SBI Claim Settlement Ratio
- Definition
- Importance of CSR
- Claim Settling Process
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.
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.
As per IRDAI, SBI Health 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 |
| Claims Settled | 95.04 | 2.55 | 1.67 | 0.67 | 0.04 | 0.03 |
There is a direct process to file SBI health insurance claims. Let’s take a look at it.
SBI Health Insurance Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, SBI 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, SBI 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 SBI Health Insurance plans explore more:
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Critical Illness Health Insurance
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Individual
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Individual and Family Health Insurance
SBI Arogya Supreme health plan is a diverse health insurance plan that provides a solution for all your healthcare needs. It covers 20 basic covers an...
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Group Health Insurance
SBI Group Health Insurance is a comprehensive plan, as it provides wider coverage to its customers as well as their family members. Group health insur...
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Individual and Family Health Insurance
SBI Health Edge is a newly introduced health insurance plan from SBI Health Insurance which is customizable and is available to insurance holders base...
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Individual and Family Health Insurance
SBI Super Health Plan is SBI Health Insurance's new comprehensive health insurance plan. The plan is an umbrella health plan that provides all-inclusi...
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Know More About Health Insurance Companies
According to the data of IRDAI 2022-23, the Reliance health insurance company’s claim settlement ratio (CSR) is 73.92%.
Yes. You can claim your SBI health policy online from the company’s official website.
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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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