Health Insurance policy

Health Insurance policy

79°
Missing
Deal Cadet
26
426
7

Please suggest good insurance policy

8 Comments  |  
9 Dimers
Missing
Deal Cadet
111
266
2

I have no idea about the best health insurance policy, I think it also depends on the person and his requirements.

Just 1 recommendation-
No matter what you do.
Just don’t put your real phone numbers on policybazar (policybaazar is a good website though, to compare policies) or any other insurance wesbsite.
They will disturb you heavily every now and then until you buy a policy.

Missing
Deal Cadet
111
350
3
ZNZ wrote:

I have no idea about the best health insurance policy, I think it also depends on the person and his requirements.

Just 1 recommendation-
No matter what you do.
Just don’t put your real phone numbers on policybazar (policybaazar is a good website though, to compare policies) or any other insurance wesbsite.
They will disturb you heavily every now and then until you buy a policy.

With people working from home and very limited enquiries with agents, you will get unlimited calls wink

Missing
Deal Subedar
110
1591
83
micke wrote:

https://freefincal.com/select-best-health-insur...

Go through this video and many of your doubts will be cleared.
Once you start your research, message me and we can do comparisons together.

Howz Religare care health insurance? Any idea?

I m getting quote of around 8500rs. For 4lac+4 lac for family floater of 3 person, highest age is 31.

Missing
Analyst
77
19911
172
micke wrote:

https://freefincal.com/select-best-health-insur...

Go through this video and many of your doubts will be cleared.
Once you start your research, message me and we can do comparisons together.

Although i already have a health insurance cover but i still wanted to watch it but it’s tooooo long…

Missing
Deal Subedar
37
1500
24
Expand
drjpatwa wrote:

Howz Religare care health insurance? Any idea?

I m getting quote of around 8500rs. For 4lac+4 lac for family floater of 3 person, highest age is 31.

Whichever you buy, DO NOT buy without seeing the official data here (PDF link – 61 MB):
https://www.irdai.gov.in/admincms/cms/uploadedf...


What you should look for?
Since you’re looking for health insurance, its the ‘CLAIMS RATIO’ which you need to be looking for in this huge pdf (page no: 188-190). It has data for 2018-19 and 2017-17 FY. You can download previous years PDF also to get more data from previous years. Here is the master link:
https://www.irdai.gov.in/ADMINCMS/cms/frmGenera...


So what does ‘Claims Ratio’ mean?
Claims Ratio simply means how much money the insurer gave for claims with respect to total earning from premiums. Its formula is:
https://cdn0.desidime.com/attachments/photos/613973/medium/6622424sXdK8cO.png?1587687578
For example: If an insurer gave away total of 95 lakhs to people for various claims, and its total income was 1 crore from all premiums collected in the year, then the claims ratio is 95%.


How to interpret Claims Ratio?
A very high Claims Ratio, say more than 100%, means that the company is giving out more money than it is getting, which may hint towards its unstable future.

On the other hand, a very low Claims Ratio like 50-60% hints that the company is not really giving money against many claims and may be rejecting a lot of claims.

So you need to look for a company which has claims ratio of more than 85%, in my opinion. You can find the Claim Ratio data on every insurance comparison site, but don’t trust them. These insurers pay these sites to print whatever they want. But here, in case of IRDAI declaration, they can’t lie even by 0.1%.

Seeing this, we can say RELIGARE is not really a very good option, although not the worst as well. One has to also see the features, ratios & budget. Generally, genuine claims are not rejected by any insurer, but always check with the insurer about the hospital beforehand. Many claims are rejected because of shady hospitals which are known to put fake charges or if hospitals don’t do their paperwork properly.


Is Claims Ratio alone sufficient to decide?
No. Absolutely not. Claims Ratio does NOT paint full picture alone. You also need to see Claim Settlement Ratio (CSR) along with it, which is number of claims approved with respect to no of claims raised.
Example: If a insurer has 1 lakh customers, out of which 20,000 people raised claims and company approved claims of 15,000 people only, then the Claim Settlement Ratio is 75%. (15000/20000 × 100).

The reason Claim Settlement Ratio is important, is because Claims Ratio deals only with amount of money, not number of people. It is probable that an insurance company which is earning 500 crore from premiums, got claims worth 450 crore from half of people itself out of all people who raised claims. So it’ll be rejecting a lot of claims from remaining 50% people. Claims Ratio will tell that company has 95% Claims Ratio, but what about Claim Settlement Ratio which was 50% only!

You will not see Claim Settlement Ratio in the document, probably because it is not mandatory to report for health insurance. But it is reported for Death claims. You can get a rough idea from there. (page no 176-177).


Also note, the two ratios are not alone or sole factors. There are many other ratios, but these two are basic & primarily to be seen. To understand other ratios, please read here:
https://economictimes.indiatimes.com/wealth/ins...

Hope this helps!

Missing