Checking the claim settlement ratio before buying health insurance is an important factor that cannot be neglected. Just like when you buy a house, you verify each and every detail like, checking the history of the builder, the projects they had delivered and much more. Likewise, when buying Health Insurance it is imperative for you to check all the details including the claim settlement ratio.
Buying Health insurance from a company that is not able to settle your claims on time is not good for anything. You and your loved ones might face the financial burden, along with the medical strain if your insurance company is unable to settle the claims on time. Thus, before buying health insurance, ensure to check the company thoroughly, evaluate its past performance and then make your final decision.
In the article below, we will be elaborately discussing the TATA AIG Health Insurance claim settlement ratio and its benefits.
Claim Settlement Ratio determines the claim settling ability of an insurance company and is used to rate the company on the basis of its claim settlement. The higher the percentage, the better the company’s ability to settle claims. As per the IRDAI, the claim settlement ratio of TATA AIG Health Insurance is 93.55%
Take a look at the below table that will give you a better idea of the TATA AIG Health Insurance claim settlement ratio from the financial year 2028 to 2021
|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|
Now, as you have understood what is CSR and what is the TATA AIG claim settlement ratio 2021, you also need to understand the claim settling process. There are two types of claim processes: Cashless and Reimbursement.
Read below to understand them better.
The cashless claim process is as follows:
Note- In case of emergency hospitalization, you need to inform the insurer within 24 hours. In case of planned hospitalization, you need to inform the insurer at least 5 days in advance.
In the reimbursement claim process, you need to pay all the treatment bills to the hospital and then get the amount reimbursed from your insurance provider.
Tata AIG Health Insurance Network Hospitals are present in 31 states nationwide. With a wide network of hospitals, Tata AIG Health Insurance ensures that you are medically secured, irrespective of the city you reside in.