5 min read
Updated on Aug 02, 2023
Star Health and Allied Insurance Company Limited is a standalone health insurance company specialised in offering health insurance products to individuals. Besides offering health insurance plans for family, the company also offers personal accident and overseas travel plans which also cover medical contingencies suffered by the insured. The company was formed in 2006 and ever since then it has been engaged in offering specialised and innovative health insurance plans to its customers. When it comes to claims, Star Health Insurance Claim Settlement Ratio is good and allows a hassle-free claim settlement process where policyholders can get their claims settled easily and quickly. They just have to follow the prescribed claim process and the company settles their claims at the earliest. The list of documents that are required to be submitted and the entire claim process is mentioned on the website of the insurance company itself.
|Features of Star Health Insurance||Specifications|
|Pre-existing diseases waiting period||4 years|
|Incurred Claim Ratio*||63%|
The ratio of claims that are settled by an insurer during a policy year as against the complete claims that the insurer receives during the year is called Claim Settlement Ratio (CSR).
|Age Analysis of Number of Claims Paid (%)||Claims Settled|
|Less Than 3 Months||99.64%|
|3 Months to 6 Months|
|6 Months to 1 Year||0.05%|
|1 Year to 3 Years||0.01%|
|3 Years to 5 Years||0%|
|More than 5 Years||0%|
Due to the simplified claim settlement process, Star Health’s claim settlement ratio is good. The ratio is high and it shows that the company settles most of the claims which are made on it. The claim settlement ratio is calculated and published by the Insurance Regulatory and Development Authority of India (IRDAI). It is calculated as the percentage of claims paid by the insurance company against the total claims made on it. Thus, the claim settlement ratio’s formula is (claims paid / claims made during the year) * 100. The higher the ratio the higher the claims insurance company has paid. a higher percentage is always better as it shows the insurance company to be trustworthy.
Star Health’s claim settlement ratio is 99.73% and it is, therefore, considered to be a reputed insurance company that not only settles the maximum number of claims which are made on it but also offers a range of innovative health insurance products. So, if you want to buy health insurance plan, choose Star Health and enjoy unique products and high claim settlement ratios.
The policyholder of a Star Health Insurance can avail cashless claims only at the network hospital of the insurer. With an extensive network of 9,300+ hospitals in its network, Star health insurance allows its policyholders to enjoy maximum flexibility in terms of cashless claims.
Here are the steps to follow:
The policyholder of a Star Health Insurance plan can check the status of their claim via two ways – online process and offline process.
If you want the details via offline process, you can get in touch at the toll-free claim helpdesk number of Star health insurance at 1800 425 2255 or you may visit the nearest branch of the insurer. You just need to give your policy intimation number and ID card number to get the details on claim status.
In case of reimbursement claim, you have the liberty to get the treatment done at any hospital. Also, you can visit any hospital of your choice be it network or non-network for the treatment and apply for the claim after getting discharged.
Here are the steps to follows:
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Here is a list of documents that you need to file a reimbursement claim:
The Claim Settlement Ratio of Star Health Insurance is calculated by dividing the total number of claims received by the company during a financial year by the total number of claims settled by the insurer during that period.
The cashless claims under Star Health Insurance plans can be done by following the steps below:
· Visit a network hospital of your choice and inform the insurer about the hospitalisation
· Show your health insurance ID card at the hospital
· Submit the required documents, which will be verified by the insurer
· Once verified, you can avail the treatment, while the settlement of the bill will be done by the insurer directly
As per IRDAI, Star Health Claim Ratio is 99.06% in 2023.
In case of reimbursement claims, the expenses of the bills are settled within 15 days from the date of discharge.
Star Health Insurance provides coverage against maternity expenses. So, you can claim against pregnancy expenses under Star health insurance.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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