We presume you have already had a look at the Claims Settlement Ratio for Health Insurance in India for 2013-2014. And you must have already had some companies in mind by now. Good. But CSR for Health Insurance Claims alone is not good enough. Also important are…
1. How soon does the company settle the Health Insurance Claims?
2. What is the average claim amount?
3. And of course, the product features and coverage.
So here is our analysis on Health Insurance Claims for the year 2013-2014. This is collated from publicly available data. We must also mention here that we have used mean time for each time interval (15 for <1month, 60 for 1 – 3 months, etc. and 366 for >1 year) to estimate the average settlement time. When analyzed, this becomes a great input for making the choice on the Health Insurance company you will eventually choose to cover your family’s health expenses.
Click here or anywhere on the table below to see it full screen.
A few things emerge.
- There are quite a few companies who pay the claim amount within 30 days. Most health insurance companies offer cashless claims for hospitals in the network, which is a great thing for customers and which brings down the claims payout time significantly. Companies like Chola MS, Bharti Axa, ICICI Lombard and Religare Health settle your health insurance claims the fastest! Even Tata AIG, Max Bupa, Star Health, HDFC Ergo, Apollo Munich and Liberty Videocon have health insurance claims settlement time less than 30 days.
- National Insurance, Reliance General and United India Insurance take more than 100 days to settle claims. They will need to speed up on this front.
- There is a wide range in the average claims amount paid to customers. Some companies have very low average claims amount perhaps because of a multitude of business coming from low insurance cover health policies.
- Companies such as National Insurance, IFFCO Tokio, Liberty Videocon, L&T General, Bharti Axa, Max Bupa, Univeral Sompo and Apollo Munich have good average claim payout amount.
We will cover Health Insurance product features and compare the coverage of each policy through more articles shortly. In the meanwhile, do sign up by submitting your email and ensure you get the article in your inbox whenever we publish it.