HEALTH
INSURANCE
Name: Priyanshu Goyal
Course: Bcom.(Hons)
Roll No.:321
INSURANCE
Insurance:-It is a financial product that protects individuals and
organisations against potential losses or risks. It provides a safety net by
pooling resources to cover unforeseen events, such as accidents,
illnesses, or natural disasters. Policyholders pay premiums to maintain
coverage, and insurers pay out claims when covered events occur.
Health insurance:-It is a type of insurance that covers medical expenses,
including doctor visits, hospital stays, surgeries, and prescriptions.
Policyholders pay premiums and may also pay deductibles, co-pays, or
co-insurance. In return, the insurer reimburses or pays directly for
covered medical services, helping to reduce financial burdens.
India’s Health
Insurance Landscape
The following study compares top five health insurance Indian companies , which are:-
1. Star Health and Allied Insurance.
2. Care Health Insurance.
3. Max Bupa Health Insurance.
4. HDFC ERGO Health Insurance.
5. ICICI Lombard General Insurance.
This study will be highlighting premium amount, coverage benefits, deductibles,
waiting periods and overall performance.
PLANS PROVIDED
Comprehensive Health Plans:
Star Health and Allied Insurance:Star Health Family Health Optima Plan, Star Comprehensive
Health Plan.
Care Health Insurance: Care Family Health Plan, Care Senior Health Plan, Care Freedom Health
Plan.
Max Bupa Health Insurance: Health Companion Plan, Reassure Plan, Health Recharge Plan.
HDFC ERGO Health Insurance: Health Optima Restore Plan, Health Suraksha Plan.
ICICI Lombard General Insurance: ICICI Lombard Complete Health Insurance.
Critical Illness Plans:
Star Health and Allied Insurance: Star Criticare Plus Plan, Star Cardiac Care Plan.
Care Health Insurance: Care Critical Illness PlanMax.
Bupa Health Insurance: Critical Illness Plan.
HDFC ERGO Health Insurance: Critical Illness PlanI.
Top-Up / Booster Plans:
HDFC ERGO Health Insurance: Top-Up Plan.
ICICI Lombard General Insurance: ICICI Lombard Health Booster Plan.
Wellness Plans:
ICICI Lombard General Insurance: ICICI Lombard Wellness Plan.
STAR CARE MAX BUPA HDFC ERGO ICICI
FEATURES HEALTH HEALTH HEALTH HEALTH LOMBARD
ALLIED INSURANCE INSURANCE INSURANCE HEALTH
INSURANCE INSURANCE
Pre/post Yes, 30-60 days Yes, 30-60 days Yes, 30-60 days Yes, 30-60 days Yes, 30-60 days
hospitalization
coverage
Cashless 10,000+ 6,500+ 4,500+ 10,000+ 5,500+
network
hospitals
Sum insured ₹3 lakh to ₹1 ₹3 lakh to ₹6 ₹3 lakh to ₹1 ₹3 lakh to ₹1 ₹3 lakh to ₹1
range crore+ crore crore+ crore+ crore+
Claim 87.60% 87.60% 98.40% 98.90% 96.79%
settlement ratio
Lifetime yes yes yes yes yes
Renewbility
WHAT TO CHOOSE
Choosing the best health insurance provider depends on your specific needs. For comprehensive coverage and a vast
hospital network, HDFC ERGO Health Insurance is ideal. It offers flexible plans like the Health Optima Restore Plan,
which automatically restores your sum insured, along with a Top-Up Plan for added coverage at an affordable rate.
With a 98.90% claim settlement ratio and over 10,000 cashless network hospitals, it’s a reliable option for extensive
coverage.
If critical illness coverage is a priority, Max Bupa Health Insurance stands out. Their Reassure Plan provides high
coverage for serious health conditions, and they have a solid reputation for handling critical illness claims effectively.
For senior citizens, Care Health Insurance is recommended, offering the Care Senior Health Plan, which covers older
individuals with pre-existing conditions after a waiting period. The company also provides good network options and
customer support.
For families, Star Health and Allied Insurance is a great option due to its family floater plans and additional coverage for
daycare and critical illnesses.
Finally, if you are looking for affordable top-up plans, ICICI Lombard offers a range of Top-Up Plans and critical illness
coverage. Their 96.79% claim settlement ratio makes them a reliable choice for extra coverage at lower premiums.
CONCLUSION
In conclusion, the study reveals that each of the top health insurance providers in India offers
distinct benefits suited to various healthcare needs. HDFC ERGO is a strong contender for those
seeking comprehensive and flexible coverage, offering plans like the Health Optima Restore
Plan, which restores the sum insured after a claim, along with an extensive network of cashless
hospitals. This makes it an ideal choice for individuals and families looking for reliable and all-
encompassing health coverage. Max Bupa shines in providing robust critical illness coverage,
particularly for those concerned about serious health conditions such as cancer or heart
disease, through their specialized Reassure Plan. For senior citizens, Care Health Insurance
provides tailored solutions with the Care Senior Health Plan, which covers pre-existing
conditions after a waiting period, addressing the specific needs of older adults. Star Health and
Allied Insurance stands out for families, offering family floater plans that cover not only
hospitalization but also daycare treatments and critical illnesses, ensuring complete protection
for loved ones. Lastly, ICICI Lombard caters to individuals seeking additional coverage with
affordable top-up plans and reliable critical illness protection. Ultimately, the best choice
depends on individual circumstances, whether it’s critical illness coverage, senior citizen
benefits, family plans, or supplementary coverage.
Thank you
