- Date : 15/11/2021
- Read: 3 mins
Here are 5 insurers that have the best claim settlement ratio in health insurance
Claim settlement ratio is defined by the percentage of the claims as per the costs incurred to any premium earned. In other words, it is a measure of the claims paid out against the claims filed. The higher this ratio, the better it is for you as a customer.
Managing risks requires a better understanding of the incurred claims ratio. A high claim settlement ratio from a health insurance company is highly desirable. It is crucial because it reflects a better resolution pattern of claims by the insurer.
In this article, we shall compare the claim settlement ratios of some leading health insurance companies between the financial year 2020 to 2021.
1. Max Bupa
Health Insurance Claim Settlement Ratio: 96%
Max Bupa is among the best health insurance companies with a network of 4500+ hospitals and over 3 lakh policies issued. This company has one of the best policy premiums for emergency situations. Furthermore, their 30-minute easy claim settlement policy remains unparalleled.
2. Care Insurance
Health Insurance Claim Settlement Ratio: 95.2%
If you choose Care Insurance, you get access to over 16,500 cashless healthcare providers with 25 lakh claims settled. You have the security of health insurance during medical emergencies. You can also get customised insurance plans for yourself and your family.
3. Magma HDI Health Insurance
Health Insurance Claim Settlement Ratio: 95.17%
The health insurance claim process at Magma HDI is navigable and straightforward to track. The company offers tailor-made solutions for health insurance policies, resulting in valuable savings. It boasts of one of the best claim settlement ratios among health insurance firms and serves the entire family.
Related: How To Evaluate And Compare Health Insurance Benefits?
4. Oriental Insurance Company (OIC)
Health Insurance Claim Settlement Ratio: 93.96%
OIC offers a smooth, hassle-free claim settlement process. It provides a plethora of insurance coverage plans for health, automobiles, etc. It has served many Indians with its innovative and comprehensive protection shield. The company has achieved Rs 1000 crore in premiums, with more than 18 lakh policies.
5. IFFCO Tokio General Insurance Company Limited
Health Insurance Claim Settlement Ratio: 92%
This insurance company was established in 2000 and offered numerous health insurance policies. The company has ties with 6900+ hospitals across the country. Furthermore, they have settled around 11.48 lakh claims with a ratio of 92% in the financial year 2020 to 2021.
(FY 2020 to 2021)
What to consider when choosing a health insurance company?
Here are some factors to consider before selecting a health insurance company:
Categories of health insurance plans
Cashless Network hospitals and plan types
The coverage provided
Waiting period clause
Health insurance claim settlement ratio
Before selecting a health insurance provider, make sure to examine the insurance claim process and claim settlement ratio of different insurers. The options mentioned in this article should help narrow down your search for the best health insurance provider in India.