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List of India's Top 10 Health Insurance Companies by Claim Settlement Ratio

The finest health insurance companies include doctor visits, hospitalization, surgery, medication, nursing, hospital room rent, cashless treatment, maternity, and more. An in-depth look at India's major health insurers will help you through your troubles. 

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If you have a small accident or get sick out of the blue, you may realize how important medical insurance is. But are you willing to wait? Or rather, protect your health by making sure you have enough money. It is very important to have enough money saved up to pay for unexpected hospital bills or surgery. Not only do you need a plan, but you also need the best insurer. 

Health insurance plans vary. Their health quotes, co-payments, coverage restrictions, and ailments vary. Consider health insurance companies before picking a medical plan.

India's Top 10 Best Health Insurance Companies:

Insurer Company

ICR of FY 2018-19(%)

ICR of FY 2019-20(%)

ICR of FY 2019-20(%)

HDFC ERGO Health Insurance




Star Health & Allied Insurance Company Limited




Niva Bupa Health Insurance (Formerly Max Bupa Health Insurance)




National Insurance Company Limited.




ICICI Lombard Health Insurance Company Limited



Care Health Insurance (Formerly Religare Health Insurance)




Manipal Cigna Health Insurance Company Limited




Bajaj Allianz Health Insurance Company Limited




New India Assurance Company Limited




Oriental Insurance Company Limited




HDFC ERGO Health Insurance: An extra-added notable health insurance provider, HDFC Ergo general Insurance, offers a variety of health insurance plans to its customers. These plans include family floater health insurance plans, individual health insurance plans, senior citizen health insurance plans, maternity insurance plans, and health insurance plans for children, amongst others. The insurance company provides its clients with easy access to cashless medical treatment via a vast network of hospitals that are part of its coverage. The customer service staff of the insurance company is helpful and pleasant, and they handle consumer issues.

One of the most reliable brands, it has over 1.5 crore customers who are happy with their purchases. The company has an impressively high proportion of claims that have been successfully settled, 86.52 percent. The plan pays for medical expenses, hospitalization bills, fees charged by intensive care units (ICU), fees charged by ambulances, childcare treatments, Ayush benefits, and more. In India, HDFC ERGO operates in more than 13,000 different hospital networks. The insurer offers both options for its insurance products, giving customers the flexibility to choose between lifetime renewability and portability.

Star Health & Allied Insurance Company Limited: Star Health Insurance Company is the nation's leading health insurance company that is wholly autonomous. In 2006, Star Health Insurance Company became India's first independent health insurance provider when it was established as a separate entity. The Star Health Insurance Company provides a variety of services including, but not limited to, health, personal accident, and overseas travel insurance. Products have been developed by Star Health Insurance Company with the requirements of the general population in mind. More than 15 different health insurance plans are available from the Star Health and Allied insurance company. These plans are designed to meet the needs of a wide range of clientele, such as seniors, families, businesses, and other groups.

Niva Bupa Health Insurance (Formerly Max Bupa Health Insurance): One of the most well-known companies in India that offer solo medical insurance is called Niva Bupa Health Insurance. People go with this insurer because the health insurance policies they provide are affordable, and they can safeguard themselves and their families with them. The health insurance company caters to the different requirements of individuals and families by providing a wide range of coverage options at competitive rates.

The insurance company provides plans that come with wonderful features and coverage benefits, from which you can choose depending on your individual requirements. The Health Premia, Health Companion, ReAssure, and MoneySaver Policy health insurance plans are the most well-liked options offered by the insurance provider. Depending on the specifics of your situation, you have the option of selecting from a number of different coverage levels.

True North, an Indian private equity firm, and Bupa, a healthcare service provider based in the United Kingdom, collaborated to form the joint venture that was once known as Max Bupa and is now known as Niva Bupa Health Insurance. It offers full protection for every member of the family, from infants to senior citizens, among other age groups. Niva Bupa has hospital networks in over 7600 locations and has an 89.46% success record for resolving claims.

The company offers a variety of other options for lifetime renewals. It covers expenses incurred before to and during hospitalization, hospital room rental, outpatient department spending coverage, organ donation, child care, and annual or biannual checkups with a doctor.

National Insurance Company Limited: The National Insurance Company is a government organization that has been in operation for more than a century. After four claim years have passed, it offers a free health check-up benefit that is equal to up to 1% of the entire amount insured. The company has a claims ratio of 114.24 percent and more than 6000 hospital networks to its name. The health plans come with a choice of add-on covers, cashless claims, and perks such as free health screenings, cashless benefits, coverage for in-patient treatment as well as daycare treatments, pre- and post-hospitalization, ambulance service, and so on.

ICICI Lombard Health Insurance Company Limited: One of the leading suppliers of Motor, Property, and Health insurance in India is the ICICI Lombard general insurance organization. ICICI Lombard also provides a variety of other forms of general insurance. With a market share of more than 8% in 2021, ICICI Lombard general insurance will have risen to the position of being India's most successful private sector general insurance provider. ICICI Lombard General Insurance offers its customers a comprehensive range of options for their health insurance coverage. The health insurance policies offered by ICICI Lombard General Insurance are designed with the goal of delivering wide coverage and excellent service.

ICICI Lombard General Insurance became a more prominent company with the establishment of its joint venture with ICICI Bank and Fairfax Financial Holdings Limited (Canada). The company offers comprehensive health insurance that covers a wide range of medical expenses, such as those associated with childcare procedures, hospital bills, ambulance costs, and in-home hospitalization. When they merged in 2021, Bharti AXA Health Insurance and ICICI Lombard General Insurance became one company. Customers now have access to a more extensive distribution network as a result of this merger.

Care Health Insurance (Formerly Religare Health Insurance): Care Health Insurance was formerly known as Religare Health Insurance. It is a joint venture partnership of Reliance Enterprises Limited, Union Bank of India, and Corporation Bank. Care Health Insurance is a company that operates similarly to that an independent health insurance agency in that it offers a wide range of health insurance products to choose from.

These include health insurance plans for individuals, health insurance plans for families, health insurance plans for senior people, health insurance plans that cover critical illnesses, and individual health insurance policies. Care Freedom, Care, and Care Senior Policy are the health insurance plans offered by the insurer that have the greatest number of policyholders. These plans provide a comprehensive selection of features and coverage benefits at affordable prices to cater to the wide range of requirements that individuals may have.

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The Care health insurance offers a variety of benefits, including cashless hospitalization and protection against major illnesses including cancer, kidney disease, and heart difficulties, amongst others. The health insurance policy provides you with benefits such as ambulance and room rental, cashless features, pre-, and post-hospitalization fees, no-claim incentives, tax benefits, monthly medical exams, and a number of other services in order to assist you in paying for a variety of costs. Care Health Insurance provides coverage via a network of more than 7400 hospitals and a claim settlement ratio of 95%.

Manipal Cigna Health Insurance Company Limited: Manipal Cigna, previously known as Cigna TTK Health Insurance, has an 85.72% claim payment rate and provides cashless treatment at over 6500 facilities. The organization offers programs that are adapted to the many stages that people go through in their lives. Manipal Cigna places a high priority on the health, well-being, and mental tranquility of each and every one of its clients. Collaborating with providers that provide treatment that is of high quality and low cost, it helps to bring down the overall cost of medical care.

2014 marked the beginning of ManipalCigna Health Insurance as a stand-alone enterprise in the field of medical coverage. The insurance company offers a wide range of health insurance plans, all of which provide extensive coverage and are tailored to the specific requirements of individual customers. It is a reputed insurance company that provides customers with a wide range of insurance alternatives to choose from, such as personal accident plans, individual health insurance plans, daily cash plans, and many more.

Bajaj Allianz Health Insurance Company Limited: One of the most well-known insurance companies, Bajaj Allianz General Insurance, is notable for the high proportion of claims that it satisfactorily resolves. Allianz SE and Bajaj Finserv Limited are both partners in this particular organization that they have created. A health insurance plan is one of the many different types of insurance policies that are made available by Bajaj Allianz General Insurance. The health insurance packages offered by the insurer allow policyholders to get cashless treatment at any of the more than 6,500 hospitals that are part of the network. There are many different types of health insurance plans available, including individual health insurance plans, family floater health insurance plans, senior citizen health insurance plans, and maternity health insurance plans.

The Bajaj Allianz Health Insurance plan provides a number of different options, like as discounts for families and lifetime dependability. It operates as a cashless claims settlement system in over 6,500 hospitals throughout the country. The total proportion of claims that were incurred in addition to those already paid is 77.61%. You are able to acquire or renew your policy easily and at low cost online, and you get comprehensive protection at affordable prices. The advantages that are offered by Bajaj Allianz include, but are not limited to, cashless treatment, tax benefits, daily hospital cash, cumulative bonus, free health examinations, reimbursement for ambulance fees, reimbursement for daycare treatments, and daily cash benefits.

New India Assurance Company Limited: New India General Insurance is a global general insurance company with headquarters in Mumbai, India. The company has operations in 28 countries throughout the globe. The insurance company provides over 250 different products, one of which is a selection of health insurance plans tailored to meet the needs of certain demographic groups. The plans that are offered are affordable and cover a wide range of medical expenditures. These costs include hospitalization fees, pre- and post-hospitalization fees, childcare costs, organ donor expenses, road ambulance expenses, and many more.

The New India Assurance Company Limited is a global general insurance company, and the Indian government is the company's only shareholder. It is well-known for its mediclaim policy, which offers a special feature that is not offered by other health insurance policies. The company has operations in 28 different countries and mostly deals with non-life businesses. There are over 1200 hospitals that do not accept cash, and the percentage of incurred claims that are paid out is 103.74. The protection extends to as many as six members of the family. It offers coverage both before and after the patient is admitted to the hospital, in addition to a lifetime renewal benefit. In addition, New India Health Insurance gives customers the ability to renew their plans online.

Oriental Insurance Company Limited: It is a general insurance company that is controlled by the government and it provides several health insurance plans that have a range of benefits. Anyone older than sixty is exempt from the need that they provide a medical examination. Cashless medical treatment is made available via the company's network of more than 4300 facilities. The claim ratio for this company is 85.39 percent. Oriental Health Insurance offers family plans that cover as many as seven members of a household and provide coverage for a person's whole life.

The Oriental Insurance Company was established in 1947, and since then it has been offering its clientele a wide variety of health insurance options. In addition to more than 29 regional offices and around 1,800 offices situated in different cities and towns throughout the country, the headquarters of the insurance company may be found in New Delhi. In addition, the insurance company has activities in the overseas markets of Nepal, Dubai, and Kuwait.

The health insurance options provided by the provider are suitable for customers living in either rural or metropolitan areas. The insurance provides access to a large network of different institutions where you may get treatment without having to pay anything out of pocket. As a consequence of the insurer's health insurance products' competitive pricing, a significant number of people like the company.

How does Health Insurance work?

Health insurance, also called medical insurance, covers a wide range of medical, surgical, prescription drug, and dental costs that you might have to pay if you get sick or hurt.

A good health insurance policy will cover a wide range of costs, such as hospitalization costs, costs before and after hospitalization, daycare treatments, lab services, prescription drugs, and ambulance rides. You're also covered for AYUSH (Ayurveda, Yoga & Naturopathy, Unani, Siddha, and Homeopathy). You can use your health insurance either by paying nothing out of pocket at a network hospital or by getting money back for bills you've already paid.

How to Choose the Best Company for Health Insurance?

The health insurance industry is often regarded as one of the most cutthroat and competitive fields on a global scale. It is essential to carry out some research and evaluate the many health insurance providers available before settling on one to provide coverage for you and your family. When you want to purchase a policy, check to see that you are obtaining the best bargain possible for your specific requirements. The greatest health insurance provider might be difficult to discover, but the following are some helpful hints.

  • Do online research

  • Compare premium rates

  • Check how often claims are paid.

  • Check hospitals in the network

  • Compare the features and extra benefits

  • Check for restrictions and other rules

Your health insurance policy must have the following:

  • No copayment plan

  • 100% daycare coverage

  • Claim without cash(Cashless policy)

  • Charges for both before and after hospitalization should be paid for (window should be at least 60-180 days).


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