The increased risk of life-threatening diseases and health care costs has pushed the demand for having a health insurance plan. When huge medical expenses are incurred on treatments during an emergency, the health insurance claim settlement process becomes valid. There are a number of insurance providers that provide the best deal of health insurance to the customers. To assess an insurer’s claim settlement, an individual should consider various factors such as the company’s history, number of customers and incurred claim ratios. But, firstly it is important to understand the claim settlement ratio. It is the total number of claims settled by the insurance company. As an example, if an insurer has 80% health insurance claim settlement ratio which means that the company has settled 80 out of 100 claims.
We have bought some of the best health insurance companies in India. You can examine their incurred claim ratio, number of network hospitals and other features. Listed below are the top insurance companies in India. You can compare on the basis of coverage benefits, features and then make an informed decision.
Best Health Insurance Companies in Claim Settlement
Religare Health Insurance Limited Company:
The claim settlement process of this organization is as significant as its contribution. It offers a wide array of general insurance plans. It had an incurred claim ratio of 93% in the previous financial year. This organization is regularly promoted by Fortis Hospital. Religare Health Insurance encourages cashless claim settlement at 7420+ network hospitals. This firm has valuable goodwill to engage and retain policyholders.
ICICI Lombard General Insurance Company
The health insurance plans offered by this company are designed keeping in mind every individual’s need. The claim settlement ratio is easy as this organization has tie-up with more than 4500 hospitals across India. The company is known for settling four claims every minute.
Max Bupa Health Insurance:
This insurance company is known to have an incurred claim ratio of 92% for the financial year of 2018-19. The health insurance plans offered by this company are tailored as per the individual’s needs. Few plans offer international coverage for various major critical illnesses across 190 countries.
HDFC Ergo General Insurance Company:
This insurance company offers a wide range of health insurance plans that includes indemnity and fixed-benefit plans. ICICI Lombard owns a network of 10000+ cashless claim settlements for achieving settlement records.
Bajaj Allianz General Insurance Company:
The claim settlement process of this company is very convenient. The company has 6500+ network hospitals that allow the policyholders with cashless treatment and easy reimbursements. Bajaj Allianz also offers a wide array of health insurance plans at affordable rates.
Star Health Insurance Company:
This insurance company is known for providing a customer-friendly insurance claim process. It has a strong base of 9900+ network hospitals that encourage cashless settlements easily. The best part of the health insurance plans is that they come with lifetime renewability. Star Health Insurance Company is known to settle 90% of cashless claims in less than two hours.
Bharti Axa General Insurance Company:
This insurance company has gained the trust of its customers by providing them prompt claim settlement process. In terms of cashless claim settlement, the company is known to provide more than 4500+ network hospitals. Bharti Axa General Insurance company is known to offer a comprehensive range of medical cover up to 1 crore.
Cigna TTK Health Insurance:
The incurred claim ratio for this company is 91% in the previous financial year. An individual can select various plans such as top-up plans, critical illness plans, and accidental care.
Oriental Insurance Company:
This insurance company is known for its smooth claim settlement process. The incurred claim ratio for the previous financial year was 89%. The health insurance policies can be customized as per an individual’s needs.
SBI Health Insurance:
The claim settlement process is beneficial. This insurance company is known to provide various health insurance plans that include everything from basic ailment and OPD expenses.
Takeaway
Having a health insurance policy from a reputable insurance company is important for all. It protects you from the financial burden when diagnosed with an ailment. An individual can a number of products offered by these insurance companies. These companies are best known for their floater plans. Individuals can compare different online mediclaim policy to opt for the best insurance policy.