Future Generali Health Insurance Claim Settlement Ratio

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 to always 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 while choosing a health insurance company for coverage.

Claim Settlement Ratio of Future Generali Health Insurance Company

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 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.

Types of Claims offered by Future Generali Health Insurance Company

In this section we will discuss the types of claims and process of filing the claims. There are two types of health insurance claims you can choose from:

• Cashless Claims
• Reimbursement Claims

What Are Cashless Claims?

Cashless claims in health insurance is a mode of claim settlement where the policy holder 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 this feature for the comfort it offers.

Health Insurance Claim Settlement Ratio

Here’s How You Can File Your Cashless Claims Online

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 prior to getting admitted.

Step 3: The customer needs to fill 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.

Status of Future Generali Health Insurance Claim Settlement Ratio - 2021-22

Health Insurance Companies

What Are Reimbursement Claims?

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 a 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.

Here’s How You Can File Your Reimbursement Claims online

Step 1: You need to call Future Generali Health Insurance within two days of your admission date. Post 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.

Why Is the Claim Settlement Ratio so Consistent ?

To simply put, regardless of whether an individual buys a term insurance plan or a life insurance plan, etc. claim settlement ratio of the insurance company is important. Besides, the consistency of the claim settlement ratio holds utmost significant importance. While selecting the insurance company, it is advisable to look for the claim settlement ratio of the companies in the recent five years.No wonder the rule is simple: smaller is the range of the CSR, reliable and better is the insurance company. For instance, the insurance company with a ratio in the range of 90% to 96% is more reliable compared to a company with the CSR in the range of 75% to 93%.