Top 5 Health Insurance Companies in India 2022 | Best Claim Settlement Ratio IRDA | Lowest Price Review
If you want to buy Star Health Insurance then please use below link –
https://trekbook.in/star
I have also done detailed video review to explain the slides in this article – please have a look at it if you have 10 mins time
Below chart shows comparison of claim settlement ratio for the year 2020 as well as network hospitals from all health insurance companies which is an important factor to decide if you wish to go for particular company –
The same data is presented in graphical format for ease of explanation – you can refer my video where I have explained that Y axis shows claim settlement ratio and network hospitals from various health insurance companies in India. I have given ranking from 1 to 6 for companies depending upon my logic which I have explained on my YouTube channel TrekBook India
How To Choose The Best Health Insurance Company In India?
Choosing a good health insurance company in India needs to be done with the help of good insurance advisor certified by IRDA.
Its not possible that one insurance company that suits everyone requirements.
The understanding of best health insurance company varies from individual as per their requirements and health goals.
For instance, you may look for wide network of its partner hospitals offering cashless claim facilities, while other person may give more weightage to the quality of services offered or the availability of customer support or best claim settlement ratio.
Below table shows the market share of various health insurance companies in India for year 2021 2020
Below is comparison of features of the top health insurance companies that I have selected for myself. As explained in my video review I have taken 2 policies from Star health for maternity benefit showing purpose.
Following are the factors to be considered to compare top health insurance companies in India :
1. Availability of Health Insurance Plans
Look for the types of health plans offered by insurance companies like the individual health insurance plan and the family health insurance plan, or even specifically designed plans for certain categories like for women, children, senior citizens.
2. Cashless Network Hospital
Every health insurance company partners with a number of hospitals at which it allows cashless claim facilities. Best is to choose an insurer with wider network.
3. Claim Settlement Ratio
The claim settlement ratio of a health insurance company tells the percentage of claims settled by it out of the total number of claims received during a financial year. The higher the claim settlement ratio, the better it is.
4. Customer Support Service
Look for the availability and quality of the customer support service. Best is to choose a company which offers 24*7 customer support so that you can anytime get your queries resolved.
5. Business Volume
Business volume means the total number of policies that an insurance company has sold and collected the premium. An insurance company that has sold more policies indicates that it has a larger market share and hence can be trusted by the people. Business volume can be considered as a parameter to judge health insurance companies where higher volume means greater trust among the customers.
6. Claim Settlement Process
Choose an insurance company that has lesser claim formalities so that you can save time and effort.
7. Reviews And Ratings
Knowing reviews from the existing policyholders about a health insurance company helps you make an informed decision. You can do some research in order to choose the best insurance company.
8. Awards and Accolades
On the website of every insurance company, you will find a section of awards and accolades. There you can check how many recognitions a particular insurance company has won. A higher number of awards and recognitions indicate the greater credibility of the company. So, when choosing an insurance company, go with the one that has consistently won several awards and accolades that makes them an all-rounder.
9. Digital Presence
Good digital website/app support means you need not visit the insurer’s office, chase insurance agents and pay a lot of bucks as brokerage, or submit a pile of documents to get health insurance coverage.
So, it is imperative to choose an insurance company that has a good and strong digital presence so that you can purchase and maintain a health insurance policy with the utmost ease.
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reference for this presentation chart of claim settlement ratio in health insurance and network hospitals is taken from below website on 10 Dec 2021
https://www.insurancedekho.com/health-insurance/companies
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