Top Health Insurance Companies with Best Claim Settlement Ratio

Understanding Claim Settlement Ratio

Beginning with a quick analysis of the claim settlement ratio of health insurance companies is a reliable step towards finding the right plan. A claim settlement ratio reflects the company’s track record of settling claims against the claims they promised.

You need to know that the Insurance Regulatory and Development Authority of India (IRDA) releases an annual report on the claim settlement ratio of all the registered health insurance companies in India. You can easily find the report on the official website.

To understand the company’s reliability, the claim settlement ratio works as a practical method as it showcases how efficient the company is in fulfilling its promises.

Top 10 Health Insurance Companies with Best Claim Settlement Ratio

Comparing the claim settlement ratio of different insurance companies makes the job of finding the best health insurance policy easier. The table below shows the percentage of claims settled by some popular companies within the first three months of initiating the claim in the financial year 2023-24. Take a look to make a quick comparison: 2

Why Choose Jio Insurance Broking? Choosing Jio Insurance Broking simplifies the process of comparing different health insurance companies by providing all the details under the same platform.

How to Choose the Right Policy?

Besides the claim settlement ratio, there are certain metrics that you should compare to find the best health insurance company. Here’s a list of considerations that you should be mindful about:

1. Right Insurance Plan
   Remember that the one insurance plan doesn’t suit all. Instead of going for a higher sum assured factor in your lifestyle, dependents, income, etc, choose an insurance plan. Additionally, make sure that your insurance plan provides coverage for critical illnesses and diseases that you and your loved ones might be at high risk of suffering from, given the medical history.
2. Comprehensive Coverage
   A plan that offers flashy coverage can be appealing, but the right approach is to choose comprehensive coverage. To give you an idea, coverages like in-hospital, pre and post-hospitalisation, second opinions, critical illness, day care treatment, ambulance and advanced technology treatment should be on your priority list.
3. Affordable Premiums
   While you are choosing comprehensive coverage and high sum assured make sure to calculate the premiums smartly. No matter what premium paying frequency you choose, it is crucial to evaluate your paying capacity and not make premiums a financial burden you can not afford. Jio Insurance Broking helps you compare premiums within minutes and pick what best works for your finances.
4. Simple Application Process
   In today’s world, when everything is digitalised, your health insurance should also be. Find a health insurance company that has a simple application process that can be done while you sit in the comfort of your home. Complex coverages can be hard to understand, and you might feel tricked into purchasing a plan that is not viable. Choosing Jio Insurance Broking promises to bring the best health insurance plans and their coverages in the simplest ways.
5. Positive Reviews and Ratings
   The practical experience of customers is always a reliable way to compare different health insurance companies. You can check reviews and ratings online and get in contact with friends or relatives who have opted for a similar health insurance policy.

Before You Leave

A health insurance plan is an integral part of life, and if you have been neglecting it with the thought, “I will do it later”, “I don’t need it, or I am still young”, remember that India’s medical inflation is at a whopping 14% which will most probably rise in the coming years.3 With Jio Insurance Broking, opting for health insurance has become simpler than ever. With a few clicks, you can compare the best health insurance policies, get quotes, and apply online while sitting in the comfort of your home.

Relying on the claim settlement ratio along with the company’s coverage, sum assured, add-ons, and inclusive plans are factors that can help you find the right health insurance.