Digit Health Insurance
The Digit Health Insurance was incorporated in 2016 with an ideology to make the concept of health insurance an easy and hassle-free affair. It aims at offering unique insurance plans in a simplified manner to ensure that health insurance is accessible to every segment.
All in all, the company offers simple, transparent, and customised health insurance plans that can fulfill your healthcare needs. Moreover, the company was awarded Asia’s General Insurance Company of the Year 2019.
Continue reading to explore more about the company.
Key Features of Digit Health Insurance Company
With the availability of 29 health insurance companies, one may get confused about which company to trust for their healthcare needs. Choosing an ideal health insurance company depends on the various factors such as the network hospitals provided by the company, its claim support, solvency ratio, annual premium, etc. These factors help an individual to assess the stability of the company.
To help you make an informed decision of selecting an insurance provider based on the factors mentioned above, we at PolicyX.com have evaluated a this company on the above-mentioned factors.
Let’s discuss the key features of the Digit Health Insurance for a better understanding of the company.
1 Network Hospitals
Network hospitals help you avail of a cashless treatment at the time of a medical emergency. The Digit Health Insurance Company offers 5,900+ network hospitals where you can easily avail of the cashless facility for medical treatment along with complimentary health check-ups.
2 Solvency Ratio
The solvency ratio is one of the important factors when it comes to selecting an ideal health insurance company. It helps you assess the company’s ability to meet its long-term financial obligations.
According to IRDAI, every insurer must maintain a solvency ratio of 1.5, irrespective of the number of risks that the insurer entities carry or the liabilities that arise from the insurance policy’s pricing.
To assess this company’s ability to meet its financial obligations, we compared its solvency ratio from the last 2-3 years. Have a look at the below graph representation to understand better.
Solvency Ratio Of Digit Health Insurance Company
As per IRDAI Annual Report 2016-20, the solvency ratio of the Digit has always matched the standards of IRDAI, which indicates it has a good claim paying ability.
3 Claim Support (Claims settled within 3 months)
It is useless to have a health insurance policy if the insurer cannot settle claims timely. Therefore, it is crucial to check the claim support of the company that you are going to choose.
As far as Digit Health Insurance is concerned, the company’s claim support is 99.65 which shows that the company cares for its customers' needs during uncertain times.
Have a look at the below graph showcasing the 10 companies with the highest claim support:
10 Insurance Companies With Highest Claim Support
**Data from IRDAI Annual Reports
4 Annual Premium
The annual Premium of an insurance company helps you identify the volume of a business and measures the preference of a consumer over other companies. The Annual Report of IRDAI 2019-20 shows that the Annual Gross Premium of the Digit Health Insurance is 17.52 crores.
When compared with the previous years, the company has shown significant growth which indicates that the company is growing and will continue to offer the best to its customers.
What Is The Claim Process of Digit Health Insurance?
Digit Health Insurance has a very simple and hassle-free claim settlement process. Digit Health Insurance allows you to file claims in one of two ways: cashless or reimbursement.
For Cashless Claim
- Inform the company at least 2-3 days prior to your planned hospitalization, or within 24 hours of hospitalization in case of an emergency situation.
- Get admitted to any of the network hospitals associated with the company. Use your e-health card and show them your identification proof.
- Fill up the pre-approval form that will be available at the Mediassist help desk/insurance helpdesk at the hospital.
- After validating your identity, the network hospital will submit the pre-authorization request form to the company.
- The company will review your request and provide the confirmation to the network hospital by fax or email and share the same with you via text or email.
- The company will settle the claim with the hospital after the completion of all formalities.
For Reimbursement Claim
- If admitted to a non-network hospital, notify the company within two days of your admission date.
- After intimating the company, you will receive a link where you can upload the soft copies of all original documents like your treatment bills, medical reports, etc.) and bank details of your desired bank account.
- Once submitted, you will receive the payment within 30 days from the receipt of the last necessary claim document.
Documents Required To File a Claim
Duly Filled and Signed Claim form
KYC (Photo ID Card) Bank Details with Cancelled Cheque
Original reports of diagnostic tests, radiology reports, and payment receipts
Original hospital bills and discharge certificate signed by the medical practitioner
Medical Practioner’s prescription for consultation, medicine, and medical tests
Post Mortem Report (if applicable)
Other documentation requested by the company