Future Generali Claim Settlement Ratio
- CSR of the company
- Claim process
- Consistency of CSR
Buying a health insurance policy and then the insurer not being able to settle your claims can be quite frustrating. Thus, to avoid such situations, it is important for you always to check the claim settlement ratio of your chosen company. The claim settlement ratio is one of the most useful parameters that showcases the number of claims settled by the company in a financial year. It is an important factor that helps you to evaluate how soon the company will settle the claims in the time of need. Before buying health insurance, one should always check the history of claims settled by that company.
Future Generali, a general insurance company is a joint venture between a leading Indian business conglomerate, the Future Group of Industries and the Generali group, one of the leading Italy-based companies. The company started its operations in September 2007. Future Generali Claim Settlement Ratio plays an important part in choosing a health insurance company for coverage.
The Insurance Regulatory and Development Authority of India (IRDAI) publishes the CSR of all the insurance companies in their annual reports through which one can easily check and compare the CSR of the preferred and all the other insurance companies.
As per the IRDA Annual Report of 2021-22, the Future Generali claim settlement ratio is 96.01%. Which is considered more reliable and shows the ability of the company to settle claims for its customers.
In this section, we will discuss the types of claims and the process of filing the claims. There are two types of health insurance claims you can choose from:
1. Cashless Claims
2. Reimbursement Claims
Cashless claims in health insurance are a mode of claim settlement where the policyholder does not have to pay cash for treatment and the settlement of the bills is taken care of directly between the hospital and the insurance company. Future Generali cashless claim settlement helps in paying off the hospital bill instantly, upfront. Cashless claims are gaining popularity every day, and more and more people getting health insurance policies are availing of this feature for the comfort it offers.
Step 1: Find the network hospitals of Future Generali Health Insurance and get admitted to only those hospitals that fall into the network of your insurer
Step 2: Now, notify Future Generali Health Insurance Company about the hospitalization. In case of pre-hospitalization inform the insurer about the hospitalization before getting admitted.
Step 3: The customer needs to fill out the pre-authorization form and submit it to the hospital. The pre-authorization form is then sent for approval to Future Generali Health Insurance Company. Once the form is approved, the customer can avail 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 Future Generali Health Insurance Company. After review the company will pay the bill directly to the hospital.
Future Generali has a simple, app-based claim process to make your experience hassle-free. You can contact the company for a claim, submit your documents, and check your claim status easily on their ‘FG Insure’ app.
| Financial Year 2021-22 | ||||||
| Age Analysis of Number of Claims Paid (%) | < 3 months | 3 months to 6 months | 6 months to <1 year | 1 year to <3 year | 3 years to <5 years | 5 years |
| Claims Settled | 96.01 | 2.05 | 0.89 | 0.59 | 0.22 | 0.24 |
In this type of claim, you can visit any hospital, not just those under your insurer’s cashless network. Here, you get your treatment done at the hospital, pay out of your pocket, and then apply for reimbursement for the expenses with your insurer. At the time of making the claim, the customer needs to submit all hospital bills, prescriptions, and medical documents. These will need to be approved by Future Generali Health Insurance Company before the claim is processed, meaning that it can take slightly more time to get through.
Step 1: You need to call Future Generali Health Insurance within two days of your admission date. Post the company’s call, they send you a link where you can upload the soft copies of all original documents (bills, reports, etc) and bank details of your desired bank account.
Step 2: Before uploading, you need to sign all the documents yourself.
Step 3: Upload the documents maximum within 30 days from the date of discharge or when you receive the link.
Step 4:You will receive the payment within 30 days from the receipt of the last necessary claim document.
Future Generali Health Insurance provides a 15-day grace period for reimbursement claims. If the documents have not reached the company post this grace period due to an inadvertent delay, you can contact the company with the explanation for the same and resend/re-upload the documents.
Simply put, whenever an individual buys a health insurance plan, knowing the claim settlement ratio of the insurance company is important. Besides, the consistency of the claim settlement ratio is of utmost significance. While selecting the insurance company, it is advisable to look for the claim settlement ratio of the companies in the last five years. No wonder the rule is simple: the smaller the range of the CSR, the more reliable and better the insurance company. For instance, an insurance company with a ratio in the range of 90% to 96% is more reliable compared to a company with a CSR in the range of 75% to 93%.
Future Generali Health Insurance Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, Future Generali Health Insurance ensures that you are medically secured, irrespective of the city you reside in.
To cater to the different medical needs of an individual & their family, Future Generali Health Insurance offers several Health Plans ranging from senior citizen plans to specialized plans for autistic children, to health insurance for cardiac patients, and many more.Take a look below to Future Generali Health Insurance plans explore more:
Individual and Family Health Insurance
Future Generali Health Total is a holistic comprehensive health insurance plan that offers a multitude of features like cover for up to 15 family memb...
Unique Features
Individual and Family Health Insurance
Future Generali Health Absolute is a comprehensive health insurance plan with 3 plan variants and a wide range of sum insured. The plan offers a wide ...
Unique Features
Individual and Family Health Insurance
Future Generali Super Saver Plan is a one-of-a-kind health insurance plan with two plan variants that offer an 80% premium discount. If policyholders ...
Unique Features
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To enjoy the benefits of the insurance policy and not face a claim rejection, the policyholder should take some important steps. The following are the steps that should be followed to avoid claim rejection: To begin with, the policyholder should disclose all the information to the insurance company. Specifically, smoking habits and medical conditions do not give any false information; however, assessing the risk will vary from insurer to insurer. In case an individual is an avid smoker or has a critical ailment that was not disclosed earlier and the insurance company gets to know about it at the time of claim chances are that it could get rejected. When purchasing the insurance plan, it is highly recommended that the policyholder should fill the form themselves. Do not let an agent fill the form as chances are that the agent might miss out on some important information. During the free-look period, the policyholder should check the policy wordings and carefully examine the terms and conditions. In case, the policyholder is not satisfied with any clause, then the policy can be returned to the insurance company for a refund. As soon as the policyholder buys the policy, the first person to be informed is the nominee. In case there is a need that the nominee needs to raise the claim the person needs to be aware of it. The timely claim filing is important as that would ease the claim settlement process.
The loss of the breadwinner of the family causes severe emotional and financial turmoil. However, ICICI Lombard Insurance Plan can reduce your worries and burden. While there are so many things to consider when buying a life insurance policy, the claim settlement ratio of the insurance company should be one of the key factors amongst them.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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