Having Health Insurance these days is nothing less than a necessity. An ideal Health Insurance plan keeps you prepared for untoward circumstances. It ensures that your healthcare needs are protected by a financial pool of savings during the times when you have medical emergencies knocking hard on your door.
Let us suppose, that you bought the best health insurance plan for yourself, however at the time of need, your insurance provider was unable to settle your claims on time? What will happen to your family members if they cannot use the benefits of the health insurance they own? Your entire life savings might get depleted, leaving your family in a situation of financial crisis.
To avoid such a scenario, it is recommended to always check the claim settlement ratio of an insurance provider before choosing a health insurance plan.
Now, emerges the question of what is a Claim Settlement Ratio? And, why does it hold so much importance when buying an insurance plan? Read along to find out the significance of a Claim Settlement Ratio.
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The claim settlement ratio, or popularly known as a CSR, is the percentage of claims settled by an insurance company over the total number of claims filed in a given financial year. The claim settlement ratio is the most important factor that serves as a parameter of trustworthiness of a particular insurance company.
It is suggested that you should always choose an insurance organization with a greater claim settlement ratio, since the higher the ratio, the more dependable the health insurance provider is. This component is an indicator of the insurer's capacity to pay claims and aids in understanding the insurer's history and performance.
Lets further understand the process of evaluating a claim settlement ratio prior to buying a health insurance with the help of the given case study.
Mr. Sharma availed the health insurance from XYZ insurance company without checking the CSR of the same. After 4 months, Mr. Sharma’s daughter was diagnosed with a severe stomach infection. At the time of her treatment, his health insurance company was unable to settle claims on time due to its low claim settlement ability and this caused a great deal of financial strain on Mr. Sharma.
Had Mr. Sharma already considered checking the csr of his health insurance provider, he would have got to know beforehand that the company is not good in terms of settling claims.
If you and your family have decided to buy health insurance from SBI Health Insurance company, then you must know and understand the SBI General Insurance Claim Settlement Ratio.
According to the IRDAI Annual Report of 2021-22, the SBI Health Insurance Claim Settlement Ratio is 95.04%. As per the IRDAI Annual Reports of previous years, SBI is able to maintain its claim settlement ratio above 95% which shows that the company is very attentive to each of its customer’s needs.
Claim Settlement of SBI Health Insurance from 2017-2021
Take a look at the below given table to assess the SBI General insurance claim settlement ratio.
Status of SBI General Insurance Claim Settlement Ratio
|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|
There is a direct process to file SBI health insurance claims. Let's take a look at it.
A comprehensive health insurance plan that offers a 15% increase in cumulative bonus for every claim-free year and comes with 8 optional coverage options.
Comprehensive/ Family Floater Plan
A policy designed to provide coverage to you and your family. Providing high SI of 30 lakhs, it covers maternity expenses to childbirth.
A standard health insurance plan that comes with a coverage of 10 Lakhs. Moreover, the plan comes with a 5% Co-pay, applicable on all the admissible claims.
A affordable health insurance plan that provides coverage of up to 5 Lakhs. The plan offers several add-on riders for enhanced coverage.
The policy comes into action post exhaustion of your current health plan and provides affordable premiums with various benefits.
Critical Illness policy
The plan offers coverage against 13 critical illnesses & financial support irrespective of the actual medical expenses, & comes with two policy tenures enabling customization.
Hospital Daily Cash
The policy provides a fixed amount to the claimant for each day of hospitalization and expenses like traveling, food, and much more.
Loan Insurance Policy
SBI Loan Insurance policy helps you to repay your outstanding loan in case you are a victim of any of the listed 13 critical illnesses/accidental death/unemployment.
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Read what our customers have to say about SBI health insurance company and SBI health mediclaim policy.
June 7, 2022
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June 7, 2022
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March 14, 2022
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February 17, 2022
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October 12, 2021
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October 8, 2021
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September 2, 2021
truly grateful for all the help received at PolicyX. the agents are smart, dont waste time and have good knowlege
September 1, 2021
Satisfied with the purchased plan. Will recommend others to invest too. Policy X team has guided, so thanks for that too
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.