With unpredictable medical emergencies and skyrocketing healthcare costs, the popularity of health insurance policies in India is rising. As per statistics, The Indian health insurance market is expected to grow at a compound annual growth rate (CAGR) of 11.55% from 2023 to 2030. This should give a fair idea of how rapidly the health insurance market is growing in India.
The modern, innovative health insurance companies in India are now using technologies like AI, machine learning, and data analytics, which are gradually changing how insurance works. Risk assessment, policy distribution, and claims processing are becoming streamlined and user-friendly. So, if you plan to buy health insurance to support yourself or your loved ones in medical emergencies, this is the right time.
However, before you buy a health insurance plan, you must know the best health insurance company available. In this blog, we will discuss the top health insurance companies in Kolkata according to their claim settlement ratio.
What is Claim Settlement Ratio and Why Should You Care
Claim Settlement Ratio or CSR refers to the total number of claims settled by an insurance company in ratio to the total number of claims received in a particular period. For instance, if the CSR of a health insurance company is 95, it implies that out of 100 claims in a given period, 95 claims were settled.
The CSR of a health insurance company is an indicator of how likely your claim is to be settled.The higher the claim settlement ratio, the higher the chances of settlement. So, when choosing a health insurance company, you must look for a company with high CSR.
Best Health Insurance Companies by CSR
Want to secure yourself against unprecedented medical emergencies? Look to buy a health claim from these companies. High CSRs of these companies mean your claim is more likely to get settled, which is what you want from health insurance.
TATA AIG
With a CSR of 100%, Tata AIG claims the first spot. The financial year of 2023-24 saw 100% claim settlement, which is extraordinary, to say the least.
Established in 2001, Tata AIG General Insurance has 11,000+ hospitals in its network throughout India.
Some of the top policies from Tata AIG are Tata AIG Medicare, Medicare Plus, Super Top-Up Policy, Tata AIG ElderCare, and others.
It caters to both individuals and families through its variety of health insurance policies, which include Individual Health Insurance, Family Floater Health Insurance, Senior Citizen Health Insurance, Critical Illness Insurance, and others.
Reliance General Insurance
Established in the year 2000 and with a network of 10,000+ hospitals across India, Reliance General Insurance has a CSR of 98.75% in the FY 2023-24.
Its health insurance policies include the Health Gain Policy, Health Infinity Policy, and Arogya Sanjeevani Policy. The types include Individual Health Insurance, Family Floater Health Insurance, Critical Illness Insurance, Top-Up Health Insurance, and Personal Accident Insurance.
The diverse range of health insurance policies makes it the Best Health Insurance Company in Kolkata.
HDFC ERGO General Insurance
Established in 2002, the HDFC ERGO General Insurance has a CSR of 95.30% for the FY 2023-24.
It has 13,000+ hospitals in its network, and it easily claims its spot in this list of best health insurance companies.
Its health insurance plans come in various names, such as my:health Suraksha, my:health Koti Suraksha, Optima Secure, and Health Medisure Super Top Up, etc.
The types of insurance policies catering to various healthcare needs include Individual Health Insurance, Family Health Insurance, Senior Citizen Health Insurance, Critical Illness Insurance, and others.
Aditya Birla Health Insurance
Established in 2015, Aditya Birla Health Insurance has 12,000+ hospitals in its network. Its CSR was an impressive 94.47% for the FY 2023-24.
Its health insurance policies come under various names, such as Activ One, Activ Assure, and Global Health Secure.
The types of policies aimed to cater to different healthcare needs include Individual Health Insurance, Family Floater Health Insurance, Senior Citizen Health Insurance, Critical Illness Insurance, and Personal Accident Insurance.
Care Health Insurance
Care Health Insurance, formerly known as Religare Health Insurance, was established in 2012. With a network of 9,400+ hospitals across India and a 90.50% CSR for FY 2023-24, it is one of the best health insurance companies people want to opt for.
Care Health Insurance offers a variety of health insurance policies, including Care Health Insurance Plan, Care Joy Health Insurance, Care Enhance (Top-Up Insurance), Care Plus Health Insurance, Care Heart Health Insurance, and others.
These policies include various types of health insurance, such as Individual Health Insurance, Family Floater Health Insurance, Maternity and Newborn Cover, Top-Up Health Insurance, and others. These offerings provide a range of options to meet diverse healthcare needs.
The New India Assurance
With a 89.95% CSR and 20,000+ hospitals across India, The New India Assurance is one of the leading health insurance companies in India.
This company was established in 1919 and has thousands of satisfied clients added to its portfolio. Their range of policies includes names like the New India Mediclaim Policy, Arogya Sanjeevani Policy, Family Floater Mediclaim Policy, Senior Citizen Mediclaim Policy, etc.
These policies cater to various healthcare needs, such as Individual Health Insurance, Family Floater Health Insurance, Senior Citizen Health Insurance, etc.
ManipalCigna Health Insurance
Established in 2014 and with a CSR of 88.54% in FY 2023-24, ManipalCigna Health Insurance is one of the best health insurance companies that you can opt for. It has 15,000+ hospitals in its network, which is really commendable.
Its health insurance policies include ProHealth Prime, Lifetime Health, Prime Senior, ProHealth Insurance, ProHealth Protect, Super Top-Up, Arogya, Sarvah Param, etc.
Also, the types of policies cater to various needs, including Individual Health Insurance, Family Floater Health Insurance, Senior Citizen Health Insurance, Critical Illness Insurance, Super Top-Up Health Insurance, etc.
Star Health and Allied Insurance
With a CSR of 85.32% and a network of 14,000+ hospitals across India, Star Health and Allied Insurance makes it to this list easily.
It was established in 2006 and has thousands of happy clients added to its clientele. Its policies come under various names like Family Health Optima, Senior Citizens Red Carpet, Comprehensive Insurance, Medi-Classic Insurance, Super Surplus Insurance, etc.
The types include Individual Health Insurance, Family Floater Health Insurance, Senior Citizen Health Insurance, Top-Up Health Insurance, and Corona Specific Health Insurance.
Niva Bupa Health Insurance
Established in 2008, Niva Bupa Health Insurance Company also settled 85.18% of claims in FY 2023-24. This is one of the best health insurance companies in Kolkata due to several reasons. It has 10,000+ hospitals across India, making it one of the most sought-after companies.
Niva Bupa offers a variety of health insurance plans tailored to different needs. Some of their prominent policies include Health Companion, Health Premia, HeartBeat, SuperSaver, etc.
Niva Bupa's offerings include various types of health insurance policies, including Individual Health Insurance, Family Floater Health Insurance, Top-Up Health Insurance, Critical Illness Insurance, and Personal Accident Insurance.
The variety of plans from Niva Bupa are designed to cater to the varied healthcare needs of individuals and families.
ICICI Lombard General Insurance
Established in 2001, ICICI Lombard General Insurance has 25,000+ hospitals in its network. Its CSR for the FY 2023-24 was 80.97%.
The names of some of its popular health insurance policies are Arogya Sanjeevani, Elevate, MaxProtect, Health AdvantEdge, Health Shield, Health Shield Plus, Health Elite, etc.
The various types of policies include Individual Health Insurance, Family Floater Health Insurance, Senior Citizen Health Insurance, Critical Illness Insurance, and others.
Conclusion
These are the best health insurance companies in India according to their Claim Settlement ratio. As mentioned, a high CSR is an indication that it is more likely that your claim will be settled. However, CSR is just one parameter you should consider when choosing a health insurance policy from a company. There are several other factors that you should take into account to make an informed decision.
However, it often becomes a bit difficult to choose the right policy for yourself because people do not have a detailed knowledge of health insurance policies offered by different companies. So, you can consult a trusted Health Insurance Advisor who has the technical knowledge and would guide you in buying the right policy from the best health insurance company. This is where professionals like myself come in to advise you. Keep healthy; be safe.