Benefits of Liberty Health Insurance
Liberty General Insurance (LGI) is an award-winning general insurance company, based in Mumbai, India. Founded in 2013, it is partnered with Liberty Citystate Holdings PTE Ltd., DP Jindal Group and Enam Securities. It provides a wide range of insurance products for health, accident, cars, bikes, marine, and so on.
Within a short span of time, Liberty General Insurance has managed to operate its operations through 60 offices in 58 cities across 23 states. Besides, it provides cashless treatment in 5,000+ network hospitals across the country and serves customers at more than 3,100 auto service centres. The health insurance plans of the company have been designed to provide policyholders with extensive coverage in terms of medical expenses, subject to the coverage specified in the policy wordings.
Some of the key health insurance benefits include a free health check-up after 2 years of continuous policy renewal, a free look period of 15 days, 10% increment in the Basic Sum Insured for every claim-free year.
Additional Benefit of Free Health Check upLGI rewards policyholders with a free health check-up after 2 years of continuous policy renewal regardless of the claims made under the policy.
Additional Protection over Employer CoverageThe health insurance policies of LGI provide additional protection over employer coverage. In general, in the health policy provided by an employer, benefit is available only for salaried people with limited coverage options. Also, some diseases and illnesses are not covered. In contrast, the health policies of LGI cover the entire family members, including parents and with increased coverage benefits.
Cashless BenefitIn a medical emergency, paying hospital bills is one of the most critical parts. With the cashless treatment at all network hospitals in India, you won’t meet the stress of the financial crisis.
Claim Settement RatioThe claims settlement ratio (CSR) is the number of claims raised divided by the number of claims that have been resolved. If an insurance company has received 100 claims annually and resolved 50 claims, then the CSR is 50%. CSR of Liberty General Insurance is 91%+*. *The claims settlement ratio changes from time to time.
Coverage against Medical ExpensesThe health insurance policies of Liberty General Insurance provide extensive coverage against medical expenses, such as inpatient treatment, daycare procedures, pre and post-hospitalisation, organ donor, domiciliary treatment, ambulance charges, etc.
Incurred Claim RatioIncurred Claims Ratio (ICR) means net earned premium. For example, if ICR of an insurer is 90%, it means for every Rs.100 earned as premium, the company has spent Rs. 90 on the claims settled. Hence, Rs. 10 is the profit of the insurance company. ICR of Liberty General Insurance as per the IRDA 2018-2019 report is 82%*. It indicates the company has earned good profits, which has helped it strengthen the company’s finances. *ICR changes from time to time.
Tax BenefitThe premiums paid against health insurance policies let you enjoy tax benefits under 80D of the Income Tax Act.
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Liberty Health Insurance FAQs
How to buy and apply for the health insurance policy of Liberty General Insurance?
You can buy and apply for health insurance policies online from the official website of Liberty General Insurance or through the online broker’s website like InsuranceDekho.
What are the coverage benefits under health insurance policies of Liberty General Insurance?
The health insurance policies of Liberty General Insurance come with extensive coverage benefits, such as pre and post-hospitalisation, inpatient treatment, daycare treatment, ambulance charges, and much more.
Is the Second Opinion option available under the policy of Liberty General Insurance?
Yes, Liberty General Insurance offers the Second Opinion benefit under one of its policies, which is Liberty Health Connect.
Does Liberty General offer any family floater policy?
Yes, Liberty General offers a family floater policy by the name of Liberty Health Connect. This plan is also available on an individual basis.
Who is the third-party administrator (TPA) of Liberty General Insurance?
Vipul Med Corp is the Third Party Administrator (TPA) of Liberty General Insurance. The company strives for the quick and hassle-free claims process.