Can you predict when you'll fall sick? And, do you have sufficient money to pay for medical treatment and medication required for family and yourself. Are you an excellent employer who cares about the health staff? If you are concerned about rising medical costs and the welfare of your family and staff, health insurance is an excellent option you can consider. But: Sadly, only 17 percent of India\u2019s total population is covered by health insurance, a study conducted by the Insurance Regulatory and Development Authority of India (IRDAI) revealed. Here is a way to think about it: Why Health Insurance? A study conducted in 2015-2016 by leading Indian Non-Banking Financial Company (NBFC) and insurer, reveals, medical inflation in this country has risen by over 30 percent over the last decade and continues to grow. For you, this translates as paying more consultation fees to doctors and medical consultants, hefty charges for diagnostics and huge expenses on medicines. Prices of medicines in India are regulated by the Drug Price Control Order (DPCO) issued by the Department of Pharmaceuticals and Food and Drugs Administration. However, inflationary factors beyond the control of medical companies such as Dollar-Rupee exchange rates, fuel prices, and logistical costs, among others, force medical companies to increase the prices of medicines. Further, treatment at government and municipal hospitals has also become expensive. While some medicines are given free, some others have to be bought by patients and their relatives. In such a scenario, you can shield your family and yourself as well as employees by buying health insurance from any of the best Health Insurance companies in India. Must Read: Ayushman Bharat Yojana\u00a0Health Insurance National Health Mission These Health insurance companies help us to deal with the High cost of Healthcare. To help you make the best choice, we list top medical insurance companies from both, private and state-run NBFCs. A) Top Health Insurance Companies of India (Private NBFCs) Here we take a look at top 10 Health Insurance companies in India in private: (NBFC Bank) 1) ICICI Lombard General Insurance Co ICICI Lombard offers a cashless health insurance policy that can be used for medical treatment at over 4,500 hospitals across India. In 2017, ICICI Lombard won several prestigious awards for its best medical insurance services in India. Additionally, financial newspapers in India have acclaimed ICICI Lombard Health Insurance policies among the best health insurance company in claim settlement. 2) Bajaj Allianz General Insurance Co Bajaj Allianz Health Insurance company offers an excellent range of medical insurance policies. These are customized for individuals, families, senior citizens, women and post-accident healthcare and they offer the best health insurance plan for the family. Bajaj Allianz also offers cashless health insurance policies. Bajaj Allianz General Insurance Company Limited is a joint venture between\u00a0Bajaj Finserv Limited\u00a0and Allianz SE. 3) HDFC ERGO Indubitably, HDFC ERGO offers one of the best medical insurance policies in India. HDFC ERGO health insurance policies offer cashless treatment and can be used at over 6,000 hospitals and related facilities across India. HDFC ERGO also offers Health Suraksha, an affordable health insurance policy for economically weaker segments. 4) Tata AIG General Insurance Co Ltd Tata AIG one of the best Healthcare companies in India offers health insurance under the brand MediPrime. Tata AIG is perceived for its fast claim and hassle-free claim settlement. You can avail cashless treatment at over 3,000 hospitals in India with a Tata AIG MediPrime health insurance policy. 5) Religare Health Insurance Co Ltd You can avail cashless health insurance at over 5,300 hospitals across India through best Aditya Birla Health Insurance Company Ltd India\u2019s corporate major, Aditya Birla Group offers health insurance under brand Activ Assure. Also a cashless medical insurance policy, Activ Assure has no maximum entry age. Additionally, Activ Assure also covers treatment under Allopathic, Ayurvedic, Unani, Yoga, Siddha, Homeopathy and Naturopathy systems of medicine. The company conducts lifestyle training for its health insurance policy holders afflicted with Asthma, Hypertension, Hyperlipidemia, and Diabetes through coaches. 6) Apollo Munich It is one of the best health insurance company in India. Since inception in June 2017, Apollo Munich- a JV between Apollo Group Hospitals and Munich Health Holding AG of Germany- has settled medical claims amounting to Rs. 29.13 billion. With an Apollo Munich Health Insurance cashless health insurance, you can get treatment at over 4,500 medical facilities in India, including hospitals operated by the Apollo Group and its affiliates. Apollo Munich offers customized health insurance for individuals and families. The company has a unique scheme called Health Wallet. 7) Cigna TTK Health Insurance Co Ltd CignaTTK Health Insurance Company Limited is a joint venture between US-based global health services leader, Cigna Corporation and Indian business conglomerate, TTK Group. The company\u2019s health insurance products come under the brand ProHealth. \u201d Cigna TTK introduced first- of- its kind, group health insurance product - Cigna Global Health Product (CGHP), offering a global coverage for Indian employees travelling across the globe,\u201d states the company website. 8) Star Health & Allied Insurance Star Health Insurance is a leader in this country\u2019s medical insurance sector. A health insurance policy from Star Health entitles you to cashless medical treatment at over 8,500 hospitals across India. During the financial year 2016-2017, Star Health Insurance paid out medical treatment claims worth Rs.13.78 billion. The company also offers the best mediclaim policy in India for Indian citizens travelling abroad. 9) Bharti AXA General Insurance Co Ltd Bharti AXA General Insurance Company Ltd is a joint venture between Bharti Enterprises, a leading Indian business group, and AXA, a world leader in financial protection. You can buy a cashless medical insurance policy as an individual or for a family with coverage up to Rs 10 million through Bharti AXA. The company offers two customized healthcare plans. Additionally, Bharti AXA medical insurance also covers treatment for organ donors, should you require a transplant. Also Read: Top 15 List of Private Banks in India B) Top Health Insurance Companies of India (Public Sector\/ Bank\/ JVs) Here we take a look at top 10 Health Insurance companies in India in Public sector Bank 1) Life Insurance Corporation of India The country\u2019s largest state-owned insurer, Life Insurance Corporation of India (LIC) has diversified into medical insurance. It is India\u2019s first independent health insurance company. LIC offers two health insurance policies, Jeevan Arogya (Healthy Life) and Cancer Cover. You can buy these policies through any LIC agent or authorized center. LIC\u2019s health insurance policies are available at very affordable premiums. 2) National Insurance Co Ltd Indian government-owned National Insurance Co Ltd offers the broadest range of health insurance policies targeted at all economic segments of the society. You can do policies for individual and family health care coverage as well as for business and leisure travel abroad. Additionally, medical insurance for students and frequent travellers to foreign countries are also available through NIC. In line with Indian government rules, NIC health insurance policies are very affordably priced. 3) Oriental Insurance India Ltd From special health insurance policies for senior citizens to persons with physical disabilities, Non-Resident Indian (NRIs) in all income brackets and ordinary people, Oriental Insurance Co Ltd offers a slew of products for medical treatment in India and abroad and has provided the best medical insurance. OIC is also a premier insurance company owned by the Indian government. Its health insurance policies are available online and through agents and offices at very reasonable premiums. You can also buy health insurance policies of OIC co-branded by Public Sector Undertaking (PSU) banks including Punjab National Bank and Oriental Bank of Commerce. 4) New India Assurance Co Ltd New India Assurance Co Ltd is this country\u2019s oldest and most reputed insurer. It is a Multinational Company of India with operations in over 28 countries. The company was founded in 1919 by Sir Dorabjee Tata, a doyen of the Tata Group. NIA offers several health insurance products in India including individual and family as Best \u2018Mediclaim\u2019 policy in India for Cancer Victim 5) Star Union Dai-Ichi Life Insurance Co Ltd Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life) is a joint venture (JV) of\u00a0Bank of India, Union Bank of India\u00a0and\u00a0Dai-ichi Life, a leading\u00a0life insurance company\u00a0of Japan. The JV offers a health insurance product in India called SUD Life Aarogyam. You can buy these health insurance policies from Bank of India and Union Bank of India. As part of women empowerment, SUD Life Aarogyam health insurance policies are available at special, low rates for female subscribers. 6) Universal Sompo General Insurance Co Ltd Universal Sompo General Insurance Co is a JV between PSU lenders, Allahabad Bank, Indian Overseas Bank and private sector Karnataka Bank Ltd with Japanese insurance major, Sompo Japan Nipponkoa Insurance. You can buy USGI health insurance through these three banks or directly from the company\u2019s website. USGI offers whopping 17 different types of health insurance policies for individuals, families, companies, NRIs, students and various other segments. 7) PNB MetLife PNB MetLife is a JV between PSU lender, Punjab National Bank (PNB) and US-based MetLife Inc. The company offers seven different types of health insurance policies in India that can be bought through PNB branches. PNB MetLife health insurance plans are also available to cover critical illnesses and disabilities sustained after an accident. PNB MetLife has emerged as a formidable player in India\u2019s health insurance sector. 8) SBI General Insurance SBI General Insurance Company Limited commenced its operations in the year 2010 and is a joint venture between India\u2019s largest PSU lender, State Bank of India and Insurance Australia Group (IAG). The company offers a wide range of health insurance products. \u00a0SBI General also offers cashless medical insurance policies, along with those that cover critical illnesses and disabilities. SBI General ranks among the topmost health insurance providers in the PSU field. It is an NBFC operated by SBI. 9) IndiaFirst Life Insurance IndiaFirst Life Insurance is an NBFC launched by two PSU lenders, Bank of Baroda and Andhra Bank as JV with UK-based Legal & General. The IndiaFirst \u2018Health Is Wealth\u2019 medical insurance policy offers cashless treatment at over 4,500 hospitals and healthcare service providers in the country. The health insurance plans can be bought by individuals and families and offer pre and post hospitalization treatment too. 10) United India Insurance Co Ltd Chennai based United India Insurance Company Ltd is an NBFC operating under the Indian government. UIIC offers a health insurance policy through PSU \u00a0lender Syndicate Bank and through its own portal. Being a government-owned insurer, UIIC\u2019s health insurance policy is valid at most hospitals in India. Further, premiums charged by UIIC for health insurance are fairly reasonable since they also cater to the economically weaker segments of the Indian community. Thanks to the entry of private NBFCs, senior citizens can also avail health insurance, subject to certain conditions. At least two companies in India offer medical coverage to senior citizens up to the maximum age of 70 years. However, senior citizens may have to pay up to 20 percent of the medical bills with some health insurance policies. Also Read: \t13 Key Difference Between NBFC and Bank \t\u00a0List of Top 15 Nationalized Banks in India 11. National Health Insurance Scheme & ESIS RSBY This scheme is also known as Rashtriya Swashthya Bima Yojana and was launched in 2003. Its purpose is to provide health insurance to Indian citizens living below the poverty line. Earlier, RSBY provided a cover of Rs.30,000 to cover medical treatment for the economically backward society at government hospitals or private clinics. In 2015, this limit was raised to a whopping Rs.500,000 per family. The amount covered was increased by the Narendra Modi government keeping in mind medical inflation and hardships faced by families below the poverty line in affording specialized medical treatment at private clinics. The scheme was popularized by the Indian media under the jargon \u2018Modiclaim\u2019- derived from Mediclaim and the Indian PM\u2019s last name. 12. ESIS The Employment State Insurance Scheme (ESIS) is the oldest medical insurance in India and is offered by Central and state governments. The scheme is open to employers in public and private sectors of India. Here, the employer pays for your medical insurance. Treatment is through state-run hospitals and ESIS clinics only. Wrap Up As we can see, buying medical or health insurance need not burn a hole in your pocket. Medical insurance is available in two types: \tCashless: Meaning you do not have to pay any cash for treatment at a hospital. \tClaims: Where you settle hospital bills and claim the amount from the health insurance provider. You can choose a health insurance policy from the top health insurance companies in India that best suits your needs and budget. The trend nowadays is to opt for cashless policies since they allow immediate hospitalization and medical treatment, even if you do not have the cash to pay at the moment. However, it is worth noting that some hospitals may ask you to pay a small admission fee, which ranges from Rs 200 to Rs. 1,000. This can be claimed by your insurance firm too. Some also cover meal expenses for the patient and one accompanying person during hospitalization. An increasing number of health insurance products for women, including coverage of maternity, are also available nowadays. In Conclusion Health insurance sector of India continues to boom every year. Consequently, private and state-run insurers are upgrading their health insurance products which go by the generic name, Mediclaim. Some Health insurance companies also cover helicopter ambulances and treatment in foreign countries. Others offer policy portability which means you can assign the same policy to another provider or use it at another location in India, away from your area of residence. Regardless of whether you are an individual, family or employer, buying health insurance is essential nowadays.