Top 10 Health Insurance Companies in India

In order to guide customers while buying health insurance, Insurance Regulatory and Development Authority of India (IRDAI) has been coming out with a list of best health companies every year. Both General Insurers (private and public) and Specialized Health Insurance  companies are authorized to offer health plans to the customers. Based on the performances with regards to companies’ Incurred Claims Ratio (ICR) and their overall financial standing, the top 10 health care companies of India are as follows:

1. Apollo Munich Health Insurance Company Limited

Apollo Munich Health Insurance company is joint venture between the Apollo Hospitals Group and Munich Health, part of Germany’s Munich Re. It has an impressive Incurred Claims Ratio (ICR) of 54.99% for the financial year 2016-17, and it has brought innovations like lifetime renewals and portability benefits of the existing policies. Plan Details

2. Star Health & Allied Insurance Company Limited

Star Health & Allied Insurance Company is joint venture between Oman Health Insurance Company, ETA Ascon Group and a few veterans of the country boasts of an Incurred Claims Ratio (ICR) of 60.51% for FY 2016-17. The company has an in-house TPA to deal with cashless facility seamlessly while also coming up with exciting products like Diabetes Safe (for diabetic patients) and Star NetPlus (for HIV+ patients). Plan Details

3.Max Bupa Health Insurance Company Limited

Max Bupa Health Insurance Company is joint venture between Max India Limited and Bupa Group brought into existence in 2010. The latest ICR for this health care company stands at 51.96% for FY 2016-17 and offers the enrollment to their policies for citizens of all age groups. Plans Details

4. ICICI Lombard General Insurance Company Limited

The most popular product offered by ICICI Lombard General Insurance Company is health advantage that not only covers hospitalization expenses, but also provides outpatient benefits like dental expenses, up to a limit. It has an Incurred Claims Ratio (ICR) of 90.22% for FY 2016-17. Plan Details

5. Religare Health Insurance Company Limited

Religare Health Insurance Company is joint venture between Religare Enterprises Limited, Union Bank of India and Corporation Bank that was launched in 2012. However, in a short period of time, it has shown tremendous growth and made a mark in the insurance sector with an Incurred Claims Ratio (ICR) of 50.52% for FY 2016-17. It is being promoted by the founders of Fortis Hospitals. Plan Details

6. Cigna TTK Health Insurance Company Limited

Cigna TTK Health Insurance Company is a comparatively new player in the Indian insurance sector being launched only in 2014 and has immediately become part of the best health insurance companies in India. It’s Incurred Claims Ratio (ICR) for 2016-17 stands at an impressive figure of 48.14% that is a no mean feat considering it’s so new to the market. Plan Details

7. Bajaj Allianz General Insurance Company Limited

Bajaj Allianz General Insurance Company is joint venture between Bajaj Finserv Limited and Allianz SE has some health products up its sleeve. The three major products are Health Guard, Silver Health and Star Package. Bajaj has the distinction of being the first company to provide captive TPA with certain efficiencies. Its Incurred Claims Ratio (ICR) is 78.50% for 2016-17. Plan Details

8. New India Assurance Company Limited

New India Assurance Company is fully owned company by the government of India has been in operations since 1919 and is most famous for its Mediclaim policy. The most unique feature of this health insurance policy is that it provides a differential rating for major metros in comparison to other locations. The latest Incurred Claims Ratio (ICR) for FY 2016-17 is 102.94% that might be on the higher side, but it covers up for any losses or deficiencies from other insurance products. Plan Details

9. Oriental Insurance Company Limited

Oriental Insurance Company is public sector general insurance company that offers a number of health insurance products. The best part about this insurer is that it doesn’t require a medical examination of the prospective customers up to the age of 60 years, while other companies press for medical examinations for everyone over 45 years of age. Its Incurred Claims Ratio (ICR) stands at 118.23% as per IRDAI annual report for FY 2016-17 . Plan Details

10. National Insurance Company Limited

National Insurance Company is fully government-owned general insurance company that is more than 100 years old and also provides health insurance coverage. Its Incurred Claims Ratio (ICR) is 126.98% for 2016-17, but it covers up its losses with other insurance products in various other categories. The most popular health product offered by the company is Varishtha Mediclaim for senior citizens. Plan Details

Incurred Claims Ratio (ICR) for the financial year 2016-17 has been published by the Insurance Regulator, IRDAI for all the general insurance companies in India. Check the latest Incurred Claims Ratio (ICR) 2016-17.

Hope this information was useful for you. Find out about various plans being offered by these General insurance companies in India and buy health insurance policy for you and your family, now!

Harjot Singh Narula

Harjot Narula is founder and CEO of, an IRDAI approved insurance web aggregator focussed on selling online insurance for companies. Harjot has more than a decade of experience in software development and has also spent 5 years in US working for the mortgage and risk management industry.

2 thoughts on “Top 10 Health Insurance Companies in India

  • March 22, 2018 at 11:18 PM

    pls advice the best health insurane plan for family husband age 36, wife age 37 for 10lkh , lives in delhi. Is govt isurance better than any private sector.


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