When you are thinking about buying the best health insurance you must check out the company’s claim settlement ratio first. As the best health insurance company in claim settlement is your best friend. Today I have prepared a list of the best health insurance company in claim settlement. So, let’s check now out the best health insurance company in claim settlement.
What Is Claim Settlement Ratio?
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The Claim Settlement Ratio (CSR) is also known as the IRDA claim ratio. This Claim Settlement Ratio (CSR) is the overall figure of the death claims that the insurance company has approved, divided by the overall number of death claims that the insurance company has received. It is normally measured for a tenure of 1 (one) Financial Year (FY).
NOTE:
Claim Settlement Ratio (CSR) = Total Claims Approved / Total Claims Received.
Best Health Insurance Company In Claim Settlement
Here is all the info on the best health insurance company in Claim Settlement Ratio (CSR) that you’ll need to know before you headed for buying one. Let us now see which are the best health insurance company in Claim Settlement Ratio (CSR). This ranking of the best health insurance company in Claim Settlement Ratio is partially based on the extent of the insurance corporation. So, let’s now check out below:
Life Insurance Company Of India (LIC):
(i) The average phase of the Pending Claim: 45 Days
(ii) Claims Approved: 98.31 % (756,399)
(iii) Claims Rejected: 0.97 % (7,432)
(iv) Claims Pending: 0.4 % (3,203)
While buying a health insurance policy, we don’t want our nominees to keep on waiting to get the claim amount fast. So, claims proficiency is one of the major keys to consider before deciding our health insurance policy. The LIC is among the best health insurance company in claim settlement ratio.
Lower the days taken to settle the claim is the higher efficient policy. A lower normal case handling time likewise discloses to us that the life coverage organization isn’t exclusively centered around getting deals yet additionally guarantees certified administration amid the ‘decision time’, for example at the point when there is a demise guarantee.
Max Life Insurance:
(i) The average phase of the Pending Claim: 55 Days
(ii) Claims Approved: 97.81 % (9,606)
(iii) Claims Rejected: 0.97 % (427)
(iv) Claims Pending: 0.3 %
The info listed above demonstrates the trend of the Max Life Insurance company’s Claims Settlement Ratio (CSR) for the previous 6 years. This’s based merely on the info published by the IRDAI (Insurance Regulatory & Development Authority of India) and is thus measured on the regularity of the company’s claim settlement process.
You can use this info as the major parameter to make the decision to purchase a health insurance policy. As you can see the claim settlement ratio is quite high so we can say that this one is also among the best health insurance company in claim settlement ratio.
Tata AIA Life Insurance:
(i) The average phase of the Pending Claim: 0 Days
(ii) Claims Approved: 96.01 % (2,599)
(iii) Claims Rejected: 3.99 % (108)
(iv) Claims Pending: 0 %
As you can see we have listed the Claims approved as well as claims rejected of the Tata AIA Life Insurance Company vividly. We have also presented the claims pending which is 0 (Zero) till date so we can easily enlist this product among the best health insurance company in claim settlement ratio.
ICICI Prudential Life Insurance
(i) The average phase of the Pending Claim: 3 Days
(ii) Claims Approved: 96.68 % (10,539)
(iii) Claims Rejected: 2.8 % (305)
(iv) Claims Pending: 0.3 % (36)
This number of the claim approved, rejected and pending of the ICICI Prudential Life Insurance Company shows the position of the company. Lower the number of days taken is the higher efficiency as well as better is the sureness level.
A lesser average claim handling time also expresses that the insurance corporation isn’t solely focused on getting deals but also guarantees genuine service all through the death claim. This makes the ICICI Prudential Life Insurance Company a part of the best health insurance company in claim settlement ratio (CSR).
HDFC Life Insurance
(i) The average phase of the Pending Claim: 45 Days
(ii) Claims Approved: 97.62 % (12,421)
(iii) Claims Rejected: 1.92 % (244)
(iv) Claims Pending: 0.5 % (59)
Please note one thing that here the approved, rejected, and pending claims all are including death claims of all types of life insurance and not just health insurance of HDFC Life Insurance.
Since these plans with the low Sum Assured (SA) are also comprised, the ordinary death claim value may seem much minor than the Sum Assured (SA) you have in mind for your Insurance policy that you plan to buy.
SUMMARY:
In spite of the fact that average Claim Settlement Ratio (CSR) is certainly NOT the greatest way to choose your insurance policy, however, you can’t even ignore it because it’s one of the greatest available meters to decide your insurance company.
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