In India, taking care of your health is of utmost importance. With rising healthcare costs, having a reliable health insurance broker insurance plan is essential to protect yourself and your loved ones in times of medical emergencies. However, finding the right health insurance broker can be a daunting task, given the multitude of options available in the market. In this ultimate guide, we will walk you through the top 10 health insurance brokers in India, providing you with valuable insights, tips, and explanations to help you make an informed decision.
1. Aditya Birla Insurance Brokers
Overview: Aditya Birla Insurance Brokers obtained their brokering license in 2003 and have since become a prominent player in the industry. In FY-20 alone, the company collected a total of 4.2 thousand crores in insurance premiums. It is part of the reputable Mahindra Group of India.
2. Marsh India Insurance Brokers
Overview: Marsh India Insurance Brokers acquired their brokering license in 2002 and have been steadily expanding their presence in the industry. The company received the prestigious “Broker of the Year” award at the Asia Insurance Industry Awards in 2018, 2019, and 2020. Marsh India give a wide range of insurance broking services as healthcare, reinsurance, real estate, cyber insurance, and hospitality and more.
3. Landmark Insurance Brokers
Overview: Founded in Pune in 2020, Landmark Insurance Brokers have rapidly garnered over 3.5 Lakh customers across India. Their services encompass motor insurance, travel insurance, cyber insurance, health insurance, and Point of Salesperson (POSP) services.
4. ACME Insurance Brokers
Overview: ACME Insurance Brokers provide standard insurance and reinsurance services across India. This company started in 2000 help clients in manufacturing, FMCG, IT, clothing, and more.
5. K.M. Dastur Reinsurance Brokers
Overview: K.M. Dastur Reinsurance Brokers, established in 1973, is one of the older and most successful reinsurance companies in India. They help business from various sectors healthcare, real estate, aviation, energy and motor with over 500 employees.
6. Unicorn Insurance Brokers
Overview: Founded in 1964, Unicorn Insurance Brokers offer life, health, and general insurance services. They also provide reinsurance, risk management, group insurance, and life insurance pension schemes.
7. Tata Motors Insurance Broking
Overview: Tata Motors Insurance Broking and Advisory Services Limited (TMIBASL) is a closely held insurance broking company under the prestigious Tata Group of India, founded in 1868. TMIBASL provides retail insurance, corporate insurance, and reinsurance services.
8. Maruti Suzuki Insurance Broking
Overview: Incorporated in 2002, Maruti Suzuki Insurance Broking boasts a massive customer base of over 4 Crore throughout its history. Part of the well-known Maruti Suzuki Group, renowned for its motor vehicles across Asia.
9. First Policy Insurance Brokers
Overview: First Policy Insurance Brokers were among the first insurance brokers to obtain an Insurance Regulatory and Development Authority (IRDA) broking license. this broker specializes in marine insurance, property insurance, construction insurance, and more in Pune.
10. Helios Insurance Brokers
Overview: As of 2022, Helios Insurance Brokers have served over 5000+ customers and settled 3500+ claims. The company specializes in group health insurance, group term insurance, group gratuity insurance, liability insurance, fire insurance, and engineering insurance. For a comprehensive list of insurance services provided by the company.
As of 2023, the Insurance Regulatory and Development Authority of India (IRDAI) has granted licenses to a total of 573 entities that can act as insurance brokers in India. You can find a complete list of all insurance brokers in India on the IRDAI website.
1. PolicyBazaar
PolicyBazaar is India’s largest online insurance aggregator, offering a variety of health insurance plans from leading insurance companies. They provide a user-friendly platform where you can compare different policies based on coverage, premiums, and features. PolicyBazaar’s extensive network ensures that you have access to a wide range of insurance options.
Why Choose PolicyBazaar:
- Extensive insurance options
- Easy online comparison
- Expert advice and assistance
2. Max Bupa Health Insurance
Max Bupa is known for its customer-centric approach and innovative health insurance solutions. They offer a range of plans, including family floater policies, critical illness cover, and maternity benefits. Max Bupa is dedicated to providing comprehensive health coverage to its customers.
Why Choose Max Bupa Health Insurance:
- Customer-friendly policies
- Transparent claim settlement process
- Extensive network of hospitals
3. Religare Health Insurance
Religare Health Insurance is a trusted name in the health insurance industry, offering policies with unique features like international coverage and no-claim bonus. They have a wide network of hospitals and provide cashless claim settlements.
Why Choose Religare Health Insurance:
- International coverage
- No-claim bonus
- Cashless claim settlements
4. HDFC ERGO Health Insurance
HDFC ERGO is a leading insurance provider known for its innovative health insurance products. They offer a wide range of policies that cater to different needs, including individual, family, and senior citizen plans.
Why Choose HDFC ERGO Health Insurance:
- Innovative products
- Comprehensive coverage
- Quick and hassle-free claim settlements
5. ICICI Lombard Health Insurance
ICICI Lombard is one of India’s leading insurance companies, offering a variety of health insurance plans. They have a robust network of hospitals and a straightforward claims settlement process.
Why Choose ICICI Lombard Health Insurance:
- Reputed insurance provider
- Wide network of hospitals
- Simple claims process
6. Star Health Insurance
Star Health Insurance specializes in health insurance and offers a wide range of policies tailored to different customer needs. They are known for their affordable premiums and customer-centric approach.
Why Choose Star Health Insurance:
- Specialization in health insurance
- Affordable premiums
- Customer-centric approach
7. Bajaj Allianz Health Insurance
Bajaj Allianz offers a comprehensive range of health insurance products, including critical illness cover and top-up plans. They focus on providing financial security during medical emergencies.
Why Choose Bajaj Allianz Health Insurance:
- Critical illness cover
- Top-up plans
- Financial security
8. Apollo Munich Health Insurance
Apollo Munich is now known as HDFC ERGO Health Insurance after a merger. They offer innovative health insurance solutions and have a strong presence in the market. Their policies come with unique features like lifelong renewability.
Why Choose Apollo Munich Health Insurance:
- Innovative solutions
- Lifelong renewability
- Strong market presence
9. ManipalCigna Health Insurance
ManipalCigna provides a range of health insurance products that focus on holistic well-being. They offer policies for individuals, families, and senior citizens, along with comprehensive coverage.
Why Choose ManipalCigna Health Insurance:
- Holistic well-being approach
- Policies for all age groups
- Comprehensive coverage
10. New India Assurance
New India Assurance is a government-owned insurance company with a strong presence in the health insurance sector. They offer a wide range of policies, including overseas mediclaim and Janata Mediclaim.
Why Choose New India Assurance:
- Government-owned insurer
- Diverse insurance options
- Overseas mediclaim policies
Insurance Company Vs. Insurance Aggregators Vs. Health Insurance Brokers
Understand the difference between insurance companies, aggregators and brokers.
| Insurance Company | Aggregators | Brokers |
| Insurance companies are businesses responsible for creating insurance products and selling them to customers. | Aggregators are third party entities who list all available insurance options, along with relevant data for potential customers to compare. | Brokers are mediating parties between an insurance company and its customers. |
| Role – Produce various insurance products for customers and offer adequate financial support to individuals who purchase these products. | Role – Offers a platform to potential insurance buyers to compare the various plans available so that they can pick the most suitable option. | Role – Sell or market insurance products to customers on behalf of the insurance company to earn a commission. |
| Employed By – None | Aggregators are third parties with no affiliations to any insurance companies operating in the market. | Brokers are often employed by the insurance company. Alternatively, they may be affiliated to such companies through a commission programme. |
| An insurance company is responsible for settling all credible claims from its policyholders. | NA | NA |
With so many choices to consider, selecting the perfect health insurance plan can seem stressful. Fortunately, you need to keep certain specific factors in mind when availing a medical insurance policy.
Conclusion:
Choosing the right health insurance broker is crucial when it comes to safeguarding your health and financial well-being. The top 10 health insurance brokers mentioned in this guide offer a range of plans, extensive coverage, competitive premiums, and exceptional customer service. Remember, health is wealth, and investing in a reliable health insurance plan is a wise decision for a secure Future Health insurance broker.
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