Insurance Plan In India

 Health Insurance began its journey in India in 1948 with the Employees State Insurance Scheme (ESIC). A social security scheme for blue-collar workers working in factories and other organized sectors. The first Mediclaim insurance policy was launched by General Insurance Corporation (GIC) in 1986, and since then, the Health Insurance Business of India has never looked back.

                                              

Today there are 25 general insurance companies and 5 standalone health insurance companies doing Health Insurance business in India. These insurers have developed several products like Health Insurance Plans, Maternity Plans, Family Floater Plans, Senior Citizen Plans, Super Top-up Plans, Group Health Insurance Schemes, Critical Illness Plans, Disease-specific Plans for Dengue, Malaria, COVID-19, Cancer and much more.

How to Choose The Best Health Insurance Company In India?

Uniqueness is the only thing that makes a company stand out from the competition. Every company tries to offer something different to the people to carve out space for themselves. As you are different from the person next to you, the criteria for choosing the best health insurance company will also be different for you.

You need to look at various aspects before you can find the answer to this critical question, “Which is the Best Health Insurance Company in India for Me?”

Look at these factors that you must consider while comparing various health insurance companies to determine the best health insurance company.

1. Choice of Various Health Insurance Plans

Look at the different health insurance plans available with the insurer. It might be possible that the insurer is offering just a health insurance plan and a family floater plan only. You might need a family floater plan and senior citizen plan, which is not available with this insurance company.

2. Cashless Hospital

Look at the number of hospitals empanelled by the insurance company for providing you cashless claim services. A more extensive network of hospitals might not always be best for you. Suppose an insurer might have, say, 5000+ network hospitals, but none of them is near your place of residence, so it would be wise for you to look at an insurer that has many hospitals near your locality.

3. Incurred Claim Ratio

Remember a healthy claim ratio signifies that the insurance company is true to its word and honours the claim when it is raised. Incurred Claim Ratio stands for the claim paid against the premium received by the insurer in a financial year.

4. Availability of Customer Support Service

Check whether the health insurance company has a dedicated 24 x 7 customer support service or it is available only during business hours, like 9:00 a.m. to 6:00 p.m. and on business days, i.e. Monday to Saturday. A health insurance company with a 24 x 7 customer service team must be your go-to insurance company.

5. Business Done Till Date

Look at the amount of business done by the health insurance company to date. Check out the no. of policies sold and the amount of premium collected; this will give you a good idea about the market share controlled by the health insurance company. It also tells us that a lot of people have placed their trust in this health insurance company.

6. Claim Settlement Process

Check the claim settlement process too, if a health insurance company has a complicated claim process, requires submission of a lot of documents and needs you to complete a lot of paperwork, it is best to move to an insurer with a more straightforward claim settlement process.

7. Reviews And Ratings

Social media platforms like Facebook, Twitter, Instagram are the best places to check out the reviews and ratings earned by a health insurance company. The reviews and ratings posted by existing customers is an excellent way to know more about the insurance company.