Claim Settlement Ratio tells you the ability of the company to settle claims in the stipulated time period and helps you understand the history of the insurance company, thus ensuring that the insurer you select is reliable or not.
If in the set time period your company will not be able to settle claims, then the whole purpose of buying a plan from this company gets wasted.
Let's understand with the help of an example, Mr. Ravi availed health insurance from XYZ insurance company, but at the time of his wife's treatment his health insurance company is able to settle claims on time and this causes financial stress and burden among the family members. Therefore, before opting for a health plan, always ensure that your company's claim support is good.
According to IRDAI Annual Report of 2020-21, Reliance General Insurance Claim Settlement Ratio is 98.59%. The higher the percentage of claim support, the higher the ability of the company to settle claims.
Take a look at the below table to get an insight into the claim settlement ratio of Reliance General Insurance. The comparison of the Reliance Health Insurance Claim settlement ratio for the three financial years will help you evaluate the company's claim settling ability in the past years
Status of Reliance General Insurance Claim Settlement Ratio
Financial Year 2018-19 | ||||||
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 | 98.1 | 0.6 | 0.3 | 0.5 | 0.2 | 0.2 |
Financial Year 2019-20 | ||||||
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 | 98.16 | 0.68 | 0.32 | 0.42 | 0.21 | 0.22 |
Status of Reliance General Health Insurance Claim Settlement Ratio - 2020-21 | ||||||
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 | 98.59 | 0.60 | 0.26 | 0.31 | 0.12 | 0.12 |
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(Showing latest 5 reviews only)
June 7, 2022
priya
PuneJune 7, 2022
Saksham
AhmedabadI got the sbi general term insurance plan last year as I am concerned about my family. Such great plans. Great work.
March 14, 2022
kuljeet singh
Chandigarhvery good company with good plans. They always reply to my and my wife queries related to our old diseases and new doctor consultations. they OPD plan is very helpful.
February 17, 2022
Dhiraj Khanna
MumbaiThis is a reliable company as they fulfill their promise to help during any medical emergency. I am satisfied with their services.
October 12, 2021
Avantika Nagpal
KolkataVery amazing and helpful service offered by SBI Health. I am impressed by the way this company works.
Last updated on June, 2022
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Best buy and reliable. I recently got a life insurance for myself from SBI. Also, my purchasing experience was made easy and swift, apart from the best deal given by PolicyX.