How to choose the best health insurance policy?
To choose the best health insurance policy, the incurred claims ratio or the best health insurance claim settlement ratio of the health insurance company should not be the sole parameter. You should judge the policies on the following parameters too –
- The coverage offered – the wider the better
- The premium charged – the lower the better
- Sub-limits or limits on coverage features – as minimal as possible
- Waiting period for pre-existing illnesses – the lower the better
- Value-added benefits – the more the merrier
Here is a comparative analysis of Medical Claim Settlement Ratio & Incurred Claims Ratio of top health insurers for the financial year 2018-19
| Name of the insurer | Incurred Claim Ratio (ICR) |
|---|---|
| Acko General Insurance Limited | 24% |
| Aditya Birla Health Insurance Company Limited | 59% |
| Apollo Munich Health Insurance Company Limited | 63% |
| Bajaj Allianz General Insurance Company Limited | 85% |
| Bharti AXA General Insurance Company Limited | 89% |
| Cholamandalam MS General Insurance Company Limited | 35% |
| Manipal Cigna Health Insurance Company Limited | 62% |
| DHFL General Insurance Limited | 46% |
| Edelweiss General Insurance Company Limited | 115% |
| Future Generali India Insurance Company Limited | 73% |
| Go Digit General Insurance Limited | 11% |
| HDFC Ergo General Insurance Company Limited | 62% |
| ICICI Lombard General Insurance Company Limited | 76% |
| IFFCO Tokio General Insurance Company Limited | 102% |
| Liberty General Insurance Limited | 82% |
| Magma HDI General Insurance Company Limited | 90% |
| Max Bupa Health Insurance Company Limited | 54% |
| National Insurance Company Limited | 107.64% |
| Raheja QBE General Insurance Company Limited | 33% |
| Reliance General Insurance Company Limited | 94% |
| Kotak Mahindra General Insurance Company Limited | 47% |
| Royal Sundaram General Insurance Company Limited | 61% |
| SBI General Insurance Company Limited | 52% |
| Shriram General Insurance Company Limited | 53% |
| Star Health & Allied Insurance Company Limited | 63% |
| TATA AIG General Insurance Company Limited | 78% |
| The New India Assurance Company Limited | 103.74% |
| The Oriental Insurance Company Limited | 108.80% |
| United India Insurance Company Limited | 110.51% |
| Universal Sompo General Insurance Company Limited | 92% |
Why health insurance is required?
Health insurance takes care of all the hospitalization expenses subject to maximum sum insured and terms of the policy. Cashless facility provided by the companies in network hospital. The treatment will be settled from the insurance company.
Important features of a health insurance policy
- Pre & post hospitalization
- Cashless hospitalization
- Cover for pre-existing disease
- No claim bonus
- Reinstatement of sum insured
- No co-payment
- OPD benefits
- Critical illness raider
- Additional Raiders
- No capping on room rent
- Day care procedures
- Online wellness programmes
- Senior citizen plans
- Top up plans
- Health check ups
- Maternity benefits
- Avail tax benefits
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