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Top 5 Health Insurance Companies India 2021 | Best Claim Settlement Ratio IRDA | Lowest Price Review - YouTube
Channel: TrekBook India
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Hello Friends, I am Mahesh from TrekBook India
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Todays video is dedicated to research which I have done for Health Insurance
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So 30 years I was in service & my health insurance was covered by my company
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It was useful only once in 30 years during Covid period
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when my complete family was hospitalized & expenses were ~3.5 Lacs
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which was covered due to the Health Insurance
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So because of this - as soon as I signed off
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& now I am going to Travel & Trek, So
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So I know that its mandatory for me to take a good Health Insurance
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So which Insurance I took & what study I did that I will present
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so that it may be useful to you
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again let me tell you that this is not a Sponsored Review
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I do not have any relation to any Insurance company directly
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I am presenting study which I have done it for myself
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Whenever you take any decision I suggest to consult with your Insurance Advisor
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do not depend upon my video, which I am telling you upfront
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because I get many comments, specifically from Agents which I don't want
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so this is my personal study which I have done for myself
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which will be useful to you & that's why I am presenting it here
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so lets goto the chart which I have prepared on how many Insurance companies are there in India
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& what is there Claim Settlement Raito for year 2020
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which I have added to the second column
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third column shows number of network hospitals
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so now we have 28 companies
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for which I have made the chart & ref website name I have given here
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from which I have taken this data, Okay?
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so I have used some colours like Green & Yellow
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I will explain the colur reference
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Top 3 companies having highest business
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last year & this year highest business share
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in health insurance section in India
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1. Star Health Insurance
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2. HDFC Ergo Insurance
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3. New India General Insurance
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So for this reason I have given them Green Colour
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because they have highest business
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out of which 2 nos Star Health & HDFC Ergo have ~10K network hospitals which is the highest
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so Network Hospitals are very important for cashless
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so that is why I have made them Green
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rest 3 are Yellow because they fall in Top 6
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I am saying Top 6
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Why I am saying 6 because Care health insurance
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in terms of business they are at no.6 in India
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but their Claim Settlement Ratio is 95.47%
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so I thought to include them too
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so let's move on to Next Slide where we will see
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for ease of understanding same data I have converted to Graphical format
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okay - so let's move on to the next slide
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okay
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so this is a graph
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Claim Settlement Ratio is shown on Vertical Axis 70-100%
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Why 70% because I wanted to filter out companies having less than 70% Claim Settlement Ratio
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like SBI General Insurance
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& Go Digit & Chola having Claim Settlement Ratio below 70%
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the Blue colour graph have disappeared because
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their Claim Settlement Rations are below 70%
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Now lets talk about second axis
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this side axis
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this is for the Network Hospitals
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so I have cut-off Network Hospitals below 6,000
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so the light coloured vertical bars
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light beige color are Network Hospitals
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Okay?
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so this provides quick overview of Network Hospitals & Claim Settlement rations of difference companies
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So as per my judgement I have given 1 to 6 ranking
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let me tell you that this is as per me
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so number 1 is Star Health Insurance
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because
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their business share is almost 31% in India
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which is highest in India, they are the Top
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second number is 10-11% I guess
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so that is why I have given no 1 rank to Star Health
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they have highest business & highest Network Hospitals, Okay?
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although their Claim Settlement Ratio is above 70%
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I think we saw it 78% or so
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second number is HDFC Ergo
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again because they have got highest Network Hospitals
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they have got good Settlement Ratio as well as they are second no. in business
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of course they rank slightly lower like 10-12% business share, lets see on next slide
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third number is New India General Insurance
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again their ranking is also as per the business
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fourth is National Insurance Company
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fifth is Oriental Insurance Company
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& sixth no. is Care Health Insurance
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so what I have done, the quotations which I have taken
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or feature comparison which I have done
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that I have done in no1, no2, & no6 - Why like that?
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because HDFC ergo & Star health are top in terms of business & network hospitals
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so it was mandatory to include them
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& I have taken Care Health too
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although they are n.6 in terms of business
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their Claim settlement ratio is almost above 95%
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so I though of including them too in comparison
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I haven't taken all 6 since it will become too complex
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& as per my study I thought its not necessary
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because my personal tendency is to go with number 1 or 2
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okay? so this is the explanation of the graph
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lets move ahead
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so this slide shows 2 charts
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left side chart in Blue colour
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referred from Ditto which shows
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year 2020 business of these companies
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shows that how many crores or lac people are insured by these companies
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so obviously you can see Star Health s highest
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they have insured 1.1 crore people in year 2020
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second number is HDFC Ergo actually
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but in this graph it shows differently
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because if you combine Ergo & General Insurance
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then that comes to the second no. in 2020
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third no. is New India Insurance
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fourth is National
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& then Oriental
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Care you can see having 18 Lac in year 2020
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now lets look at the second side
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where I have shown graph of 2021
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so 2021 again if you see
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Star Health market share is 31%
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HDFC Ergo General is 10.4%
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New India Insurance 9.9%
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National is 7.9%
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Oriental is 7.1%
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& Care is 6.2%
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so the ranking is exactly as per the market share
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bottom ones are phased out since their market share is LESS
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so like I said Star Health, HDFC Ergo & Care Health
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I took quotation for my age above 50-55 age group
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& quotation is for me & my wife - so lets see them
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so this is simple table
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one side shows Plan details
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& then columns HDFC Ergo, Star Health
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Star Health I have shown 2 columns, I will tell you the reason
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& last column is Care Health
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so first I have shown Premium which I have received for my age
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Premium amount is just here & there by 1-2K
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sum assured I have taken 5 Lac Rs
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& age group is 51-55 two adults
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quotations are for this
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insurance quotes will change as per your specific case
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I have selected for reimbursement of hospitalization & cashless
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now columns you care read comfortably
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I will not dwell too much on this chart
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I will try to quickly cover my thoughts
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first is Room Rent
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all four gives actual room rent
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then comes pre-hospitalization
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any expenses you have done prior to hospitalization
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so HDFC Ergo & Star health giving it for 60 days
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whereas Care health gives it for 30 days
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then post-hospitalization
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HDFC Ergo provides for 180 days
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Star health gives upto 90 days
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Care health gives upto 60 days
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in my Covid case I could not manage to get pre and post reimbursement
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because of my condition I could not submit bills
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so I took only hospitalization
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but if someone is really careful can take good advantage of this facility
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so here HDFC Ergo scores more
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then going to the Restoration details
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so in Restoration, suppose you have heart decease & your insurance is of 5 lac Rs
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& 4 lac Rs gets consumed in hospitalization
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so next time if you gets hospitalized again
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then you get reimbursement of 1 Lac only
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after that if you get hospitalized again, 5 Lac get restored
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so it is like this
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again I am saying, you should ask details to your insurance advisor
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I am just insisting that you should look for restoration details too
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so the Star health Optima - the one which I have taken
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it has 3 times restoration
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since 5 las - it becomes 5L +5L + 5L = 15L restoration which I felt advantage
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second is pre-existing deceases
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so this too I have highlighted in Blue color in Star Health insurance
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you can include pre-existing deceases within 1 year by paying additional premium
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otherwise HDFC Ergo & Star health have 3 years condition for pre-existing deceases
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I haven't given much thought on this since I don't have any pre-existing decease
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but you can see this during selection
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now lets move on to second slide
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now here again I have highlighted in Green colour
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first lets see on Worldwide emergency, when you go outside
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foreign countries, then these insurances are not useful
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no insurance company provides this,
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so for that you have to take difference insurance
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that presentation I will make separately, since I am planning Vietnam trip
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where I have to take that insurance, hence I will study it
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so just keep this in mind
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now second thing I have highlighted is maternity benefits
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so of course its not applicable at this age, but
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but if you are young, if you see Star health comprehensive plan
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it covers 20K Rs after 2 years
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so if you are young you can check with your advisor about maternity benefits - how much & when
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so you can select policy accordingly
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and then
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non allopathic details, this is very important
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at specifically my age
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most of the times my tendency is to take Ayurveda treatment
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so Ayurvedic treatment is not covered by HDFC Ergo
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Care health also do not cover it, but
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Star health both policies provides Ayush coverage upto 15K
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which I feel very good, because
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Ayurvedic treatment is very much needed at higher age
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like for myself after 50 I will definitely think
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I will prefer to have Ayurvedic treatment than Allopathic
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so this is also important for you to see
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so rest all things as per me are same
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so presently I have taken Star health optima
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after doing all this study
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I could have taken Comprehensive, but I don't need few benefits from that
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like maternity benefit I don't need
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that is why I have gone for that, Okay?
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so as per my study I went for Star health
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so I have given Star health website link below
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you will be directed to the website after clicking link
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now you will see big chart of plans
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so obviously it is very difficult to decide
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believe me, since I had discussed with my advisor
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I finalized my insurance in detailed discussion with my advisor & preparation of this chart
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so what you can do is to click on it
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I will just show you what I have done
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I will add a snapshot of what I did
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so out of all insurance that you see there
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choose any option like branch assisted, agent assisted or customer driven
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you have 3 buttons there
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click any of these buttons and
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add your name and phone number & submit
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later you need not do anything, because
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company assigns your information to agent
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& within a day you get call from agent
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so that you can have detailed discussion with your requirements
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so definitely the agent will suggest you more detailed thing
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so I will suggest customer driven, because I tried all 3
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so after you select customer drive, you get an email
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& email contains your advisor email and phone no.
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so that you can also call advisor or get call from him
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so you will get call from IRDA certified advisor
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so in that case its easy for you to choose right insurance
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so I think that's all
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thank you
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and bye for now
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& after doing car insurance you commented for health insurance
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if you need more details, like accident insurance
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as I go on taking them I will do videos
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but specific to your requirements also I am ready to do presentation
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thank you very much
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& have a healthy life, thank you
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