Choosing an ideal health plan is a tedious task, however, choosing an ideal health insurance company is more of a hectic task. With more than 20 health insurance companies claiming to offer you the best services, selecting the best one for you and your family can be quite confusing. So, one of the significant criteria to consider when choosing an insurance company from which to purchase insurance is the claim settlement ratio.
This factor not only helps you to understand the company's performance but will also smoothen the selection process. If the claims are not resolved, the entire point of purchasing insurance coverage is defeated. Thus, before zeroing down on your choice of one insurance company, it is important for you to check the company's claim settlement history.
In the section below, let us explore the ICICI Lombard Claim Settlement Ratio, and discuss its importance:
According to Claim statistics for FY 2021-22 and computed basis individual claims settled (paid) over total individual claims within 30 days the health insurance claim settlement ratio of ICICI Lombard is 97.07%.
Let us get a better understanding of the ICICI Lombard Claim Settlement Ratio
There are two types of health insurance claims you can choose from
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. ICICI Lombard 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.
|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|
ICICI Lombard 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 IL Take Care app.
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 ICICI Lombard Health Insurance Company before the claim is processed, meaning that it can take slightly more time to get through.
ICICI Lombard 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.
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 your claims in the time of need. Before buying health insurance, one should always check the history of claims settled by that company.
Prospective buyers might use the claim settlement ratio to determine how well the insurance company honors their claims. It is recommended to check the claim settlement ratio of all the plans having the lowest premiums and highest benefits.
A higher health insurance claim settlement ratio indicates the company's financial performance and its ability to pay off the claims made by its customers.