The most trusted health insurance company in India by 2023 will be the one that can offer top health insurance plans with more hospitals in the network, the highest rate of settlement for claims, the most efficient customer services, and an easy claim settlement. The best health insurance is the policy that provides the best coverage at the lowest prices without compromising on the quality of service, particularly at the time of claim settlement.
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How to Choose the Best Health Insurance Company?
Claim Settlement Ratio:
The claim settlement ratio is the ratio of settled claims compared to the total claims received during a specific duration. The higher the ratio of claim settlement greater the chances of a settlement of the claim. India’s insurance regulator and development authority disclose the claim settlement ratio for all insurance companies in their annual report. The health insurance firm with the best reputation has the highest claim settlement ratio. If the claims reported are settled within 3 months, then that insurance company would be the best health insurance company to purchase your policy from. The incurred claim settlement ratio is the claims settled within 3 months of reporting.
Another important aspect to consider when choosing the top health insurance company is the availability of hospitals in the network. The network hospitals are the ones which are partnered with the insurance provider to provide a cashless claim settlement option to policyholders. Most insurance companies claim to have a high number of network hospitals which might not be the factor for you to decide on purchasing that particular company’s policy. It is important to check how many network hospitals are in your area of residence or your city. Most of the network hospitals would be in Tier 1 cities where there are more hospitals. Still, if you reside in Tier 2/3 cities, it is important to check how many network hospitals are available in your area and decide accordingly.
The major thing to consider while selecting the best health insurance company is customer support or response from the company in times of need. Most companies claim to provide excellent customer support, but only a few adhere to their words. The customer service of any insurance company can be known from social media or through friends and family. Customer support is an important factor that needs to be addressed when a customer has an emergency or policy-related clarification.
In the case of the cashless claim settlement option, the customer service department plays an important role, as the insurance company has to approve the cashless request so that the hospital would proceed with the treatment. If the customer service department of the insurance company is not proactive in responding to the customer’s requests, then the customer would be in trouble and would not recommend the company to anyone. So, before deciding on the best health insurance plan, it is important to get to know the customer service of that particular insurance company.
Availability of Desired Health Insurance Plans:
Availability of desired or various health insurance plans also plays an important role in deciding the best health insurance company. There are individual and family floater health insurance plans in the market. Disease-specific health insurance plans, such as cancer plans, diabetes plans, critical illness plans etc., cater for the requirements of people. It is essential to be aware of your health insurance coverage requirements and follow your medical insurance plan per the policy. Insurance broking companies are the best advisors in the Indian insurance market to offer desirable solutions to their customers. The most reliable health insurance provider is one with many health insurance plans that the majority of their customers can use.
The most reputable health insurance provider has the most effective online presence. Online presence is very important these days as people are spending more time on social media, where it is easy for customers to highlight their issues. Online presence includes a presence on LinkedIn, Facebook and other social media sites and a website. These days insurance companies are trying to shift their customer interaction through the robots such as bots which would help assist the customer with policy copies, claim registration, claim documents upload, endorsements, policy renewal, premium payment etc. Online presence increases the reachability of the insurance company as more and more customers prefer to interact online than to visit the office directly.
Claim Settlement Status Ratio of Insurance Companies:
The ratio of claim settlements for various insurance companies is listed in this article. The claims paid by the insurance companies in less than 3 months after reporting by the customers are considered to arrive at the claim settlement ratio of the insurance companies.
|Insurance Company||Claim settlement ratio (Claims paid in less than 3 months after reporting)|
|CARE HEALTH INSURANCE LTD||100|
|NAVI GENERAL INSURANCE CO LTD||99.99|
|NIVA BUPA HEALTH INSURANCE CO LTD||99.99|
|MANIPAL CIGNA HEALTH INSURANCE CO LTD||99.9|
|ADITYA BIRLA HEALTH INSURANCE CO LTD||99.41|
|STAR HEALTH AND ALLIED INSURANCE CO LTD||99.06|
|RELIANCE GENERAL INSURANCE CO LTD||98.65|
|HDFC ERGO GENERAL INSURANCE CO LTD||98.49|
|LIBERTY GENERAL INSURANCE CO LTD||97.3|
|EDELWEISS TOKIO GENERAL INSURANCE CO LTD||97.26|
|UNITED INDIA INSURANCE CO LTD||97.25|
|ACKO GENERAL INSURANCE CO LTD||97.2|
|ICICI LOMBARD GENERAL INSURANCE CO LTD||97.07|
|KOTAK MAHINDRA INSURANCE CO LTD||96.9|
|BAJAJ ALLIANZ GENERAL INSURANCE CO LTD||96.59|
|GO DIGIT GENERAL INSURANCE CO LTD||96.09|
|FUTURE GENERALI INSURANCE CO LTD||96.01|
|ROYAL SUNDARAM INSURANCE CO LTD||95.95|
|UNIVERSAL SOMPO GENERAL INSURANCE CO LTD||95.77|
|SBI GENERAL INSURANCE CO LTD||95.04|
|TATA AIG GENERAL INSURANCE CO LTD||93.55|
|RAHEJA QBE INSURANCE CO LTD||93.3|
|CHOLAMANDALAM MS GENERAL INSURANCE CO LTD||93.23|
|THE NEW INDIA ASSURANCE CO LTD||92.93|
|MAGMA HDI GENERAL INSURANCE CO LTD||92.34|
|THE ORIENTAL INSURANCE CO LTD||90.18|
|IFFCO TOKIO GENERAL INSURANCE CO LTD||89.38|
|NATIONAL INSURANCE CO LTD||86.28|
|SHRIRAM GENERAL INSURANCE CO LTD||85.23|
Best Health Insurance Companies in 2023:
The best health insurance companies in terms of claim settlement ratio are Care health insurance co ltd, Navi general health insurance co ltd, Niva Bupa health insurance co ltd, Manipal Cigna health insurance co ltd, Aditya Birla health insurance co ltd, Star health and allied insurance co ltd. Out of the top 6 insurance companies in the claim settlement ratio, 5 are standalone health insurance companies. Standalone health insurance companies have a higher claim settlement ratio than private and public general insurance companies. Other factors, such as the availability of various health insurance plans, more network hospitals etc., contribute to the highest claim settlement ratio.
Most of the standalone health insurance companies have a house claim settlement ratio, which means that the internal claim settlement department of the company would do the claim settlement. In the case of other insurance companies, the third-party administrators would do the claims settlement, which would result in increased claim settlement time. In the case of cashless claim settlement approvals, the standalone health insurance companies are known to approve the claims within 30 minutes to 2 hours in most cases resulting in the early disposition of the claims. The reimbursement claims are generally settled within 15 days of receipt of the required documents.
Care Health Insurance:
The company offers health insurance and personal accident, travel and insurance coverage as an independent health insurance provider. CARE health insurance’s operating principle is based on “consumer-centricity”, and the company has consistently improved customer service with investment in technology and product innovation, which helped reduce the turnaround time to resolve customer issues. The headquarters are in Gurugram and operate in 158 cities, with offices throughout India with a staff of around 8500 people
Niva Bupa Health Insurance:
It offers various health, travel, and personal accident insurance plans. Niva Bupa offers comprehensive healthcare plans at affordable premiums. The company has signed agreements with over 8600 hospitals throughout India to offer cash-free claims settlement for their customers. Year-on-year claims settled are ₹1141 Crores with more than 30 lakhs people Insured.
Manipal Cigna Health Insurance:
The company provides various health insurance services to customers with every requirement. Manipal Cigna has tied up with more than 48,000 insurance agents throughout India and operates greater than 77 offices throughout the country and more than 500 distributors. Manipal Cigna operates in over 600 cities throughout India. Manipal Cigna can also assist customers when hospitalization occurs abroad; to date, more than 138356 patients have been treated worldwide.