Top 5 Health Insurance Companies With Impressive Claim Settlement Ratio
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The recent spread of the global pandemic has made the world more susceptible to the underlying and upcoming diseases. A lot of people lost their loved ones during the first wave of coronavirus due to lack of proper treatment and high costs of hospitalization. To help the people in such times, the health insurance providers have come up with a range of health insurance plans that are comprehensive and affordable for all the people living in the society. Health insurance plans have gained immense importance as they offer the much needed financial aid to the policyholders in times of a medical emergency. Therefore, you must invest in a suitable health insurance plan as early as possible to avail its benefits without any hassles and on time.
To get a suitable health insurance plan, it is necessary for the policyholders to analyze their requirements along with that of their loved ones and then compare the plans accordingly. The first and foremost step of buying a health insurance plan is choosing a good health insurance provider. Health insurance providers can be compared based on certain factors like incurred claim ratio, claim settlement ratio, etc. Claim settlement ratio of a health insurance company is a major factor that determines its credibility to settle the claim requests received in a policy year.
Top 5 Health Insurance Companies With Impressive Claim Settlement Ratio
Following are the top 5 health insurance companies that have the highest claim settlement ratio in the insurance market:
1. IFFCO Tokio Health Insurance
IFFCO Tokio health insurance firm is one of the widely known companies and it achieved a claim settlement ratio of 96.33% in FY 2019-20. With a wide network of 5,000+ hospitals, this company offers cashless claim benefits to its policyholders along with the other accumulated benefits. It provides a range of common features and benefits to its policyholders at an affordable premium rate.
2. Care Health Insurance
Care health insurance, since its approval in the year 2012, has been one of the leading insurance providers in the private sector market. It offers the policyholders the flexibility to choose suitable plans and rolls out health insurance policies to individuals, families, and groups. It achieved a claim settlement ratio of 95.47% in FY 2019-20 and has a network of around 7,400+ linked hospitals for the comfort and ease of its customers during the claim settlement process.
3. Oriental Health Insurance Company
With a trusted base of customers, this company has a wide network of hospitals and offices around the country and it continues to serve its customers with the best services. Oriental health insurance incurred a claim settlement ratio of 93.96% in FY 2019-20 and it has an established reputation for its responsive customer care and immediate claim settling process.
4. Bajaj Allianz Health Insurance
Bajaj Allianz health insurance company has a wide network of around 6,500+ linked hospitals for cashless claim facilities. It offers comprehensive and cost-effective insurance products to its policyholders. The company has been recognized with several awards for its work in the insurance market and had a claim settlement ratio of 92.24% in FY 2019-20.
5. New India Assurance Health Insurance
This multinational health insurance company is operated by the Government of India in around 28 countries across the globe. The company is widely respected for its strength and stability with the claim settlement ratio of 92.68% in FY 2019-20. The company has a network of 1,500+ linked hospitals for the cashless claim settlement benefits of the policyholders.
Conclusion
You can find the claim settlement ratios of the respective health insurance providers on their official websites over the internet. When comparing the health insurance providers, it is wise to not settle for insurers with less than 80% claim settlement ratio. A company with a good claim settlement ratio can settle the claims of their policyholders smoothly without any hassles.
Also Read: Best Health Insurance Plans In India
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
