List of Best Mediclaim Insurance Companies

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List of Best Mediclaim Insurance Companies

Registrationwala

A mediclaim policy is a kind of health insurance policy wherein the insurer reimburses the policyholder for medical expenses spent on a medical treatment. Many mediclaim insurance companies in India offer mediclaim policies. However, many companies have a low claim settlement ratio and unsatisfied customers. You would want to avoid such companies. In this article, we have provided you a list of best mediclaim insurance companies in India. You can purchase a policy from any of these companies, based on your needs and your own research or professional advice. 

 

List of Best Mediclaim Insurance Companies in India

The following is the list of the best mediclaim insurance companies in India:

 

Let’s learn about all of these top 10 medical insurance companies in India one-by-one.

1. TATA AIG Health Insurance

Founded: 2001

Head Office: Mumbai, Maharashtra

 

Tata Group is known to dominate most industries in India, and the insurance industry is no exception. Tata AIG General Insurance Company is a joint venture between Tata Group and US-based American International Group (AIG). Several innovative products and products have been launched by Tata AIG since it commenced its operations on 22nd January, 2001. Since its inception, this mediclaim insurance company has made a significant mark in the insurance industry. Therefore, we have placed TATA AIG in our list of best mediclaim insurance companies in India.  As of 31st March, 2024, Tata AIG General Insurance Company Limited has an Asset Under Management (AUM) of approximate Rs. 26,854 Cr. It has a workforce of approx. 8,751 employees serving 221 branches across India. 

 

Under TATA AIG’s two main business verticals: Consumer Lines and Commercial Lines, the company offers a wide range of insurance covers that serve various individual and corporate insurance needs. Each product offered by this company is backed by professional expertise which the customers can avail throughout the entire relationship period with TATA AIG. 

2. HDFC ERGO Health Insurance

Founded: 2002

Head Office: Mumbai, Maharashtra

 

HDFC ERGO is the subsidiary of HDFC Bank Limited, which is one of India’s leading private banks. In the insurance sector, HDFC Ergo Health insurance is a famous and trusted name. It is amongst the top ten health insurance companies in India. HDFC ERGO offers health plans, offers on diagnostic tests, and has one of the highest claim settlement ratios. 

 

Apart from health insurance, HDFC Ergo also offers insurance products ranging from motor, health, travel, home and personal accident in the retail space and products like property, marine and liability insurance in the corporate space. In addition to this, they offer 24x7 customer support which is multilingual, catering to a variety of policyholders. 

3. Aditya Birla Health Insurance

Founded: 2015

Head Office: Bangalore, Karnataka

 

Aditya Birla Health Insurance is a part of Aditya Birla Capital. It is a joint venture between Aditya Birla Group and South Africa-based MMI Holdings. Aditya Birla Health Insurance was established in 2015. During that time, Aditya Birla Capital and Momentum Metropolitan Strategic Investments held 51% and 49% equity shares, respectively. In 2016 in the month of October, the mediclaim company commenced its operations and became engaged in the health insurance business. 

 

On October 21, 2022, ABHICL became an associate company of Aditya Birla Capital Limited (ABCL) following the allocation of 9.99% of the Company's equity shares to Platinum Jasmine A 2018 Trust, which is an affiliate of Abu Dhabi Investment Authority (‘ADIA’), through its trustee Platinum Owl C 2018 RSC Limited (‘Investor’). As a result, 45.91% of the shares are held by Aditya Birla Capital Limited (ABCL) and 44.10% by Momentum Metropolitan Strategic Investments (Pty) Limited (formerly known as MMI Strategic Investments (Pty) Ltd.) Aditya Birla Health Insurance. This mediclaim company has a nationwide distribution presence across 5000 cities through its established branches as well as partner offices, and over 1,00,000 direct selling agents.

4. Star Health and Allied Insurance

Founded: 2006

Head Office: Chennai, Tamil Nadu

 

Star Health and Allied Insurance is amongst the best medical insurance companies in India. The company started its journey in the health insurance sector in 2006 as India’s first standalone health insurance provider. The company is headquartered in Chennai and has over 14000 network hospitals, 850 branch offices, 6.80 lakh agents and paid over Rs. 30,300 in claims. Star Health has over 15000 employees who constantly work to offer innovative products in the health, personal accident, domestic and overseas travel insurance based on the needs of the Indian market. 

 

Since Star Health’s inception, it has crafted tailored insurance policies to address the unique health needs of individuals and covered more than 17 crore lives. The dedicated in-house claim settlement team of this mediclaim company has an excellent track record of settling claims of more than 4 crore rupees as claim amount every hour. Apart from offering products to individuals and families, Star Health also offers products to various businesses. Additionally, it is a leader in the field of bancassurance and has long-standing partnerships with multiple banks across the country. 

 

In addition to providing a large range of specialty products and health insurance, this medical insurance company also provides free Telehealth consultations with their knowledgeable staff of in-house physicians and, if required, a free second opinion. Over 8 lakh consultations pertaining to primary care, specialist referrals, secondary opinions, and decision assistance have been done by Star Health and Alliance. 

5. Niva Bupa Health Insurance

Founded: 2008

Head Office: New Delhi

 

Headquartered in Delhi, Niva Bupa Health Insurance Company is one of the top ten health insurance companies in India. When it was established in 2008, it was known as Max Bupa Health Insurance. Niva Bupa Health Insurance Company is a joint venture between Fettle Tone LLP - True North Fund VI LLP’s affiliate, an Indian private equity firm and Bupa - UK based healthcare services specialist. 

 

Bupa has presence in over 190 countries and serves a customer base of 50 million clients. Fettle Tone LLP is business controlled and managed by True North which is considered one of the largest domestic private equity funds in India.

 

Trusted by over 1 crore happy customers, Niva Bupa has a network of 10000 hospitals across the country that facilitate cashless claim processing within half an hour. It has a strong distribution network though its 160+ branches in 350 cities with distribution counters spread across 35000 bank partner branches.

6. Care Health Insurance

Founded: 2012

Head Office: Gurgaon, Haryana

 

Care Health Insurance was established in 2012 as a specialized health insurer offering products in the retail segment for health insurance, personal accident, top-up coverage, international travel insurance, maternity insurance and critical illness insurance. It is part of the Religare Group and Religare Enterprises’ direct subsidiary. Kedaara Capital is a co-promoter of Care Health Insurance.

 

Care Health is one of the top 10 mediclaim company in India, and as a result, it has received numerous awards. At the India Insurance Summit & Awards 2024, Care Health Insurance won the ‘Claims Service Leader for the Year’ & ‘Best Health Insurance Company in Rural Sector’ awards. It was conferred with the ‘Smart Insurer’ & ‘Amiable Insurer’ awards in the Health Insurance domain at the 10th Annual Insurance Summit & Awards 2023. 

 

It received recognition for ‘Excellence in Patient Service Delivery’ at the FICCI Healthcare Excellence Awards 2023 Care Health and was awarded ‘Best Health Insurance Company of the Year’ at India Insurance Summit & Awards 2023 and ‘Smart Insurer of the Year’ and ‘Sales Champion of the Year’ at The Economic Times Insurance Summit & Awards in the year 2022. 

 

The mission of Care Health is to deliver solutions that are beneficial to all stakeholders, including its customers, distributors, employees and shareholders. It aims to ensure that all parts of society benefit from its developments and propositions e.g. rural areas, and the social sector.

7. Cholamandalam MS General Insurance

Founded: 2001

Head Office: Chennai, Tamil Nadu

 

Cholamandalam MS General Insurance Company is a joint venture between Chennai-based Murugappa Group and Tokyo-based Mitsui Sumitomo Insurance Company. Chola MS has 198 branches and over 30,000 intermediaries spread across India. The brand philosophy of this medical insurance company is known as T3 which stands for Trust, Transparency and Technology. For the insurance services and delivery innovations, MS Chola has received consistent recognition and awards from the government, international companies and rating agencies.

 

The Murugappa Group owns some of the renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Rhodius, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos. It encourages an environment of professionalism and has employed over 73,000 individuals. Chola MS provides various customisable health insurance plans such as flexi health and super top up. 

 

If you choose Flexi Health, you will have the option to personalize your sum insured, premium mode and tenure under this policy. Alternative treatments are also covered under this plan. If you choose super top up, you can avail additional protection at a nominal cost. It is an aggregate Top Up Plan that offers coverage for all higher medical costs.

8. Acko General Insurance

Founded: Bengaluru, Karnataka

Head Office: 2016

 

Acko General Insurance is owned by Acko Technology and Services Pvt. Ltd. Acko was founded in 2016 as a digital-first direct-to-consumer company and is one of the fastest growing insurance companies in India. Ola, redBus, Amazon and OYO are some of Acko's partners alongside whom it has launched innovative products like trip insurance, electronics cover and hotel-stay insurance. 

 

Micro-insurance product Ola Trip Insurance - which insures cab passengers, received the Golden Peacock Innovative Product award. It has been chosen as the winner in the Financial Express Insurance and Savings Category and featured on LinkedIn's list of top startups. Acko is backed by investors like Amazon, Accel Partners, Catamaran Ventures, Elevation Capital, RPS Ventures and Mr. Binny Bansal.

9. Bajaj Allianz

Founded: 2000

Head Office: Pune, Maharashtra

 

Founded in 2000, Bajaj Allianz is a joint venture between Munich-based Allianz SE and Pune-based Bajaj Finserv Ltd. On 2nd May, 2001, IRDA issued IRDA Certificate to Bajaj Allianz to conduct general insurance business in India. Today, Bajaj Allianz is amongst the top ten medical insurance companies in India and is one of the largest private insurers in the insurance sectors and has offices in approximately 1100 towns and cities. The mediclaim company not only caters to individuals but also to the corporations with its broad range of products and services.

 

Recently, Bajaj Allianz General Insurance announced a partnership with HSBC India. The partnership will enable Bajaj Allianz to provide a comprehensive range of insurance products and services to the vast customer base of HSBC in India. This is based on a shared vision of financial inclusion and customer empowerment. Through its 26 branches across 14 cities, HSBC India will distribute Bajaj Allianz's insurance offerings to its customers. In Q1 FY 2024-2025, the company reported strong financial results of Rs. 4761 crore revenue. Additionally, it reported a healthy combined ratio of 103.7% and solvency ratio of 311% for the same period. 

 

ICRA Limited, a credit rating agency, gave Bajaj Allianz iAAA rating for 7 consecutive years. This rating reflects on the company’s high claims paying tendency and its strong financial position. FOr best-in-class and innovative products and services, and outstanding claims management processes, Bajaj Allianz GIC was selected as one of the best health insurance providers of the year by Outlook Money Awards 2015.

10. Future Generali India Insurance

Founded: 2006

Head Office: Mumbai, Maharashtra

 

Future Generali India Insurance Company is a joint venture between Generali Group based in Italy and the Future Group. Generali Group, established in 1831, is one of the leading global insurance and asset management providers. It has a presence in over 50 countries and boasted a total premium income of €81.5 billion in 2022. The Future Generali was established in 2006 with the aim of providing retail, commercial, personal and rural insurance solutions to individuals as well as businesses and enable them to manage and mitigate risks. 

 

Future General is amongst the best mediclaim companies in India, and has received numerous awards for its success and achievements in the insurance sector. As per the prestigious Great Place to Work Institute, Future Generali became a ‘Great Place to Work’ certified company for the 5th time in a row in October 2023-October 2024. In 2022, the company received Golden Peacock Awards for Excellence in Corporate Governance and the Economic Times Best Brands Awards.

Conclusion

In this blog post titled “Best Mediclaim Insurance Companies in India”, we provided you with a list of the top health insurance companies in the country. All of these companies have a good reputation in the insurance sector and are authorized by IRDA to provide insurance products and services. If you want to start an insurance company in India, it is mandatory to obtain an IRDA certificate. For assistance in obtaining this certificate, connect with Registrationwala. 

 

Disclaimer: The companies chosen for the list of “Best Mediclaim Insurance Companies in India” has been based on the author's personal opinion as well as keeping in mind the presence of these companies in the insurance industry. Choose your insurance policy carefully. We do not take any responsibility for any problems arising out of insurance policies. If you need assistance, please consult a professional. 

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