That are the highest 5 finest medical insurance corporations in India in 2025? It’s primarily based on the not too long ago revealed Insurance coverage Brokers Affiliation of India (IBAI) information.
Just lately the Insurance coverage Brokers Affiliation of India (IBAI) revealed information about medical insurance corporations’ declare settlement. This I feel an attention-grabbing information and useful for all of us in selecting the best firm. Therefore, thought to put in writing an article on this.
Prime 5 Greatest Well being Insurance coverage Corporations in India 2025
When I’m mentioning the Prime 5 Greatest Well being Insurance coverage Corporations in India 2025 doesn’t imply that they’re the one BEST. As I discussed, I’m publishing this information primarily based on the IBAI information (which I felt is extra exhaustive than the IRDA information).
Earlier than continuing additional, let me clarify few definitions which they’ve talked about of their report. That will assist you perceive.
# Solvency Ratio
The solvency ratio measures the extent to which property cowl anticipated future funds (i.e., claims). The IRDAI requires insurers to take care of a minimal solvency ratio of 1.5 always. Amongst PSU corporations, New India tops the record with a ratio of 1.87. Within the massive non-public sector, Bajaj Allianz and ICICI Lombard are the leaders, whereas within the small non-public sector, Shriram and Navi excel. Lastly, in standalone medical insurance corporations, Aditya Birla and Star high the record.
# Claims Paid Ratio on Variety of Claims
The variety of claims paid as much as quarter 4 of the monetary yr ended March 31, 2023, from the whole claims
out there for processing, i.e., the whole variety of claims excellent firstly of quarter 1 + the whole variety of claims reported/booked as much as quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete variety of claims paid as much as quarter 4)/(Complete Variety of Claims out there for processing for the yr ending March thirty first, 2023).
Right here, in PSUs, New India and United India high the record (93% and 84%), in massive non-public sector HDFC ERGO and Future Generali (94% and 89%), in small non-public sector Common Sompo and Raheja QBE Gi (91% and 89%) and in standalone medical insurance corporations Aditya Birla Well being and Niva Bupa (94% and 88%).
The business common is 85%.
# Claims Paid Ratio on Quantity of Claims
The quantity of claims paid as much as quarter 4 of the monetary yr ended March 31, 2023, from the whole quantity of
claims out there for processing, i.e., the whole quantity of claims excellent firstly of quarter 1 + the whole quantity of claims reported/booked as much as quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete quantity of claims paid as much as quarter 4)/(Complete Quantity of Claims out there for processing for the yr ending March thirty first, 2023).
Right here, in PSUs, New India and Oriental Insurance coverage high the record (57% and 50%), in massive non-public sector Reliance and HDFC ERGO (62% and 56%), in small non-public sector Acko and Common Sompo (67% and 64%) and in standalone medical insurance corporations Aditya Birla Well being and Niva Bupa (70% and 66%).
The business common is 51%.
# Claims Paid effectivity ratio on Variety of Claims
The effectivity of an insurance coverage firm to settle the claims, i.e. The variety of claims paid in 3 months as in comparison with the whole variety of claims out there for processing, i.e., the whole variety of claims excellent firstly of the quarter 1 + whole variety of claims reported/booked as much as the quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete variety of claims paid inside 3 months as much as quarter 4)/(Complete Variety of Claims out there for processing for the yr ending March thirty first, 2023).
Right here, in PSUs, New India and United India high the record (84% and 77%), in massive non-public sector HDFC ERGO and Go Digit (93% and 84%), in small non-public sector Zuno and Acko (87% and 86%) and in standalone medical insurance corporations Care and Niva Bupa (88%).
The business common is 80%.
# Claims Paid effectivity ratio on Quantity of Claims
The effectivity of an insurance coverage firm to settle the claims, i.e. The quantity of claims paid in 3 months as in comparison with the whole quantity of claims out there for processing, i.e., the whole quantity of claims excellent firstly of the quarter 1 + whole quantity of claims reported/booked as much as the quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete quantity of claims paid inside 3 months as much as quarter 4)/(Complete Quantity of Claims out there for processing for the yr ending March thirty first, 2023).
Right here, in PSUs, New India and Oriental Insurance coverage high the record (37% and 39%), in massive non-public sector HDFC ERGO and Reliance (45% and 40%), in small non-public sector Acko and Zuno (61% and 57%) and in standalone medical insurance corporations Care and Niva Bupa (66%).
The business common is 35%.
# Claims Repudiation Ratio on Variety of Claims
The variety of claims repudiated &the whole variety of claims closed out of the whole variety of claims out there for processing, i.e., the whole variety of claims excellent firstly of the quarter 1 + whole variety of claims reported/booked as much as the quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete Variety of claims repudiated + The whole variety of claims closed as much as the quarter 4)/(Complete Variety of Claims out there for processing for the yr ending March thirty first, 2023).
New India tops the record right here in PSUs (0.17%). Within the massive non-public sector, it’s HDFC ERGO (2.85%) adopted by Future Generali (3.78%). Within the small non-public sector, it’s Shriram (4.64%) and adopted by Common Sompo (5.54%). In standalone insurance coverage corporations classes, it’s Aditya Birla Sunlife (3.9%) and Niva Bupa (9.25%).
The business common is 5.66%.
# Claims Repudiation Ratio on Quantity of Claims
The quantity of claims repudiated &the whole quantity of claims closed out of the whole quantity of claims out there for processing, i.e., the whole quantity of claims excellent firstly of the quarter 1 + whole quantity of claims reported/booked as much as the quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete Quantity of Claims repudiated + the whole quantity of claims closed as much as the quarter 4)/(Complete Quantity Claims out there for processing for the yr ending March thirty first, 2023).
Oriental Insurance coverage tops the record right here in PSUs (0.26%) and adopted by Nationwide Insurance coverage (1.92%). Within the massive non-public sector, it’s Future Generali (0%) adopted by Go Digit (4%). Within the small non-public sector, it’s Shriram (0%) and adopted by Raheja QBE (4.61%). In standalone insurance coverage corporations, the classes are Care Well being (19%) and Aditya Birla Well being (23%).
Business common is 8.86%.
# Grievance Decision Ratio
The variety of grievances that have been settled within the monetary yr ended March 31, 2023, i.e. complaints absolutely and partially accepted out of the whole variety of grievances out there for processing, i.e., the whole variety of grievances pending firstly of the quarter 1 + whole variety of grievances reported as much as the quarter 4 of the monetary yr ended March 31, 2023.
It’s calculated as (Complete Variety of complaints for the quarter ending March thirty first, 2023)/(Complete Grievances out there for processing for the yr ending March thirty first, 202).
In PSUs, it’s United India that stands high with a resolving ratio of 82% adopted by Oriental Insurance coverage at 74%. Within the massive non-public sector, it’s Bajaj Allianz (90%) adopted by IFFCO Tokio (71%). Within the small non-public sector, it’s Zurich Kotak (80%) adopted by Edelweiss (72%). Within the standalone class, it’s Aditya Birla Well being (94%) adopted by Niva Bupa (88%).
Primarily based on the above information shared by IBAI, if I’ve to record Prime 5 Greatest Well being Insurance coverage Corporations in India 2025, they’re as beneath.
- New India Insurance coverage
- United India
- HDFC ERGO
- Aditya Birla Well being
- Niva Bupa
Please keep in mind that it is a record of insurance coverage corporations, not the merchandise they provide. Moreover, this doesn’t imply that these are the one high 5 corporations or that they are going to stay so all through your journey. Knowledge might change at any cut-off date, and primarily based on that, altering insurance coverage corporations will not be price it. As a substitute, deal with the product options of those corporations and make your choice accordingly. That is simply an indicative record and never an correct one; buying medical insurance from any of the listed corporations doesn’t assure that your claims shall be accepted.
You’ll be able to entry the IBAI Report HERE.