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Have you ever wondered which is the best health insurance plan?

There are 30 insurance companies in the country that sell health insurance plans. Five of them deal only in health insurance plans. These companies have hundreds of plans for your health needs. It is natural to be confused about the best health insurance plan for you and your family. 

If you too are wondering the same, then the answer is very simple – the health insurance plan which gives the most protection to your family is the best. 

Let us discuss this in more detail along with ways to buy the best health insurance policy as per your need.

(Read more: Mediclaim policy)

  1. Best health insurance company
  2. How to buy the best health insurance plan
  3. Read Company Reviews & View Ratings
  4. View the company's digital presence

All the health insurance companies present in India have their own special features. Not every company may fulfil every person’s needs and hence may not be equally liked by all. As far as the best health insurance company is concerned, it can vary according to the preferences and needs of different individuals. For example, a person may like XYZ Health Insurance Company because it has thousands of hospitals in its network, whereas another person might like ZYX company because of its good claim ratio, services and customer support.

(Read more: Difference between health insurance and life insurance)

When looking for the best health insurance, you must keep some of the following things in mind. 

(Read more: What is not covered in health insurance)

Choose a health insurance plan, not a company

Instead of looking or choosing an insurance company, look for a health policy that you need and that may work best for you. Most health insurance companies have some generic plans (individual or family plans). However, some plans are designed keeping in mind specific needs. These include policies designed to cater for the needs of women, children and the elderly. For example, a policy covering pre-existing conditions or a specific health condition may be good for the elderly and those at risk of certain diseases. Similarly, health policies that cover pregnancy and related conditions may work well for women.

Make sure to compare different health plans from various insurance companies before buying a health policy for yourself or your family.

(Read more: Which is the cheapest health insurance)

Cashless network hospital

One advantage of buying health insurance is that you don’t have to worry about money at the time of illness. Therefore, whenever you buy a health insurance plan from a company, pay special attention to its network hospitals which provide cashless facilities and check how many of these hospitals are nearby to your home. The more hospitals that are connected to the company's cashless network, the more facilities you will have in times of need. 

It might interest you to know that myUpchar Insurance Plus policy provides cashless facilities in more than 7000 network hospitals.

(Read more: Best cashless mediclaim policy in India)

Claim settlement ratio

Claim settlement ratio is of utmost importance when it comes to buying the best health insurance plan. It refers to the percentage of cases in which a company pays the claim. The claim settlement ratio of many companies ranges from 96-97 percent, while for some companies it remains up to 56 percent. The higher the claim settlement ratio (closer to 100 percent) of a company, the more claims it would have settled in the financial year. 

Care Health Insurance is at number two in the list of insurance companies when it comes to claim settlement. Care Health Insurance is the belief behind myUpchar Bima Plus policy. 

Rank  

Health Insurance Company

Health Claim Settlement Ratio FY2020  

Network Hospital

1

IFFCO Tokyo General Insurance

96.33%

5,000+

2

Care Health Insurance

95.47%

7,400+

3

Magma HDI Health Insurance

95.17%

4,300+

4

The Oriental Insurance Company

93.96%

4,300+

5

New India General Insurance

92.68%

1,500+

6

Bajaj Allianz General Insurance

92.24%

6,500+

7

Max Bupa Health Insurance

89.46%

4,500+

8

New General Insurance

86.98%

5,100+

9

HDFC Argo General Insurance

86.52%

10,000+

10

Manipal Signa Health Insurance

85.72%

6,500+

11

Edelweiss General Insurance

85.57%

2,500+

12

National Insurance Company

83.78%

6,000+

13

Future Generali General Insurance

82.96%

5,100+

14

Royal Sundaram General Insurance

81.50%

5,000+

15

Liberty General Insurance

81.03%

5,000+

16

ICICI Lombard General Insurance

78.67%

5,000+

17

Star Health Insurance

78.62%

9,900+

18

United India Insurance Company

78.03%

7,000+

19

Reliance General Insurance

76.43%

7,300+

20

Tata AIG General Insurance

76.04%

3,000+

21

Bharti Axa General Insurance

76.01%

4,500+

22

Kotak Mahindra General Insurance

75.45%

4,000+

23

Eco General Insurance

74.09%

5,000+

24

Aditya Birla Health Insurance

70.81%

6,000+

25

Universal Sompo General Insurance

70.75%

4,000+

26

SBI General Insurance

66.08%

6,000+

27

Go Digit General Insurance

63.56%

5,900+

28

Cholamandalam MS General Insurance

56.25%

8,000+

(Source: IBAI’s General Insurance Claim Insights Handbook - 5th Edition)

Claim settlement process

It is very important for any health insurance company or plan to have a simple claim settlement process. This is because you need it only in times of trouble. In case of an emergency, any person wants to spend more and more time with his/her sick family members instead of waiting for claim settlement. Therefore, choose a health insurance company that has minimum formalities for claim settlement. myUpchar Bima Plus policy has minimal documentation for claim settlement, making the process faster and easier.

(Read more: What does health insurance cover)

Customer support services

You would not want to choose an insurance company that is not able to provide timely and efficient customer services. Whenever you buy health insurance for yourself or your loved ones, make sure they have 24-hour customer support available so you can get help quickly in times of trouble.

View company business volume

Let us understand this with an example - suppose xyz company has a claim settlement ratio of 99 percent, but it has sold only 100 policies in a whole year. On the other hand, the claim settlement ratio of zyx company is 95 percent and it has sold 1000 policies in the same year. Then, experts suggest that you should buy health insurance from zyx company. This is because the latter has more business volume and more market share. In other words, more people trust this company.

Before you take a health policy from an insurance company, make sure to read the company’s customer reviews and ratings along with the reviews for the specific policy you are planning to buy. This will help you know more about the benefits and problems (if any) associated with the policy. 

A lot of companies now provide you with the facility to compare different health insurance online. On these websites, you can choose the best health insurance plan for yourself by comparing health plans from two or more companies of your choice or two or more plans of the same company. 

(Read more: Health insurance plans for family)

Nowadays, almost all the work related to insurance is being done online. While choosing your health insurance company and plan, ensure that most of its services including complaint redressal are being provided online. 

This will save you the effort of visiting your insurance company’s office for small needs and will also save you a hefty amount (known as brokerage), which you will otherwise have to give to an insurance agent.

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