How To Check Claim Settlement Ratio?

When you are buying health insurance, you may want to check the claim settlement ratio of the insurance provider before making a purchase. Well, this is a wise thing to do as the claim settlement ratio or CSR of an insurance company can tell you how reliable the insurer is when settling claims. Opting for a reputed insurance provider with a high claim settlement ratio is important to avoid any hassles later.

If you are not sure how to check the claim settlement ratio of one or more insurance companies in India, we will tell you how to do it.

The following are some simple ways to check the CSR of insurance companies in India-

1. IRDAI Report: The IRDAI, or the Insurance Regulatory and Development Authority of India, releases an annual report where you can find the claim settlement ratio of different insurance companies in India. So, when buying health insurance, you can easily check this report and choose a reputed insurance provider with a high claim settlement ratio.

2. IBAI Report: The IBAI, or the Insurance Brokers Association of India, also releases annual reports in which you can find the claim settlement ratio of the insurance companies in India.

3. Insurer’s Website: Most insurance companies in India also publish their CSR or claim settlement ratio on their website. If you have a few insurance providers in mind, you can visit their respective websites to check and compare their claim settlement ratios.

Things To Keep In Mind While Checking The CSR Ratio

If you plan to buy health insurance, make sure you consider the claim settlement ratio of the insurance provider and buy a suitable healthcare plan accordingly. When you are checking the claim settlement ratio of an insurance provider, check the same for the past 5 to 6 financial years. Choosing an insurance provider that has consistently settled most of the claims they received is wise. An insurance company with an inconsistent CSR over the past few years indicates an inconsistency in settling claims.

Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.