What Are the Benefits of Buying HDFC ERGO Health Insurance?
Updated On May 23, 2022
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HDFC Ergo General Insurance offers a variety of health insurance solutions, including tailored coverage for individuals, families, parents, and senior citizens. In addition, the organisation provides custom solutions for Critical Illnesses and Personal Accidents.HDFC Ergo is a general insurance firm with more than 120 locations in more than 106 cities throughout India. ICRA has given the corporation a 'iAAA' rating, indicating a good claim-paying capacity. The firm is also ISO accredited for its efficiency in claim settlements, policy issuing, customer service, and security measure standardisation. Customers may choose from a variety of health insurance plans that provide comprehensive coverage at a reasonable price. It includes health insurance options for everyone, including individuals, families, seniors, women, and children. These health plans' coverage elements differ, but they all provide comprehensive protection to the insured in the event of a medical emergency.
HDFC ERGO Health Insurance Benefits
The following are some of the advantages of HDFC ERGO Health Insurance:
Additional Advantages of a Free Health Examination
Under HDFC Ergo's health plans, insured members are entitled to free health check-ups. These health screenings are available for a limited time and after 1-4 consecutive insurance years.
Additional Coverage Over and Above Employer Coverage
Individuals can supplement their coverage under group health plans with HDFC Ergo's health insurance programmes. Your coverage and benefits may be limited if you get group health insurance via your work. However, you may supplement your existing group plan with HDFC Ergo's independent health insurance to assure better coverage.
Benefits without cash
For its plans, the firm offers cashless claim settlements so that you don't have to bear the financial burden of your medical claims. For cashless claims, HDFC Ergo has partnered with over 10,000 hospitals throughout India. The claims are pre-authorized in only 22 minutes, allowing you to receive cashless treatments without having to worry about high medical bills.
Ratio of Claim Settlement
The number of claims resolved by an insurance company compared to the total number of claims received during a financial year is known as the Claim Settlement Ratio (CSR). The majority of HDFC Ergo's claims have been satisfied, and the company's CSR for FY 2019-20 is 86.52 percent. It's worth noting that the claim settlement ratio changes over time.
Protection from Medical Expenses
HDFC Ergo's health insurance policies cover a broad range of expenses, including hospitalisation, ambulance fees, pre and post hospitalisation, day care operations, and domiciliary therapies.
Ratio of Incurred Claims
The Incurred Claim Ratio (ICR) gauges the profitability of a corporation by comparing the claims paid to the premiums received. The ICR of HDFC Ergo for the financial year 2018-19 was 62 percent, indicating that the firm has sufficient profit margins to maintain a solid financial position. The ICR is updated on a regular basis.
You can claim a tax deduction under Section 80D if you get health insurance and pay premiums. The premiums paid for your parents' coverage are eligible for a deduction of up to Rs. 55,000 (Rs. 25,000 for individuals and Rs. 30,000 for senior citizens) under this provision of the Income Tax Act.
HDFC ERGO has an excellent claim settlement ratio. For their potential clients, this is quite promising. In terms of pricing, their products outperform those of their competitors. The HDFC ERGO General Insurance Plan protects you against medical bills by providing financial assistance. Because of the escalating cost of health-related medical services, health insurance, and drugs, having a health insurance plan is critical.