The health insurance claim settlement ratio is the percentage of claims settled to the claims filed with an insurance company. Claims ratio data can help you to understand and analyze the memoirs of claim settlement of the particular company. It is a standard parameter used to rate insurance companies, making it one of the most important factors for customers to consider when selecting from the long list of insurers in the market.
Chola MS Insurance Company is a Joint Venture between the Murugappa Group and Mitsui Sumitomo Insurance Company Limited, Japan. It is a recognised Insurance company and has been awarded by the Government of India and international entities. With a 93.23% claim settlement ratio they are known to be a trustworthy company in India’s Insurance market.
The company offers two types of claims according to the needs of customers. Now let's get into the details of Chola Claim Settlement:
Filing the claim of Chola MS Insurance Company is easy, it can be done online, which saves a lot of time and effort.You can contact the company for a claim, submit your documents, and check your claim status easily on the ‘TuneIn’ customer app and on their official website also.
Step 1: Find the network hospitals of Cholamandalam Health Insurance Company and get admitted to only those hospitals that fall into the network of your insurer.
Step 2: In case of pre-hospitalization, notify the Cholamandalam Health Insurance Company about the hospitalization at least 48 hours before hospitalization. We must intimate the company within 24 hours, in case of emergency hospitalization. If the claim is approved, Chola Health Insurance Company will review the claim request and give pre-authorization within 2 hours.
Step 3: In the Chola Health Insurance Company claim settlement process, on admission, a pre-authorisation request for cashless treatment is to be sent to the TPA by the hospital. Submit all the necessary documents such as; Doctor’s prescription for hospitalization, all the medical reports, receipts of all the payments, medical bills and prescriptions, and additional documents if required. Once the form is approved, the customer can avail of the medical treatment.
Step 4: At the time of discharge, fill in all the medical documents and pay for the services that are not covered under the policy.
Step 5: The hospital will send the hospital bills to Chola Health Insurance Company. After review, the company will pay the bill directly to the hospital.
Chola Health Insurance Company claim settlement is a no-fuss process, please note that-
In this type of claim, customers can visit any hospital, it can be a non-network hospital too. Customers get their treatment in the hospital, payout from their pocket, and then apply for a reimbursement for the expenses with your insurer. And, after approval of the documents done by the company, the expenses claimed are paid out to the customer in their bank account. This process of Chola Health Insurance Company claim settlement can be time taking.
At the time of making the claim, the customer needs to submit all the hospital bills, prescriptions, and medical documents. These will need to be approved by Chola Health Insurance company.
Step 1: Write an intimation about hospitalization to be sent to TPA or the insurance company immediately, and within 24 hours of hospitalization in the case of emergency hospitalization.
Step 2: For Chola Health Insurance Claim Settlement, all the necessary original documents such as Diagnostic test reports, Reports of X-Ray, Scans, and other investigation reports, prescriptions, and discharge summary, are to be submitted to TPA/insurance company within 7 days from the date of discharge.
Step 3: The further process of fund transfer and approval of documents will be done by the Cholamandalam Health Insurance Company. And that's how they help you to ensure the financial security of your family.