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.
Thus, before zeroing down on your choice of one health insurance company, it is important for you to check the company's claim settlement history.
This factor not only helps you to understand the company's performance but will also give you a sense of understanding and will smoothen the selection process.
In the section below, let us explore the Universal Sompo Claim Settlement Ratio, and discuss its importance:
As per the IRDAI Annual Report of 2021-22, the Universal Sompo Claim Settlement Ratio is 95.77%. Take a look at the below table to explore the Universal Sompo claim settlement ratio:
|Status of Universal Sompo Health Insurance Claim Settlement ratio- 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|
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There are two types of health insurance claims you can choose from
Let us get a better understanding of the Universal Sompo's Claim Settlement Process.
Ever been in a medical emergency and ran out of money? Such an unforeseeable medical situation might rip a hole in your wallet, forcing you to wipe off all your savings on hospital costs! This is where a health insurance plan that offers cashless claim settlement comes in handy. In a cashless facility, your insurer covers the medical payment directly with the hospital, eliminating the need for you to pay the expenses first.
Cashless Claim Filing Process
For a Reimbursement claim, you need to pay all hospital bills and expenditures out of pocket before filing a reimbursement claim. One is required to keep records of all hospital and pharmaceutical costs. The insurance company reimburses the policyholder/insured for their medical expenditures once the treatment is completed and the patient is released. The compensation is based on the insurance company receiving correct medical bills and expenditures.
Reimbursement Claim Filing Process
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 honours 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.
Universal Sompo Health Insurance offers various health products to cater to the healthcare needs of every individual, the company offers a wide range of health plans, providing coverage to individuals, families, senior citizens, employees of an organization, and many more. The company at present offers 18 health insurance plans. Let's explore.
A comprehensive health plan that comes with benefits and value-added services like Dial-a-Doctor, Health Educational Library for People, & many more.
A standard health plan that offers complete protection in case of hospitalization due to any serious illness or accident.
Saral Suraksha plan covers the insured on accidental death, disability, and diagnosis of listed critical illnesses, or permanent total disablement due to an accident.
The plan takes care of your medical expenses once your basic cover is exhausted. It boosts the existing coverage by offering an enhanced cover of up to 1 Cr.
This health plan is specially designed for senior citizens who are above 60 years of age and allows them to cover their spouse’s healthcare needs themselves.
Repay your outstanding loan amount in the event of your diagnosis of listed critical Illnesses or in case of unfortunate accidental death.
Universal Sompo's Individual Accident Insurance offers several benefits if the policyholder gets injured or dies in an accident during the policy tenure.
The plan provides the necessary coverage to fight against the 11 listed critical illnesses, and pays the sum insured to the family.
A daily allowance benefit (as hospital cash) is provided to the policyholder at the time of hospitalization.
The policy is designed only for those emigrants who bought this policy before leaving India and have their passports under “Emigration Check Required”.
The plan is taken by an Educational Institution/School for the benefit of the students. The insured can opt for any Section/Benefit and Extension as per their needs .
Universal Sompo Swarna Gramin Bima Yojana can be taken up by the Gramin (Village Dweller) for covering himself and his family.
The policy offers coverage to support the policyholder during sudden and unexpected medical contingencies, i.e., on the diagnosis of major critical illnesses.
The plan is designed to meet the insurance needs of sections that are eligible for credit from microfinance institutions such as self-help groups, NGOs, etc.
Group Vector Insurance
The policy offers coverage for vector-borne diseases such as Dengue, Malaria etc.
The plan is designed for the employees working in the trading & manufacturing sectors, social sectors, or members of any society or club.
Group Personal Accident
The plan offers protection against the consequences of unforeseeable accidents to a group of employees/members.
Group Rural Insurance
Universal Sompo Swarna Gramin Bima Group Yojana can be taken up by an organization such as NGOs, Financial Institutions for covering its rural clientele.
Corona Rakshak Policy addresses the financial expenses that occur due to the hospitalization of COVID-19.
Corona Kavach policy offers coverage against the expenses that arise at the time of COVID-19 treatment.
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Read what our customers have to say about Universal Sompo Health insurance company and Universal Sompo Health mediclaim policy.
May 31, 2022
I bought Universal Sompo Health Insurance back in 2020. Since then, I have not faced any issues with my policy. Moreover, in Jan 2021, my wife was diagnosed with Covid-19, and the company settl...
September 7, 2021
My friend refers me to Universal Sompo to buy a health policy, and I am very much satisfied with their services.
September 2, 2021
I bought a Universal sompo complete healthcare insurance I am renewing my policy for the last 2 years. And from the last 2 years No complaints from anyone.
September 1, 2021
Good plans at affordable prices, amazing customer support, timely settled my claim. Thanks Universal Sompo
June 7, 2021
Universal Sompo is not just a health insurance company, but also a friend that assists you at every stage in the time of medical emergency. I must say, if you are looking for a health insurance...
June 7, 2021
It is a very good company that looks after its customer s health needs. I recently got my claims settled without facing any hassles and worries. Thank-you Universal Sompo.
June 7, 2021
I have brought one health plan from this company for my aged parents. With affordable premium, I can say I have made their golden years indeed a beautiful phase.
May 6, 2018
I have used the Universal Sompo General Insurance service two times, first time they provided 100% cashless and the second time it was 80% overall it was good.
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.