Illnesses do not come with an announcement. Also, you do not necessarily have to be an old person to be hospitalized for an ailment. Due to our lifestyle, we develop so many illnesses which even our parents did not have. And as you get hospitalized, along with the illness, a big cause of concern becomes the medical expenses. Sometimes, the expenses can be so huge that people end up spending all of their savings on it. If you do not want to follow suit, you must buy a health insurance policy.
As we try to buy a health insurance policy, it can be very confusing, especially if you are purchasing it for the first time. The most challenging part is finding the right health insurance plan or company that will be apt for us. Well, while you are looking for a health insurance policy, one of the things that you must consider is the health insurance claim settlement ratio. The claim settlement ratio is the factor that reveals a lot about the insurance company. Let us discuss some of the companies with health insurance claim settlement ratios in 2021 and find out if those are right for us.
Insurance companies with their claim settlement ratio percentage
There are several insurance companies in the country, both private as well as government-owned. However, choosing anyone from any of these sectors can be perplexing. Here are some of the top insurance companies mentioned below, with their claim settlement ratio. This will give you an idea of the claim settlement ratio.
HDFC Ergo
The claim settlement ratio of the company is 90.2%. This means out of 10 insurance claims, 9 of them have been settled.
IFFCO Tokio
Another trusted name in the health insurance industry is IFFCO Tokio. The claim settlement ratio of this company is 92.66%.
Star Health Insurance
Star Health Insurance is one of the most trustworthy companies, especially if you want to buy a health insurance company. The claim settlement ratio of this company is 98.72%, which means it is one of the best companies that you can go for.
Max Bupa Health Insurance
The claim settlement ratio of Max Bupa Health Insurance is 91.2%. This is essentially not bad as it is above 90%.
Religare Health Insurance
The claim settlement ratio of Religare Health Insurance is 97%. You can totally trust the company and expect to claim your sum assured at the time of emergency.
Reasons why health insurance claim settlement ratio matters
The claim settlement ratio is one of the many reasons because of which we either buy health insurance from a particular insurance company or simply drop the idea. The claim settlement ratio helps the clients to understand if they should go ahead with the insurance company or not. The claim settlement ratio signifies the number of insurance claims settled vis-à-vis the number of insurance claims received. As you find out the claim settlement ratio of an insurance company, you can comprehend the insurance claims handling, understand the credibility of the insurance company, and get the confidence to opt for the company.
While you focus on the factor of claim settlement ratio of a company, you also need to know the type of health insurance plans offered by the insurance company. Before finalizing an insurance plan, you must come across all the plans that your target company is offering, and then you can make the decision.
To know about the several health insurance plans, you must visit the website of IIFL. You will find several health insurance plans and the companies that are offering these plans there. You can compare them to find the right one for you.
Apollo Munich Energy
This is one of the insurance plans for diabetic patients which offers a sum assured between INR 2 lakhs and 50 lakhs. The other features of this plan are Organ donor treatment expenses, Discount on premium up to 25% for staying fit, Coverage on pre and post hospitalization, Tax benefit up to Rs 30,000 under section 80D, Wellness program, No waiting period, 10% no claims bonus, Ambulance cover, some health check-ups, etc.
Religare Care Freedom Plan
This is also one of the insurance plans that you can opt for. The features of this plan include Annual health check-ups, No pre-policy medical check-ups, The claim settlement ratio signifies the number of insurance claims settled vis-à-vis the number of insurance claims received. Tax benefit under Section 80D, 2 years waiting period for pre-existing diabetes, Lifelong renewability, Pre and post-hospitalization coverage, Portability, Ambulance cover, Dialysis cover, 170-day care treatments, and In-patient care.
Apart from these, there are several other insurance plans available for diabetic patients. To know more about them, you can visit the website of IIFL.
Other coverages
With a health insurance plan for diabetic patients, other covers will be taken care of, such as dialysis cover, domiciliary hospitalization, ambulance cover, consumable allowance, etc.
