4 min read
Updated on Aug 22, 2023
It is very crucial to check the claim settlement ratio of the insurer that you are planning to buy your health insurance from. Claim Settlement Ratio or CSR is something that you cannot ignore when it comes to your health plan. Like in the case of buying a new asset like jewellery, house, car etc., when you do a lot of research and check the asset in terms of all parameters, buying an insurance policy also needs the same level of research and consideration including checking the CSR.
If you buy a health plan from an insurer who is unable to comply with your claim request when required, the plan would be useless for your family and yourself. In such cases the monetary burden will come to you and your family. Hence, it is very important that you purchase a health insurance policy from a reputed insurance company with a good claim settlement ratio. You must also do a thorough research and evaluate the performance of the company in terms of various parameters and check if it is good enough to trust with your and your family’s health.
In this post, we will learn about the claim settlement ratio of Tata AIG Health Insurance company and know about its claim settlement process.
Claim Settlement Ratio
96.43% (FY 2020-21)
Waiting Period (Pre-existing diseases)
Claim settlement ratio of a health insurance company confirms the capacity of the insurer to settle claims of the policyholders. The CSR rates a particular insurer based on its claim settling ability. If the CSR is high, it means that the company is capable of settling claims better and if the CSR is low, it means that the company may not have a good background on settling claims.
As per IRDAI or Insurance Regulatory and Development Authority of India, the CSR of Tata AIG health insurance company is 96.43% for FY 2020-21.
Now, let us take a look at the process of claim settlement of Tata AIG. The Tata AIG claims like any other health insurance policy can be raised via two ways: cashless claims and reimbursement claims
In the reimbursement process of raising claims, all the bills of treatment are required to be paid by the insured at the time of discharge from the hospital. Later the insured can raise the claim as reimbursement from the insurance company.
It is crucial for an insurance company to be transparent about their claim process and the numbers of claims settled per year. Here, the CSR of the company is a great support to know the capacity of the company to settle claims. Hence, it is always advisable to check claim settlement ratio before buying a health plan.
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The claim settlement ratio of Tata AIG health insurance company is 96.43% for FY 2020-21.
You can contact Tata AIG health insurance customer care by calling their toll-free number 1800 119966 or by texting “CLAIMS” to 5616181.
The Tata AIG claim settlement ratio in the financial year 2020-21 is 96.43%, which is an impressive number to trust the company for your health policy.
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