitalisation Expenses, Pre- and Post-Hospitalization Expenses, Daycare Procedures, etc.

25. Universal Sompo General Insurance Company

Universal Sompo General Insurance Company Limited is a is a joint venture of Indian Bank, Indian Overseas Bank, Karnataka Bank, Dabur Investment Corp. and Sompo Japan Insurance Inc, a leading General Insurance Company from Japan. The Company has a network of 4,000 hospitals and reported an Incurred Claim Ratio of 115.49% in FY24

26. Zuno General Insurance

Zuno General Insurance (formerly Edelweiss General Insurance) started operations in the year 2018. The Company offers multiple Health Insurance Plans with attractive features such as No Room Rent Capping, Restoration Benefit, No Claim Bonus, Cashless Claim Settlement etc.

27. Zurich Kotak General Insurance Company

Zurich Kotak General Insurance Company is a Joint Venture between Zurich Insurance Company and Kotak Mahindra Bank. The Company has a network of 9,450 hospitals across India and an Incurred Claim Ratio of 62.56% in FY24.

Itis important to note that Health Insurance Companies offer multiple plans with varying features and there is no one size that fits all. Thus, it is necessary to compare various parameters and plan features before choosing a Health Insurance Company.

List of Health Insurance Companies in India and Incurred Claim Ratio

The list of top Health Insurance Companies along with their Incurred Claim Ratio is given below:

For complete list of Health Insurance Companies, please refer to the website of Insurance Regulatory and Development Authority of India www.irdai.gov.in

How to compare Health Insurance Companies?

You need to compare Health Insurance Companies on the following factors before finalising an Insurance Company:

1. Claim Settlement Ratio

Claim Settlement Ratio is calculated as the number of Claims Settled by the Insurance Company vs the number of Claims filed in a financial year. You must check the Claim Settlement Ratio of your Health Insurer before purchasing a Health Insurance Policy. A high Claims Settlement Ratio denotes that the Insurance Company has a better track record of settling Insurance Claims in comparison to peers

2. Network Hospitals

A strong Hospital Network allows Policyholders to receive treatment at the network hospitals on a cashless basis. The Insurance Company settles the bill directly with the Hospital on behalf of the Policyholder. This means that the Policyholder does not need to pay any money out of his own pocket if the treatment is availed at a network hospitals. Thus, it is extremely important to compare the hospital network of various Health Insurance Companies when you are deciding to choose one. In general, look for Insurers with a hospital network of 8000+ hospitals.

3. Customer Reviews and Claims Experience

Apart from looking at numerical figures like Incurred Claim Ratio and Claim Settlement Ratio, it is necessary to get feedback on Health Insurance Companies from your peers. Specifically, ask for the Claims Experience of the Company that you are looking to finalise. This will help you in making an informed decision before purchasing a Health Insurance Policy.

4. Customer Support

Another important factor to look at before choosing a Health Insurance Company is to compare the Customer Support Service Levels of different Insurers. The Service levels should be prompt to resolve your queries and concerns.

5. Compare Plan Features and Premiums

Finally, you must compare the features of your Health Insurance Plans such as Room Rent Limits, Restoration Benefits, Pre- and Post Hospitalisation Coverage, Maternity Coverage etc. Addtionally, compare the premiums between different plans to ensure that the Health Insurance Policy Premiums are within your budget.

What are the benefits of a Health Insurance Company?

A Health Insurance Company offers the following benefits:

1. Financial Security: A Health Insurance Company offers coverage for Hospitalization Expenses during medical expense. This coverage provides financial security in the sense that your medical expenses are taken care of in case of any unforeseen medical emergencies.
2. Access to Quality Treatment: A Health Insurance Company covers medical expenses related to hospitalisation. This means that you do not have to worry about medical expenses and you can get access to best treatment without worrying about your medical expenses.
3. Cashless Claim Settlement: Health Insurance Companies have a network of hospitals where you can avail cashless claim settlement. This means that you do not have to pay any money out of your own pocket when availing treatment at a network hospital. This is a big benefit of a Health Insurance Company.
4. Tax Benefits: Finally, the premiums paid for a Health Insurance Policy are eligible for deduction under Section 80D of Income Tax Act, 1961. Policyholders can claim deductions on premiums paid for themselves, their spouses, children, and parents.

Conclusion

It is important to compare multiple Health Insurance Companies before choosing one. Policyholder should evaluate multiple factors and take the assistance of an experienced Insurance Broker before purchasing a Health Insurance Policy. Qian Insurance is an experienced Health Insurance Broker in India. If you need any assistance for your Health Insurance Policy, you can email us at insurance@qian.co.in or call us on 022-35134695. We would be glad to assist you.