Best Health Insurance Companies in India in Claim Settlement 2022
5 min read
Best Health Insurance Company in India as Per Claim Settlement
A health insurance claim occurs when you face a medical emergency and incur medical costs. If the costs are covered by the health insurance plan, the insurance company pays for the costs incurred. There are about two dozen health insurance companies in India. Among these companies, the company which settles the maximum health insurance claim is considered to be the best. Though many companies have good insurance claim settlement records, here are the ten best health insurance companies having the best claim ratio of health insurance companies.
10 Best Health Insurance Companies in Mediclaim Claim Settlement
- Edelweiss General Health Insurance Company Limited
- Star Health and Allied Insurance Company Limited
- Kotak Mahindra General Insurance Company
- HDFC ERGO Health Insurance Company Limited
- IFFCO Tokio General Insurance Company Limited
- ICICI Lombard Health Insurance Company
- Bajaj Allianz General Insurance Company Limited
- Care Health Insurance Company Limited
- National Insurance Company Limited
- Reliance General Insurance Company Limited
Below are the top 10 health insurance companies that have highest Mediclaim claim settlement ratio in 2022, India.
1. Edelweiss General Health Insurance Company Limited
Edelweiss General Health Insurance Company by Edelweiss Group that is a homegrown multinational corporation, has been a trusted name for over 2 decades now. With the assurance of a simple and hassle-free claim procedure, Edelweiss General has a strong network of customers all across the country. The company offers comprehensive health insurance plans for its customers aged 3 months and above.
2. Star Health and Allied Insurance Company Limited
Star Health is a leading name in the health insurance industry. The company has an in-house claim settlement team that removes the hassles of dealing with third parties and settles claims quickly. The company has one of the largest networks of hospitals which helps in easy cashless settlements. Know more about Star Health Insurance Claim Settlement Ratio.
3. Kotak Mahindra Health Insurance Company
Kotak General Insurance is a 100% subsidiary of Kotak Mahindra Bank. With over 45 lakh customers, Kotak Mahindra is a trusted name in the insurance market. Since 2015, the company has launched many insurance plans and products. With 19 branches spread across the country, the Kotak Mahindra Health Insurance Company has established a strong service network for all its customers.
4. HDFC ERGO Health Insurance Company Limited
Apollo Munich Health Insurance is now HDFC ERGO Health Insurance. The company has over 1.5 crores happy customers and boosts of a 20-minute cash claim approval system. The company is a reputed health insurance company that also offers some of the best health insurance plans. Everyone frets out the best health insurance company in india as per claim settlement is concerned. HDFC ERGO is the one who usually tops the clart with one of the best claim settlement ratio in health insurance.
5. IFFCO Tokio Health Insurance Company Limited
IFFCO Tokio offers a range of general insurance products, health insurance being one of them. The IFFCO Tokio Health Insurance Company has a network of 6400+ hospitals across India and helps in an easy settlement of cashless health claims.
Also Read: 3 Simple Steps for Making an Insurance Claim
6. ICICI Lombard Health Insurance Company
With a 24X7 customer support, the ICICI Lombard Health Insurance Company offers constant assistance in your time of need. The tailor-made plans allow the customers keep themselves and their families covered and well protected. Through the IL Take Care App, the claim intimidation is easy and very convenient.
7. Bajaj Allianz Health Insurance Company Limited
Bajaj Allianz boasts of having the fastest claim settlement record by settling its claims within a turnaround time of only one hour. The Bajaj Allianz Health Insurance Company has an in-house claim settlement team and has serviced more than 2.9 lakhs claims in the year 2017-18 itself.
8. Care Health Insurance Company Limited
Care Health Insurance Company Earlier known as Religare Health Insurance Company Limited, Care Health Insurance offers cashless treatment all over the globe. The company has introduced revolutionary health plans and has mantained good claim settlement record. In less than 2 hours, the in-house claim team assures to process the claim with a strong Religare claim settlement ratio.
The Care Health Insurance Mobile App also makes the claim procedure simple. Know about the ratio of claim settlement at Care (Religare) Health Insurance.
9. National Insurance Company Limited
National Insurance is a leading name in the health insurance industry in the public sector. It is one of the oldest insurers with a trusted network of customers and quick claim settlement records.
10. Reliance General Insurance Company Limited
Another big name in the industry, Reliance offers a range of general insurance products. In the health insurance category, Reliance has a tie-up with more than 8000 hospitals and facilitates quick cashless claim settlement. With high medical treatments, the Reliance Health Insurance Company allows the customers to avail of quality treatment through affordable health insurance policies.
Best Health Insurance Companies in India as per Claim Settlement Ratio
Health Insurance companies do not really publish the ratio of claim settlement in the health insurance sector, the CSR indicates how many death claims were settled in a given year. It can give you a slight idea about the customer approach followed by them. However, it cannot be the sole indicator of a company’s core values.
Also Read: Know the Available Conditions in Which User can Easily Claim the Health Insurance
Here is the IRDA Claim Settlement Ratio of Health Insurance Companies 2022:
| Name of the Company | Network Hospitals | Claim Settlement Ratio for FY 2021-22 |
| Edelweiss General Health Insurance Company Limited | Over 3,000 | 97.01% |
| Star Health and Allied Insurance Company Limited | Over 11,000 | – |
| Kotak Mahindra Health Insurance Company | Over 4,000 | 96.38% |
| HDFC ERGO Health Insurance Company Limited | Over 13,000 | 99.07% |
| IFFCO Tokio Health Insurance Company Limited | Over 6,400 | 99.71% |
| Bajaj Allianz Health Insurance Company Limited | Over 6,500 | 98.61% |
| Reliance Health Insurance Company Limited | Over 8,000 | 98.16% |
| National Insurance Company Limited | Over 6,000 | – |
| Care Health Insurance Company Limited | Over 16,500 | 95.2% |
| ICICI Lombard Health Insurance Company | Over 6,500 | 96.93% |
Please note that the Claim Settlement Ratio is not published by the IRDAI in their annual report. Instead they publish the Incurred Claim Ratio details and the claim settlement tenure.
Also Read: Health Insurance Claims Ratio of Top 28 Health Insurers in India
What is Incurred Claim Ratio?
ICR or the Incurred Claim Ratio is the amount of money paid by the insurance company as claims as against the total premium collected. IRDA publishes this data in the Annual Report.
So, choose the best health insurance company in claim settlement based on the claim settlement record and ensure speedy and easy settlement of your health insurance claims.
Choose wisely!
FAQs on Best Health Insurance Companies in Claim Settlement
Which health insurance company has the highest customer satisfaction?
Customer satisfaction is completely a matter of personal experience that might differ from one customer to another. Depending upon your needs and claims, you may have your experience. Before deciding, browse through company reviews, check the CSR, or speak to a customer care executive to get a fair idea about the company’s customer approach.
How are claims settled under health insurance?
When you have a health insurance plan, you can receive cashless claim facilities at network hospitals of the company. Apart from this, you can claim a reimbursement in case of both planned and emergency hospitalisation by submitting relevant bills and doctor’s certificates. Though most insurance companies, follow a similar claim procedure, it is best that you read your policy documents carefully.
What is a good claim settlement ratio in India?
Claim settlement ratio of health insurance companies is the number of claims that a company settled out of the number of claims it received. The top claim settlement ratio could be the ones above 99%. However, the settlement ratio of health insurance companies between 95-99% is considered good.
Which health insurance has the highest claim settlement ratio in 2021?
Some of the companies have shown a commendable claim payout ratio in 2021. HDFC ERGO claim settlement ratio is on the top list with a ratio of 99.8% followed by Edelweiss General with 99.72% of mediclaim claim settlement ratio.
Religare health insurance claim settlement ratio of 92.58% is also recommended by customers. These are some of the companies with the highest health insurance claim settlement ratio 2020-21 that you can look forward to.
How can I make my insurance claim faster?
Health insurance claims must be filed as soon as you can. In case of planned hospitalisation, you can inform your insurance company in advance. Another rule is to be a quick respondent to the questions and queries of your company. Whenever there is a need to submit any document, you must do it as soon as possible so that further processes could be carried out without any delay.
How long does it take for claim settlement?
Generally, you can receive your claim settlement within a month. A minimum of three weeks time is taken for the processes and formalities to be completed.
How to speed up insurance claims?
The only golden rule to speed up your insurance claims is to stick to the company procedures. Raise your claim with the company without any delay. If it’s a planned hospitalisation, try to get in the network hospital. It is also important that a close member knows about the paperwork and other formalities.
Author Bio
Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.
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