In this article, we cover the top 5 trending insurance companies, their websites, customer-centric highlights, and crucial ratios to help you make an informed decision.
Health insurance in India is witnessing rapid growth, driven by increasing awareness about medical expenses.
1. Star Health and Allied Insurance Company
Website: www.starhealth.in
Summary:
Star Health is India’s first standalone health insurance provider, offering specialized family floater plans, senior citizen policies, and coverage for critical illnesses.
Key Customer Indicators:
- Cashless Network: Over 14,000 hospitals
- Special Features: No pre-medical check-ups for select plans, maternity benefits, disease-specific plans, and lifetime renewability
Financial Ratios:
- Claim Settlement Ratio (FY22): 98.72%
- Incurred Claims Ratio (FY22): 63%
- Solvency Ratio (FY22): 2.11 (well above IRDAI’s minimum requirement of 1.5)
- Persistency Ratio (13th month): 85%
- Expense Ratio (FY22): 21.8%
Why It Stands Out: Star Health’s high CSR and low expense ratio make it a strong choice for reliable and affordable health coverage.
2. Care Health Insurance (formerly Religare Health Insurance)
Website: www.careinsurance.com
Summary:
Care Health Insurance offers individual and family plans with wellness-focused features, including health rewards and global coverage options.
Key Customer Indicators:
- Cashless Network: 21,000+ hospitals
- Special Features: Global coverage for critical illnesses, wellness rewards, and disease management programs
Financial Ratios:
- Claim Settlement Ratio (FY22): 95%
- Incurred Claims Ratio (FY22): 55%
- Solvency Ratio (FY22): 1.91
- Persistency Ratio (13th month): 83%
- Expense Ratio (FY22): 23%
Why It Stands Out: Care Health’s low ICR (55%) indicates effective claims management, ensuring stable payouts while maintaining financial stability.
3. HDFC ERGO Health Insurance
Website: www.hdfcergo.com
Summary:
HDFC ERGO offers health insurance plans for families, individuals, and corporates, with coverage for critical illnesses, maternity, and top-up benefits.
Key Customer Indicators:
- Cashless Network: 13,000+ hospitals
- Special Features: Critical illness coverage, top-up policies, and wellness programs
Financial Ratios:
- Claim Settlement Ratio (FY22): 99.8%
- Incurred Claims Ratio (FY22): 67%
- Solvency Ratio (FY22): 2.01
- Persistency Ratio (13th month): 87%
- Expense Ratio (FY22): 20.5%
Why It Stands Out: With a 99.8% CSR and a strong solvency ratio of 2.01, HDFC ERGO is one of the most trusted companies for consistent claims settlement.
4. Aditya Birla Health Insurance
Website: www.adityabirlacapital.com
Summary:
Aditya Birla’s health insurance plans promote a healthy lifestyle by offering rewards for fitness and wellness, along with comprehensive health coverage.
Key Customer Indicators:
- Cashless Network: 10,000+ hospitals
- Special Features: Fitness rewards, chronic disease management, and coverage for outpatient expenses
Financial Ratios:
- Claim Settlement Ratio (FY22): 94%
- Incurred Claims Ratio (FY22): 60%
- Solvency Ratio (FY22): 1.88
- Persistency Ratio (13th month): 81%
- Expense Ratio (FY22): 24%
Why It Stands Out: Aditya Birla’s balance between its ICR and solvency ratio reflects strong financial discipline, while its wellness-driven benefits appeal to health-conscious customers.
5. Niva Bupa Health Insurance (formerly Max Bupa)
Website: www.nivabupa.com
Summary:
Niva Bupa offers affordable and comprehensive health insurance plans, focusing on cashless treatment and high-value coverage options.
Key Customer Indicators:
- Cashless Network: 8,600+ hospitals
- Special Features: No room rent limits, maternity coverage, and critical illness treatment abroad
Financial Ratios:
- Claim Settlement Ratio (FY22): 96%
- Incurred Claims Ratio (FY22): 59%
- Solvency Ratio (FY22): 1.83
- Persistency Ratio (13th month): 84%
- Expense Ratio (FY22): 22%
Why It Stands Out: Niva Bupa’s 96% CSR combined with no room rent caps and international coverage makes it attractive to customers seeking flexibility.
Summary Table: Financial Ratios Comparison
| Company | CSR (%) | ICR (%) | Solvency Ratio | Persistency Ratio (%) | Expense Ratio (%) |
|---|---|---|---|---|---|
| Star Health | 98.72 | 63 | 2.11 | 85 | 21.8 |
| Care Health | 95 | 55 | 1.91 | 83 | 23 |
| HDFC ERGO | 99.8 | 67 | 2.01 | 87 | 20.5 |
| Aditya Birla | 94 | 60 | 1.88 | 81 | 24 |
| Niva Bupa | 96 | 59 | 1.83 | 84 | 22 |
Conclusion: How to Choose the Right Insurer
When selecting a health insurance provider, a combination of high CSR (for reliable claim settlements), balanced ICR (to ensure claim payouts without financial risk), and a strong solvency ratio (for financial stability) is ideal. Companies like Star Health, HDFC ERGO, and Niva Bupa stand out due to their customer-friendly policies and high financial performance.
Don’t forget to compare policy features such as network hospitals, waiting periods, and wellness benefits alongside financial ratios to make the best choice for your health needs.