Best Health Insurance Companies In 2021 Based On Claim Settlement Ratio

The right choice of an insurance plan is a carefully thought-out decision that must be handled with the utmost care. Not only does it involve much of your finances but also covers situations and provides benefits that the policyholder would have to suffer otherwise. Therefore, several factors must be considered in order to choose the best health insurance plan.

Among such factors, the claim settlement ratio is one of the most important factors. It is especially relevant for health insurance plans where payouts and cover are needed within a short period of time. Read on to find the best health insurance companies in 2021, based on the claim settlement ratio.

What is the Claim Settlement Ratio?

The claim settlement ratio tells about the number of claims settled against the number of claims received.  against the insurance policy. It indicates the number of claims that have been rejected (or accepted) by the insurance company. The higher the ratio, the more claims have been approved by the insurance company. 

A lower claim settlement ratio indicates that a high number of claims have been rejected by the insurance company than have been accepted. This is of course not an ideal statistic. As a result, before deciding on a specific health plan, consider the claim settlement ratio of the  Insurance Regulatory and Development Authority of India (IRDAI).

Best Health Insurance Companies In 2021 Based On Claim Settlement Ratio

To help you with your choice, here is the list of the best health insurance companies and their claim settlement ratios.

When Can I Make A Claim

In the unfortunate event that the policyholder dies before the policy period expires, the nominee can file for claims. This claim includes several benefits, the most important of which is the death benefit. Different companies have different protocols to file for claims. However, generally, you are required to show authentic and verified documents to prove that the policyholder has passed away. However, any discrepancies or frauds revealed during this process (including any lie in the initial application), may lead to claim rejection

Conclusion

To get the right health insurance plan, make sure to look through various options and consider all factors such as the type of policy, claim amount, duration of the policy, and claim investigation policies for each plan.

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