04 July 2021- Insurance
Top 5 Health Insurance Companies in India
There are a lot of health Insurance companies out there in the market and you might be confused which Health Insurance companies are best to go with, which have highest claim settlement and bunch of other questions. And thus, In order to solve all your query we came up ” Top 5 Health Insurance Companies in India 2021 .”
Health Insurance are the top priority for everyone in this age and time, especially after Covid19. We don’t know what will happen to us in the next second. Thus we need health insurance to get instant medical assistance and most important to avoid heavy hospitalization bills.
Health Insurance is not like something buying Grocery from market, It is a bit complex product. You have to do complete research before choosing any of the health Insurance company. To make this task easy we have created a best health insurance companies in India list declared by IRDAI (Insurance Regulatory and Development Authority), so that you get clear idea. IRDAI controls and regulates the insurance sector in India.
IRDAI forms the best health insurance companies in India list on the basis of following factors –
(I) Claim settlement ratio
Health Insurance companies claim settlement ratio are the most important factor in deciding the trustworthiness of the company. But what is claim settlement ratio?
Claim Settlement ratio refers to the ratio of the claim paid against the claim received by the Insurance company. This is the most important point which the buyer should keep in mind during the purchase of the policy as if a company doesn’t settle the claims filed by its policyholders then no matter how good their products are, but at the end it is useless.
What if you pay all the premiums on time but when you get or your family member get hospitalized, company denied your claim, You will feel cheated, isn’t . That’s why its the main factor in choosing the company.
Better the claim settlement ratio of the company, the better it’s performance in the market.
(II) Claim Settlement time period
After the claim settlement ratio, the time period company is taking for the settlement of claim plays a big part as the company with a slow claim settlement process will cause a lot of inconvenience to the customers and will eventually lead to dissatisfaction among its customers.
Most of the time, hospitals will told you to pay some security deposit and when the insurance company release claim then they reimburse you the security amount. There are also a thing that health insurance company delay claim and you have to pay all your hospitalization bill. Then tell me what’s the purpose of buying health insurance?
So, in order to avoid these things go with health insurance companies that have their own TPA (Third party administrator) This will help you to settle your claim fast and seamless.
(III) Variety of Products
The variety of products the company offers plays a big part in the customer satisfaction segment as every customer has its own needs and wants and according to that they search for the product so if a company has a done the market research properly and with a good research and development they offer the product for each customer segment then that will lead to the customer satisfaction and IRDAI will surly list that company in the list of top insurance companies.
(IV) After Sale Service
The after sales service company is providing to their customers plays a big part in the IRDAI ranking as if a company is thinking and supporting its customer even after the sale of the product the company is surely not working only with the profit earning motive but it thinks about its customers satisfaction too.
There are many other technical factors too which IRDA takes in consideration for the ranking of companies but these are the basic factors which you can look for your own research about the companies before the purchase of insurance.
According to IRDA following are the Top 5 Health insurance companies in India 2021
1 – HDFC ERGO Health Insurance
With an Incurred claim ratio of 89.52% and a chain of 10000+ partnered hospitals.
2 – Bajaj Allianz Health Insurance
With an Incurred claim ratio of 84% and a chain of 6500+ partnered hospitals.
3 – Bharti AXA Health Insurance
With an Incurred claim ratio of 89% and a chain of 4500+ partnered hospitals.
With an Incurred claim ratio of 92.5% and a chain of 7400+ partnered hospitals.
5 – Star Health Insurance
With an Incurred claim ratio of 87% and a chain of 7000+ partnered hospitals.
As a consumer you should keep yourself updated with the new market trends going on and the performance, services offered by the companies. So the next time when you will purchase health insurance for yourself or your family then keep the above mentioned points in mind.
I hope this blog is helpful to you and you get lots of insights. I assume that from the next time you will not ask which health insurance companies are the best in the market, If you read this blog carefully.
But still you have some doubts regarding health or life Insurance then feel free to contact us at firstname.lastname@example.org , We will give you complete unbiased opinion because we at apnipolicy, on a mission to educate and guide people of India about Insurance in the most simplified way