List of Top 10 Health Insurance Companies in India 2021

Health Insurance provides complete coverage to the policyholder for medical expenses that may incur due to any illness/injury.

Having a comprehensive health insurance plan ensures a safety net against the rising cost of medical treatment. It protects you financially during a medical emergency, as the health insurance company will pay all your medical bills. A health insurance plan ensures the complete peace of mind during treatment.

There are over 30 insurance companies in India that offer the customized range of health insurance plans.

But the question of utmost importance is- which insurance company you should pick for buying a health plan?

For your convenience, we have listed down the list of top health insurance companies in India that you can choose to meet your family’s health insurance needs.

Top 10 Health Insurance Companies in India

Given below is the list of top 10 best health insurance companies in India 2021 that offers the best and comprehensive range of health insurance plans.

Health Insurance Companies Incurred Claims Ratio Network Hospitals
IFFCO Tokio General 95.66% 6,400+
Reliance General 89.36% 7,300+
Bajaj Allianz General 81.96% 6,500+
Bharti AXA General 77.50% 4,500+
Universal Sompo 76.68% 7,200+
HDFC ERGO 69.01% 10,000+
ICICI Lombard 69.90% 6,500+
Star Health 65.91% 9,900+
Manipal Cigna 61.64% 6,500+
Max Bupa 53.51% 5,000+

(Source: IRDAI Annual Report FY 2019-20)

More Details About the Best Health Insurance Companies in India

1. IFFCO Tokio General Insurance

Established in year 2000, IFFCO-Tokio General Insurance Company has a strong Incurred Claims Ratio (ICR) of 95.66%. The company offers the customized and affordable range of individual and family floater health insurance plans that provide the comprehensive coverage for medical expenses. It has received Asia’s Top Most Influential Insurance Leaders Award, and Business Leader of the Year Award.

2. Reliance General Insurance

Incorporated in year 2000, Reliance General Insurance Company has an Incurred Claims Ratio of 89.36%. With Reliance General, you can choose the tailor-made individual or family health plans as per your needs. The company tends to deliver excellence in their products and services. It has been awarded for The Innovative Product of the Year.

3. Bajaj Allianz General

Bajaj Allianz General Insurance Company commenced its business operations in year 2001. It offers individual, family health insurance, top-up plan, critical illnesses, senior citizen health insurance, etc. Bajaj Allianz General Insurance has an Incurred Claims Ratio of 81.96%.

The Company registered the strong revenue of Rs 12,624 crore in FY 20-21. It has won several awards including Celent Model Insurer 2021 Award, and Finnoviti 2021 Award, to name a few.

4. Bharti AXA General

Bharti AXA General Insurance Company was launched in year 2008. It offers the wide range of health insurance plans that are designed to meet the varying healthcare needs. Bharti AXA General Insurance has an Incurred Claims Ratio of 77.50%.

The company aims to become the preferred insurer for their customers, shareholders, and business partners. It has won several awards like Outstanding Performance in Insurance Category and Best Product Innovation Award.

5. Universal Sompo General

Universal Sompo General Insurance Company Limited was founded in year 2007. It provides the extensive range of health insurance plans that cover your entire family from any kinds of health risk. Universal Sompo General Insurance has an Incurred Claims Ratio of 76.68%. The company tends to offers the innovative products to their customers that help them get the comprehensive cover against any health risks. It has won several awards and recognitions such as The Fintelekt Insurance Awards, Claim Service Leader – Medium & Small category.


HDFC ERGO General Insurance Company Limited was founded in year 2002. It offers the custom range of health insurance plans including individual, family health insurance, and health cover for senior citizens. HDFC ERGO General Insurance has an Incurred Claims Ratio of 69.01%. It has won awards such as Best customer experience award, etc.

7. ICICI Lombard

ICICI Lombard General Insurance Company Limited was established in year 2001. The company offers the customized range of health insurance plans and you only need to pick the one that meets all your healthcare needs. ICICI Lombard General Insurance has an Incurred Claims Ratio of 69.90%. It has won several awards like ICAI Award, Best General Insurance Provider of the Year, Most Innovative Insurance Offerings, and many others.

8. Star Health

Star Health and Allied Insurance Company Limited commenced its operations in 2006 and it was the first standalone health insurance provider in India. This health insurer has an Incurred Claims Ratio of 65.91%. The company offers the best range of health insurance for individuals, families, and corporates. It has received the gross written premium of Rs 6,865 crores in FY 2019-20. This health insurer has been recognized as India’s most valuable and admired health insurance company.

9. Manipal Cigna Health

ManipalCigna Health Insurance Company Limited came into existence in year 2014. It offers a full range of health insurance plans that keeps you financially protected against rising healthcare expenses. ManipalCigna Health Insurance has an Incurred Claims Ratio of 61.64%. The company is fully committed to providing your family’s the best of health and well-being. It has received several awards like ‘Product of the Year’ and many others.

10. Max Bupa Health

Max Bupa Health Insurance Company Limited has an Incurred Claims Ratio of 53.51%. It offers a wide spectrum of health insurance plans covering individuals, family, senior citizens and corporates as well. The company has provided health coverage to over 3 million lives. Max Bupa Health Insurance has received several awards including, most trusted brand, Best CSR Campaign, among many others.

Choose the Best Health Insurance Company in India

As the market is flooded with numerous health insurance companies, it becomes tough for you to choose the best among them.

Following are the key factors that you should consider while choosing a health insurance company.

Network Hospitals

People always prefer to have cashless facility for hospitalization, which is available only with the network hospitals. It’s thus important to check the list of network hospitals attached with the insurance company. Ideally, you must choose a company that has a wide list of network hospitals, so you can get hospitalized in a network hospital and can avail cashless hospitalization.

Incurred Claims Ratio (ICR)

Incurred Claims Ratio refers to the number of health claims paid by an insurance company (insurer) against the total number of claims received during a financial year.

You must choose an insurance company having high ICR. Having ICR range between 50% to 95% is considered good. It indicates that the company is paying for claims and making profits as well.

With ICR more than 100% means that the company is paying more amount in claims than premium collection. It is running in losses and it’s tough for a company to sustain in the long-run. It’s better to choose an insurer having ICR in between 80% to 95%.

Claims Procedure

You don’t want to get the claim procedure complicated and more time-taking. Thus, it’s wise to choose an insurance company that offers you a quick & smooth claim settlement procedure.

Customer Support

When looking to buy health insurance, you must check whether the company offers quality customer support. When you need to contact your insurer for any queries, there must be a support service which can respond you promptly. You need to pick a health insurance company that provides 24×7 support.

Insurer Ratings

Checking reviews and ratings help you know the customers’ feedback regarding an insurance company, its plans, coverage and customer support. The insurance company, which has more good reviews online is trustworthy. Thus, before choosing a health insurer, you must check its reviews and ratings online. It helps make you a right decision for choosing an insurance company.

Choose a Right Health Insurance Plan

When you have decided to choose a health insurance company, it’s time to pick a suitable health insurance plan for yourself & your family. Here are some key points that help you choose the best health insurance plan in India.

Also Read: Why You Should Have Health Insurance

Plan Type

While seeking coverage for medical costs, it’s advisable to choose an indemnity health insurance plan. It covers an insured member (policyholder) for the hospitalization expenses incurred during the medical treatment.

Number of Members

You need to choose the members you want to cover under a health insurance plan. If you are looking health cover for yourself only, you can choose an individual health plan. If looking to cover your family members, you must pick a family floater health plan.

Sum Insured

You need to choose an optimal sum insured (health cover) amount, which takes care of medical costs for all covered members under a health policy. Also, you may choose from top-up or super-top plans that provide high coverage at affordable premium.


Now, choose a plan that provides coverage as per your needs.

Final Thoughts

You can pick a health insurance plan from a wide range of products available from these general insurance companies in India. You need to check the health coverage, benefits and features offered by health insurance companies and choose the one that offers you a customized health coverage for your entire family.

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