Health Insurance
INSSIDERS will suggest you the best Health Insurance plan for you and your family with maximum features and low premium. It is important to note that a higher claim settlement Ratio does not always mean that a company is doing well. Moreover, new players in the domain are likely to have a higher percentage owing to the fact that they may not have sold enough policies.
One should also take into account Incurred Claim Ratios of Health Insurance companies before buying a health policy. The Incurred Claim Ratio throws light on the amount paid by the insurer towards settling claims. It basically compares costs incurred on claims versus the income generated by the company through new business premiums.
In Short Claim settlement ratio explain number of claims settled by Insurance company against claims filled where as Incurred Claim ratio explains total amount paid in claims against total amount received in form of premium.
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INSSIDERS Insight : You will always get better service in Hospitals if opting for Reimbursement of claims (Non network hospitals) rather than taking cashless treatments. In addition to above, you can control unnecessary expenses on disposables used in treatment which are mostly high in cashless treatment and are mostly denied by Insurance companies at time of claim settlement.
Claim Settlement Ratio of Health Insurance Companies, as reported in the IRDAI Annual Report 2021-22.
S.No. Insurance Companies Claim Settlement Ratio (within 3 months)
1 Care Health 100%
2 Navi General 99.99%
3 Max Bupa 99.99%
4 Manipal Cigna 99.90%
5 Aditya Birla Health 99.41%
6 Star Health 99.06%
7 Reliance 98.65%
8 HDFC ERGO Health 98.49%
9 Liberty 97.30%
10 Edelweiss General 97.26%
11 United India 97.25%
12 Acko General 97.20%
13 ICICI Lombard 97.07%
14 Kotak Mahindra 96.90%
15 Bajaj Allianz 96.59%
16 Go Digit 96.09%
17 Future Generali 96.01%
18 Royal Sundaram 95.95%
19 Universal Sompo 95.77%
20 SBI General 95.04%
21 Tata AIG 93.55%
22 Raheja QBE 93.30%
23 Cholamandalam MS 93.23%
24 New India Insurance 92.93%
25 Magma HDI 92.34%
26 Oriental Insurance 90.18%
27 IFFCO Tokio 89.38%
28 National Insurance 86.28%
Questions you must ask before buying a health insurance
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Type of health Insurance plan ?
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What does the policy will cover ?
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What will not be covered under the policy ?
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Does your health insurance policy cover routine tests ?
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How is the policy premium calculated and what is the premium ?
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What are the deductible and coinsurance ?
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Waiting period for selective procedures?
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List of network hospitals ?
Major Grounds for Claim Rejection
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Keep in mind the reasons that could lead to your claims getting rejected. The following point may help you avoid such a situation in the foreseen future.
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Not disclosing pre-existing illnesses
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Non-adherence to standard claims process of the Insurance company
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Incomplete forms and incorrect information
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Wrongfully withholding personal information
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Insurance policy is designed by Insurance company but sold by many intermediates. INSSIDERS assure you best premium quote by discounting our share.