Which Are the Top 5 Health Insurance Companies in India in 2025?

When it comes to choosing the best health insurance company in India, it’s essential to look beyond just the premium amount. The real differentiators are factors such as claim settlement ratio (CSR), network hospitals, customer service, financial stability and product diversity. These indicators help you evaluate how reliable an insurer will be when you need support the most.

Understanding Health Insurance Companies :-

In India, health insurers can be broadly categorized into two types:
1. Standalone Health Insurance Companies
These insurers focus exclusively on health-related products. For instance Star Health and Allied Insurance was India’s first standalone health insurer. Such companies tend to have more specialized plans and medical-specific expertise.
2. General Insurance Companies
These companies offer a wider range of non-life insurance products, including motor, travel, home and health policies. Examples include HDFC ERGO and Aditya Birla Health Insurance.

How to Compare Health Insurance Companies?
To make an informed decision, evaluate insurers based on the following key aspects:

• Track Record: Companies with over a decade of experience typically demonstrate greater stability and trustworthiness.
• Operational Efficiency: Efficient claim processing, digital accessibility and transparent communication enhance the customer experience.
• Product Portfolio: Opt for insurers offering diverse plans that suit different life stages and medical needs.
• Network Hospitals: A large hospital network (5,000+ hospitals) ensures easier access to cashless treatments.
• Claim Settlement Ratio (CSR): A CSR above 90% indicates a strong record of honoring claims promptly and reliably.

Top 5 Health Insurance Companies in India (FY 2024–25)
According to the Insurance Regulatory and Development Authority of India (IRDA) data released in 2025, the following companies recorded the highest Claim Settlement Ratios :

Company-Wise Overview

HDFC ERGO General Insurance Co. Ltd.
With a claim settlement ratio of 99.16 %, HDFC ERGO leads the Indian health insurance sector in 2025. The company offers an extensive network of over 9,000 hospitals and a wide range of health plans designed for families, individuals, and senior citizens. Its strong digital claim process and customer support make it a preferred choice for many policyholders.

Aditya Birla Health Insurance Co. Ltd.
Aditya Birla Health Insurance reported a CSR of 92.97 % for FY 2024–25. The insurer focuses on holistic health and wellness, offering rewards for healthy lifestyles and preventive healthcare. Its network of 10,000+ hospitals provides wide access to quality healthcare facilities.

Care Health Insurance Ltd.
With a CSR of 92.77 %, Care Health Insurance continues to be one of India’s most trusted standalone health insurers. It offers a broad portfolio of products, including family floaters, critical illness, and senior citizen plans. Its strong claim service and customer-centric approach make it a consistent performer.

Niva Bupa Health Insurance Co. Ltd.
Formerly known as Max Bupa, Niva Bupa achieved a CSR of 92.02 % in FY 2024–25. The company is known for its transparency, easy policy customization, and efficient cashless claims through its 9,000+ hospital network.

Star Health and Allied Insurance Co. Ltd.
Star Health, one of the pioneers in standalone health insurance, recorded a CSR of 82.31 %. The insurer has one of the largest hospital networks in the country, with over 14,000 empanelled hospitals, and offers specialized products for individuals, families, and senior citizens.


Conclusion

As per IRDA’s 2025 report, HDFC ERGO General Insurance Co. Ltd. stands out as the top health insurance provider in India, followed closely by Aditya Birla, Care Health, Niva Bupa and Star Health.

However, the “best” insurer depends on your personal requirements including age, health condition, coverage amount, preferred hospitals and premium affordability. Before buying a policy, always review:

• Waiting periods and exclusions
• Pre-existing disease coverage
• Co-payment clauses and room rent limits
• Renewal benefits and add-on options

Choosing the right insurer with a proven track record ensures not just financial security, but peace of mind when it matters most.

Everyone's promoting HDFC Ergo. I have been a customer for 2 years. Haven't processed any claims. I'm waiting for the 5 year moratorium period to be over. Who knows what will happen in between that time or after.

In 2025, India’s health insurance market is led by a mix of public and private insurers known for scale, service quality, and strong hospital networks. New India Assurance continues to dominate overall premiums, while Star Health & Allied Insurance remains the largest retail health insurer with widespread individual coverage. ICICI Lombard, HDFC ERGO, and Bajaj Allianz round out the top five with data-driven products, fast claims, and strong brand trust.

When you evaluate health insurers properly, you can’t depend on just one number. A company may have a high CSR but terrible complaint volume… or great financial stability but slow claim payouts.
So I compared all insurers across the three most important IRDA metrics:

1. Complaint Volume (customer experience)
2. ICR – Incurred Claim Ratio (financial health)
3. CSR – Claim Settlement Ratio (actual claim performance)

Using the official FY24–25 data compiled.

Top 5 Health Insurance Companies in India (2025)​

based on combined performance across Complaint Volume + ICR + CSR​

1. HDFC ERGO​

The strongest all-rounder.

• CSR (Policies): 97%
• CSR (Amount): 96%
• ICR: 90%
• Complaint Volume: 16

Consistently high settlement performance and stable financials.

2. Tata AIG​

One of the cleanest performers across ALL metrics.

• CSR (Policies): 95%
• CSR (Amount): 90%
• ICR: 79% (ideal zone)
• Complaint Volume: 10 (Top 5 lowest in the entire industry.

This is why Tata AIG must be in the Top 5 — it balances everything extremely well.

3. Care Health Insurance​

Strong settlement strength with a clean financial profile.

• CSR (Policies): 97%
• CSR (Amount): 92%
• ICR: 65% (excellent)
• Complaint Volume: 47

Specialized health insurer with consistently high CSR.

4. Niva Bupa​

Another steady all-rounder.

• CSR (Policies): 92%
• CSR (Amount): 76%
• ICR: 69% (ideal zone)
• Complaint Volume: 43

Great digital processes and strong networks.

5. Aditya Birla Health Insurance (ABHI)​

Good mix of CSR + sustainable ICR.

• CSR (Policies): 94%
• CSR (Amount): 80%
• ICR: 72% (ideal)
• Complaint Volume: 16

Holistic-wellness positioning plus stable claim behavior.

Why these 5?​

Because they score consistently well across all three dimensions:

• Low/acceptable complaint volume
• Healthy ICR (not too high, not too low)
• Strong CSR by both policy count and amount

Most insurers fail in one of the three — these five don’t.

Quick TL;DR​

Best Overall: HDFC ERGO
Best Balanced Performer: Tata AIG
Best Standalone Specialists: Care & Niva Bupa
Best Wellness-Oriented Insurer: Aditya Birla