Top 5 Health insurance companies in India – 2021
In the case of insurance – health insurance is the type for which the buyer must be very cautious and should do a little bit of research before making the purchase. As the claim settlement problem is faced a lot of the time in health insurance.
In India there are many companies in health insurance and their numbering for the top 5 positions is changing very dynamically.
This list of top insurance companies is declared by the IRDA (Insurance Regulatory and Development Authority) from time to time so that the buyer can do the market research before the purchase. The IRDA controls and regulates the insurance sector in India.
The IRDA prepares the list of the top insurance companies on the basis of a few parameters. Following are the parameters IRDA takes in consideration –
(I) Claim settlement ratio –
Claim Settlement ratio refers to the ratio of the claim settlements done to the claims filed by the policyholders. 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 its products are they are useless.
The whole game of the company in the market depends upon the claim settlement ratio it has with the prior customers. 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 the 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.
Think of yourself — if you belong to a middle class family and you have got a medical emergency and you rushed to the hospital and you have a health insurance but the company is not releasing the claim at that time or its saying it will take hours and saying you to pay right now with your own money and later they will reimburse the amount with claim, then you are stuck, either you will put all of your savings in the treatment or you will wait for the claim and see your loved ones suffering for the treatment.
(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 IRDA 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 IRDA’s 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 – Aditya Birla Health Insurance –
With an Incurred claim ratio of 59% and a chain of 7000+ 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 55% and a chain of 7400+ partnered hospitals.
5 – Star Health Insurance –
With an Incurred claim ratio of 78% and a chain of 7000+ partnered hospitals.
In conclusion 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 be purchasing the health insurance for yourself or your family then keep the above mentioned points in mind and keep yourself updated with the market trends and for that fill up the below given form and subscribe to our newsletter and as soon as we will post a informative blog like this you will get notified or you can book a 15 minutes free call with us and we will update you with the market trends and offers going on with full transparency.