In a world where a virus can infect and even kill so many people across the world, we should definitely take our health seriously. At the same time, we should also be ready to visit a hospital and take the right treatment. Well, as we talk about hospitals and getting treatment there, we need to be aware of the medical bills. Medical treatments have become quite expensive now, and this is one of the reasons why not all of us can get the right treatment. This is why health insurance policies play such a vital role.
A health insurance policy is one of the best things you can buy these days. The main thing about buying a health insurance policy is that you do not have to worry about funds during a medical emergency. All that you would be required to do is to get yourself admitted to a network hospital and get the treatment. However, when you have already taken admission, you must inform the insurance provider within the stipulated time frame. This will enable the insurer to take the process forward and settle the bills with the hospital once you are discharged. Well, this will happen if you are opting for a cashless facility. If you are going for the reimbursement option, you have to pay the bills from your pocket and later get them reimbursed from the insurance company. In either of the case, the insurer will clear the amount that falls under the coverage amount. If it exceeds the amount, the rest of the amount has to be borne by the policyholder.
When we talk about buying a health insurance plan and we start looking for health insurance plans, it gets confusing for most of us. Well, the confusion can be cleared by checking the health insurance claim settlement ratio of the insurance company.
The Claim Settlement Ratio of a company determines the claims of the policyholders that have been settled by the companies so far. The ratio is put in the form of a percentage. If the percentage of the Claim Settlement Ratio of a company is higher, the chances of the further claims being settled are also more.
IRDA health insurance claim settlement ratio of 2022
IRDA publishes the claim settlement ratio as well as incurred claim ratio of almost all the health insurance providers in India. At the end of each fiscal year, the ratios are calculated and then published by IRDA. The ratio indicates the policyholders and policy buyers the chances of their health insurance claims being settled.
Over the years and especially because of COVID-19, health insurance policies have become important and quite popular among the citizens of India. Therefore, before finalizing an insurance company, the potential customers can judge the performance of a health insurance provider on the basis of the claim settlement ratio that has been published by the IRDA. This helps the policy buyers to choose the health insurance company without any problem and they can make an informed decision.
There are more than 20 health insurance companies in India and choosing one from them sometimes becomes a bit tough. Therefore, checking the health insurance claim settlement ratio published by IRDA makes it easier.
Claim Settlement Ratio of the Insurance companies in India
| Insurance Company | Claim Settlement Ratio |
| Max Life | 99.35% |
| Aegon | 99.25% |
| Bharti Axa | 99.05% |
| LIC | 98.62% |
| Pramerica Life | 98.61% |
| Exide Life | 98.54% |
| Kotak Mahindra | 98.5% |
| Reliance Nippon | 98.49% |
| Bajaj Allianz | 98.48% |
| PNB Met Life | 98.17% |
| Aditya Birla Sun Life | 98.04% |
| Tata AIA | 98.02% |
| Aviva | 98.01% |
| HDFC | 98.01% |
| ICICI Prudential | 97.9% |
| Sahara | 97.18% |
| Canara HSBC OBC | 97.1% |
| Edelweiss Tokio | 97.01% |
| India First | 96.81% |
| Star Union | 95.96% |
| Shriram | 95.12% |
| Aegas Federal | 95.07% |
| Future Generali | 94.86% |
| SBI Life | 93.09% |
If you want to know the details of these insurance companies, you can visit the IIFL website today.
