Different Health Insurance Companies in India

The healthcare sector has rapidly grown in the past decade. It is observed that more medical assistance is required by people owing to the sedentary lifestyle nowadays. Expenses for medical help are skyrocketing.  It is costly to even consult, let alone getting treated. In this world full of uncertainties and insecurities, every individual looks for financial stability.

A health insurance policy is advised by professionals to seek monetary help in the case of undesirable health-related circumstances. According to a report by National Sample Survey Organisation (NSSO), only 27% of the Indian population is medically insured. Only 18% population of urban areas and 14% of the rural population is under a health insurance cover. Clearly, the more people need to get medically insured.

A health insurance policy protects you from unforeseen future illnesses. Whenever you fall sick, you will be supplied a cashless treatment or reimbursement of the amount spent on treatment. You can easily be treated at one of the networks of hospitals in order to avail the benefits. This policy is basically a contract between two parties namely – the insurance company and the policyholder. The policyholder pays the insurer a fixed amount of money at regular intervals.

Following is the list of top companies providing health insurance coverage in India:

  1. Apollo Munich Health Insurance Company
  2. Star Health and Allied Insurance Co Ltd
  3. Future Generali India Insurance Company Ltd

Schemes and Benefits of The Health Insurance Companies In India

In India, health insurance is also known as ‘Mediclaim’. It covers all the basic policy health plans provided by various companies. Following is the list of companies with their noteworthy schemes and benefits.

1. Apollo Munich Health Insurance Company:

Apollo Hospitals Group collaborated with Munich Health, a world leader in the field of health insurance. This joint venture makes a good combination of both the partners and is growing tremendously in the Indian market.

Some of the schemes offered are –

  • Health Wallet Individual
  • Optima Restore
  • Optima Cash
  • Easy Health Standard
  • Easy Health Exclusive
  • Easy Health Premium
  • Day2day Care
  • Maxima Health

Benefits covered are as follows –

  • There is a no claim benefit up to 50% every year.
  • It provides Individual, family floater, and senior citizen health insurance plans.
  • After four claim-free years, you can avail free health check-ups.
  • There are provisions for hospital daily expenses cover and critical illnesses cover.
  • There is also ambulance cost cover up to INR 2000 in cases of emergencies.

2. Star Health and Allied Insurance Co Ltd:

Started in 2006, this company deals in health insurance as well as Overseas Mediclaim Policy and Personal Accident cover. It is India’s first stand-alone Health Insurance Company for providing personal accident, mediclaim and overseas travel insurance. It has recorded amazing progress with the aim of offering world-class healthcare with affordability.

Some of the schemes offered are –

  • Family Health Optima Insurance Plan
  • Senior Citizens Red Carpet Health Insurance Policy
  • Star Comprehensive Insurance Policy
  • Medi-Classic Insurance Policy
  • Star Health Gain Insurance Policy
  • Super Surplus Insurance Policy
  • Star Net Plus

Benefits covered are as follows –

  • It provides healthcare products ranging from individual to floater.
  • It claims pre-authorization within 4 hours from the request receipt in case of a cashless facility
  • Vast options of additional covers are available for policyholder’s convenience.
  • An underwriting decision is confirmed within a week from the receipt of medical reports determining the need of pre-medical examination.

3. Future Generali India Insurance Company Ltd

This company is a joint venture of Indian Future Group and Italy based insurance major Generali and is an amalgamation of local expertise and global insurance professionalism. Future Group is one of India’s leading retailer operating high-end chains like Big Bazaar, Central, Home Town, etc.

Some of the schemes offered are –

  • Individual Plan
  • Family Plan
  • Personal Accident
  • Hospital Cash
  • Top Up

Benefits covered are as follows –

  • Wide options of coverage help you to make a policy suitable for you and your family.
  • If regular hospital visits are absent, one can increase co-pay and deductible amounts. This reduces the monthly premium
  • The facility of free ordinary check-ups is included in the policy.

Expenses Covered Under Health Insurances in India

One should be clear about the expenses which are covered under health insurance policies in India. We have listed the expenses below-

1. Diagnosis to Recovery:

The policy undertakes expenditures from the time of diagnosis till the recovery of the patient.

2. Pre-Hospitalisation Cover:

Regular medication and laboratory testing can burn a hole in your pocket. Health insurance plans offer 30 days pre-hospitalisation cover.

3. Ambulance and ICU Charges:

In times of emergency, one may require a domestic ambulance or even air ambulance. A policy covers reimbursement of such an expense. If prescribed an ICU, the amount is handled by the insurance company itself.

4. Room Rent:

Every cost while staying in a hospital room is covered by your health insurance plan.

5. Domiciliary Hospitalization:

Sometimes, a patient is not allowed to be kept at the hospital and is advised to be treated at home. This amount is also covered by the health insurance company itself.

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