Treatment at a good hospital, even for something as minor as fever and cough, can cause serious damage to your hard-earned savings. Thus, it is very important to have the best health insurance plan that provides protection to you and your family.
The research team at PolicyX has identified several factors such as network hospitals, claim support, annual premium, and solvency ratio, which are important indicators of how reliable an insurance provider is.
Let's understand in detail.
The plan offers a lifelong renewability option. It saves your pocket from financial stress caused due to medical emergencies and keeps you prepared to handle any critical/ difficult situation.
Network hospital list is an important criterion that people consider while buying health insurance. The longer the list of hospitals, the easier it is to find one in nearby places.
Insurers appoint network hospitals, doctors or medical practitioners, or clinics that charge lower fees to their policyholders. The policyholders can also avail of cashless facilities thereafter filing a claim at these hospitals. It simply means that your treatment will be done without paying money to the hospital. With a cashless hospitalization, all the medical bills get settled upon the completion of the treatment or after the discharge.
Edelweiss Health Insurance Company has a tie-up with 3281+ network hospitals across India providing cashless facilities to its customers.
Comparison of Network hospitals of Edelweiss health insurance with other general insurers
You can check the Edelweiss Health Insurance network hospitals list with PolicyX.com as per your state and city.
Have you ever thought of a case when you get admitted to a non-network hospital? Who will bear your medical bills? In that case, the company offers an option of reimbursement where the paid amount is refunded to the insured after 10-12 working days.
The solvency ratio is another crucial factor to consider while selecting the best insurance company. It helps to determine the survival capacity and reliability of the insurer. As per IRDAI, it is mandatory for every insurer to maintain a solvency ratio of 1.5.
The solvency ratio of Edelweiss health insurance company is 2.2 which fulfills the set standards of IRDAI.
Solvency Ratio of Edelweiss Health Insurance over the years
Here, we have assessed the company's solvency ratio of the last 3 years i.e. from 2017-20.
IRDAI publishes solvency of four months for the year 2019-20 i.e., June 2019 - March 2020.
Solvency Ratio of Edelweiss Health Insurance 2019-20
Claim support determines the claim settling ability of an insurance company and is also used as a rating criterion of the health insurance companies. IRDAI standardizes the claim support and publishes it annually in the first month of every year.
The claim support of Edelweiss Health Insurance within 3 months is 99.72 that means out of 100 claims, they have settled 99 claims.
Let's understand the claim support of general insurers with the help of a graph.
Comparison of Claim support (within 3 months) of Edelweiss with other general insurers
A higher claim support percentage ensures a smooth settlement.
Market share determines the volume of a business that determines the total number of policies sold by an insurance company and the premiums collected.
As per the IRDAI Annual Report 2019-20, the Annual Gross Premium of Edelweiss Health Insurance is Rs.45.06 crores. The bar graph shows the Annual Premium of Edelweiss across India from the Financial year 2017-2020. Let's take a look.
Annual Gross Premium of Edelweiss Health Insurance over the years
Go through the table for more understanding,
| Renewability|| Lifetime|
| Network Hospitals|| 3281|
| Solvency Ratio|| 2.2|
| Claim Support (within 3 months)|| 99.72|
| Annual Gross Premium 2019-20|| 45.06 Crores|
**Last Updated on July, 2021