​In India, medical costs are rising rapidly, and health problems can occur unexpectedly. Health insurance helps cover expenses like hospital stays, medicines, and doctor visits. Whether provided by your employer or purchased individually, having health insurance ensures you can get the medical care you need without using up your savings. It's a smart way to protect both your health and your finances. 

Selecting the right health insurance provider is crucial for ensuring comprehensive coverage and peace of mind. India's health insurance sector has witnessed significant growth, with numerous companies offering diverse plans to cater to the varied needs of its populace.

Key Metrics to keep in mind while choosing the best health insurance company in India

Check for the incurred claim ratio

The Incurred Claim Ratio (ICR) represents the percentage of total claims paid by an insurance company relative to the total premiums collected within a financial year.

Solvency Ratio

​The solvency ratio measures how well a company can pay its long-term debts. A higher solvency ratio indicates that the company is in a better position to meet its financial obligations, reflecting greater financial stability.

Claim Settlement Ratio (CSR)

The Claim Settlement Ratio represents the percentage of insurance claims an insurer successfully resolves compared to the total claims received within a specific period. A higher CSR indicates a greater likelihood that the insurer will honor claims, reflecting reliability and instilling confidence among policyholders.

Average Claim Settlement Time

This metric measures the average duration an insurance company takes to process and settle claims from the moment they are reported. Shorter settlement times suggest greater efficiency, benefiting policyholders by providing timely financial support during medical emergencies.

Other parameters to consider in health insurance

Plan Options

Review the variety of plans each insurer offers to find one that suits your needs.​

Coverage Details

Ensure the plan covers essential services like outpatient care, home treatment, and other specific needs.​

Policy Benefits

Look for additional perks such as wellness programs and annual health check-ups.​

Premium Costs

Compare the premiums of different plans to find affordable coverage without compromising benefits.​

Claim Settlement Ratio (CSR)

A higher CSR indicates a greater likelihood of your claims being honored.​

Co-payments and Sub-limits

Be aware of any mandatory co-payments or limits on coverage amounts for specific treatments.​

Claim Process

Understand the insurer's claim-filing and settlement procedures for a smoother experience.​

Customer Reviews

Research feedback from existing policyholders to gauge satisfaction with the insurer's services.

Popular Health Insurance Companies in India

  • Bajaj Allianz Health Insurance
  • Star Health Insurance
  • HDFC Ergo
  • Future Generali India Health Insurance
  • Niva Bupa Health Insurance
  • Go Digit General Insurance Limited
  • Care Health Insurance Limited
  • Cholamandalam MS General Insurance Company Limited
  • ICICI Lombard General Insurance

At PBPartners, we have 20+ health insurers to explore the best health insurance company. We have 3 lakh-plus insurance advisors registered with us to guide you to the best health insurance plans.

Why Buy Health Insurance from PBPartners?

  • Legacy of Policy Bazaar
  • Expertise and Knowledge
  • Choose & compare 20+ insurers on one platform
  • Advocacy and Claims Support

Bottom Line

Choosing the right health insurance company depends on various factors like premium affordability, coverage benefits, network hospitals, and claim settlement ratios. Before purchasing a plan, compare the features and select a policy that best suits your healthcare needs. With the right health insurance, you can secure yourself and your loved ones against unforeseen medical expenses while ensuring peace of mind.