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Confused about Mediclaim in India? Let's Explore the Top Players!

Ramalingam Kalirajan |7592 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Jan 20, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Question by Nitiksha on Jan 16, 2025Hindi

Which is the No 1 mediclaim company in India?

Ans: When selecting a health insurance provider, it's essential to consider factors like claim settlement ratio, customer service, and policy offerings. Here are some leading health insurance companies in India:

1. Aditya Birla Health Insurance Company Limited

Claim Settlement Ratio: Aditya Birla Health Insurance reported a claim settlement ratio of 90.24%.

Overview: Aditya Birla Health Insurance offers a range of health insurance plans tailored to individual and family needs.

2. Bajaj Allianz General Insurance Company Limited

Claim Settlement Ratio: Bajaj Allianz General Insurance has a claim settlement ratio of 74.27%.

Overview: Bajaj Allianz provides comprehensive health insurance policies with various benefits and coverage options.

3. HDFC ERGO General Insurance Company Limited

Claim Settlement Ratio: HDFC ERGO General Insurance boasts a claim settlement ratio of 79.04%.

Overview: HDFC ERGO offers a variety of health insurance plans, including critical illness and family floater policies.

4. ICICI Lombard General Insurance Company Limited

Claim Settlement Ratio: ICICI Lombard General Insurance has a claim settlement ratio of 77.33%.

Overview: ICICI Lombard provides health insurance policies with extensive network hospitals and cashless facilities.

5. Star Health & Allied Insurance Company Limited

Claim Settlement Ratio: Star Health & Allied Insurance has a claim settlement ratio of 65.00%.

Overview: Star Health & Allied Insurance offers specialized health insurance plans, including coverage for pre-existing diseases.

6. Care Health Insurance Limited

Claim Settlement Ratio: Care Health Insurance has a claim settlement ratio of 53.82%.

Overview: Care Health Insurance provides a range of health insurance policies with customizable options.

7. Niva Bupa Health Insurance Company Limited

Claim Settlement Ratio: Niva Bupa Health Insurance has a claim settlement ratio of 54.05%.

Overview: Niva Bupa offers health insurance plans with extensive coverage and wellness benefits.

8. Tata AIG General Insurance Company Limited

Claim Settlement Ratio: Tata AIG General Insurance has a claim settlement ratio of 78.33%.

Overview: Tata AIG provides health insurance policies with a focus on customer satisfaction and quick claim settlements.

9. Reliance General Insurance Company Limited

Claim Settlement Ratio: Reliance General Insurance has a claim settlement ratio of 86.31%.

Overview: Reliance General Insurance offers a variety of health insurance plans with competitive premiums.

10. Bajaj Allianz General Insurance Company Limited

Claim Settlement Ratio: Bajaj Allianz General Insurance has a claim settlement ratio of 74.27%.

Overview: Bajaj Allianz provides comprehensive health insurance policies with various benefits and coverage options.

Final Insights

Selecting the right health insurance company involves evaluating factors such as claim settlement ratio, customer service, and policy offerings. It's advisable to compare these aspects to find a provider that best suits your healthcare needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

https://www.youtube.com/@HolisticInvestment

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by Bhupesh - May 31, 2022Hindi

This is Bobby here and have a few questions related to your article (enclosed), Mediclaim: What You Must Know Would like to know, with your experience in this field, as to: 1. Which mediclaim policy or policies, currently in INDIA and especially Mumbai has all the required coverage as mentioned in your article 2. We are a family of 3 with a school going child and both of us are aged 45 3. Have acquired diabetes a few months ago and have hepatitis B and kidney stones 4. What should be the approximate premium, per annum to cover all that is mentioned in your article and keep us safe from the issues arising out if and when we really require hospitalisation and save us from rejected claims. 5. Presently we are covered under Mediclaim policy from Star Health Would be highly obliged should you guide us on the above to make our lives easier.

Ans: Hi Bhupesh, there is no ‘one size fits all’ concept with health insurance. Health insurance is based on preferences of the customer and then the premium quotes are generated based on those factors. You can use insurance broking websites to compare the offerings on the mentioned 5 factors and the premiums for various policies that will help you to compare their benefits and make an informed choice. Depending on your priorities, weigh out the factors and decide accordingly.

Since you have mentioned about your family, you can opt for Family Health Insurance policies with an appropriate sum insured to cover your entire family. Like I have mentioned before, premiums are unique to individuals depending on their preferences, the sum insured they deem suitable, the riders they choose, their medical history etc.

What you can do to ensure you buy the correct policy for yourself is to evaluate policies carefully, keeping in mind the 5 important parameters.

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