DEATH CLAIM SETTLEMENT RATIO
Is your medical claim stuck? Find out why you face problems in health insurance claim settlement and how to avoid them
While health insurers can sometimes be blamed putting customers through unending hardship in clearing claims, many a times it’s the policyholder who is at fault. A significant portion of these health insurance claim rejections can be prevented by asking the right questions during policy selection, carefully reviewing policy documents, and conducting thorough research. This article explores common health insurance claim rejection scenarios and explains how to avoid them.
6 questions to ask while buying a health insurance policy to avoid claim rejections later
How to buy the right health insurance policy that will pay for your claims on time? You can avert claim rejections by asking the important questions at the time of buying health insurance and reading the policy details and fine print carefully. Ask these questions while purchasing a health plan or at the time of filling a proposal form.
Up to Rs 10 lakh relief in train accident: How a 45 paisa IRCTC travel insurance can be a huge help for your family in case of death or disability
IRCTC travel insurance: Do you know that IRCTC offers an optional travel insurance policy at just 45 paisa premium per passenger. This policy offers coverage up to Rs 10 lakh in cases of death and permanent disability. God forbid if you perish in a train accident, atleast your family will get the required financial assistance.
EPFO made these four major changes to the EPF account, claims process
Recently, the Employees' Provident Fund Organisation (EPFO) has relaxed several regulations to make life easier for Employees' Provident Fund (EPF) members. While, it has also withdrawn one of the benefits offered before.
New EPF account rules in May: EPFO made these four major changes to the EPF account, claims process in May 2024
New EPF rules: The changes include an extended facility of auto-settlement, multi-location claim settlement, faster New rule for EPF death claim. Let us take a closer at each of these four changes.
Cashless claims to be cleared in 3 hours
Irdai has also mandated the insurer to decide on the cashless authorisation within one hour of receipt of the request.
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Health insurance claim rule change: Cashless claims must be cleared in 3 hours; insurer to pay hospital charges for delay in discharge, says IRDAI
Health insurance: The Insurance Regulatory and Development Authority of India (IRDAI) has released a master circular to streamline health insurance claim process. Previously, delays in claim approvals forced patients to stay in hospitals longer. Now, insurers have three hours to approve cashless discharge requests. Additionally, insurers will be liable for extra hospital charges due to delays.
This LIC life insurance policy launched in February 2024 was withdrawn on April 1: Check surrender rules
LIC Dhan Vriddhi plan provides financial support for the family in case of unfortunate death of the life assured during the policy term. It also provides a guaranteed lump sum amount on the date of maturity to the life assured.
New rule for EPF death claim: Now physical claims can be processed without seeding Aadhaar
EPF death claim: The EPFO stated that it has received specific references from field offices indicating that they are unable to seed and authenticate Aadhaar in cases of death of EPF members. Note that Aadhaar details cannot be updated or corrected after a member passes away, which presents challenges for the field offices.
What should be the criteria for selecting the right kind of term plan? Dinesh Dilip Bhoi answers
There are chances of some sickness coming up or some disease coming up in the future which might hamper the person to take a life plan or which might increase, there would be a loading on his premiums with the premiums would get higher and higher and build a hole in his pocket.
ICICI Pru Life pays Rs 1,867 crore towards death claims in FY'24
The company said it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents.
Tata AIA Life Insurance crosses Rs 1 lakh crore in assets under management
Tata AIA Life Insurance Company Ltd. has crossed Rs 1 Lakh crore in assets under management (AUM). The company has doubled its AUM from Rs 50,000 crore (August 2021) to Rs 1 lakh crore in less than three years.
Latest health and general insurance claim settlement ratio released in 2024
Do you know how good is your insurer is in settling claims and how long it takes for your health or general insurer to settle claims? Or how many claims did they reject last year? It is important to keep track of the claim settlement performance of your insurer. IRDAI has recently released the claim payment details of general and health insurance companies. Check here
How often should you review health insurance cover?
Healthcare inflation is on the rise and the cover needs to be upgraded. The sum insured may prove to be too low to cover even a single hospital bill in the next few years, let alone hospitalisation expenses during retirement. To avoid high expenses later, an upgrade can be planned every 7-10 years.
Latest claim settlement ratio of life insurance companies in India released in 2024
Claim settlement ratio is one of the crucial metrics that give you a rough sense of how the insurance company honours the policyholders' claims. What is a claim settlement ratio? How is claim settlement ratio calculated? What are the latest claim settlement ratios of the life insurance companies in India? The Insurance Regulatory and Development Authority of India (IRDAI) has recently released the details. All you need to know
LIC customers: How to file maturity claim for LIC policy to get your money
LIC customers have the option to electronically submit their documentation via the LIC site instead of physically submitting it. LIC is urging policyholders to update bank details and submit KYC to receive policy money.
Health insurance rule change: Cashless treatment at any hospital from today; how to get it, charges
Till now, a health insurance policyholder can get cashless treatment only at network hospitals with whom the insurance company has tied up. If it is a non-network hospital, the policyholder has to pay the entire amount from his pocket and then go through the cumbersome claim reimbursement process. The General Insurance Council in consultation with general and health insurance companies has launched 'Cashless Everywhere' to extend the cashless treatment at all hospitals. What is the new rule? How to get cashless treatment at any hospital? Know here
How good is your health insurer? Latest incurred claim ratio of general, health insurance companies in India
If you are planning to buy a new insurance policy or port your existing health insurance policy to a new insurer, do remember to check the latest claim settlement ratio of all insurers before finalising one. Irdai has released the claims payment details of general and health insurance companies for the financial year 2022-23.
Payout by life insurers moderates in FY23 compared to previous year
Life insurance payouts declined by about Rs 6,000 crore in 2022-23 due to a lesser number of death claims compared to the previous year, impacted by COVID-19. The industry paid a total benefit of Rs 4.96 lakh crore in 2022-23, compared to Rs 5.02 lakh crore in FY22. Benefits paid on surrenders/withdrawals increased by 25.62 per cent to 1.98 lakh crore in 2022-23, with public sector insurers accounting for 56.27 per cent.
Health insurance claim reform: Cashless treatment at any hospital may be a reality next year; how it will help
Till now, a health insurance policyholder can avail of cashless treatment only at network hospitals with whom the insurance company has tied up. Each insurance company has an independent network of medical service providers that they have a tie-up with. The insurance regulator, along with the General Insurance Council (GIC) has proposed to introduce a 100% cashless network that will include both empanelled and non-empanelled hospitals.
PNB MetLife's claim settlement ratio surpasses 99% in FY23
Punjab National Bank promoted life insurer paid 19,768 claims totaling Rs 829.79 crore, demonstrating its deep commitment to standing by customers when it matters the most, PNB MetLife said in a statement.
Odisha Train Accident: EPFO relaxes norms for EDLI, pension claim, suggests alternatives to death certificate
The competent authority has decided to relax the necessity of a death certificate for EDLI and pension claims relating to deceased members who lost their lives in the train accident in Odisha in order to lessen hardship for family members.
Irdai instructs insurers to ease, expedite claims settlement for victims of Odisha train accident
Insurance companies must abide by rules set forth by the Insurance Regulatory and Development Authority of India (Irdai) when resolving insurance claims for those hurt in the recent train disaster tragedy in Balasore, Odisha.
SBI Life eases insurance claim settlement process for victims of Odisha train accident
To ensure that the families of the impacted policyholders of the train tragedy receive the required support as well as to provide urgent financial relief to them.
LIC death claim settlement: LIC announces relaxations for victims of Odisha train accident
Life Insurance Corporation of India (LIC) has declared relaxations for the Balasore railway catastrophe victims and will expedite claim settlements to reduce financial hardship for claimants.
Latest life insurance claim settlement ratios of insurance companies in India
Claim settlement ratio is a percentage of claims that the insurer has paid out against the number of outstanding claims during a financial year. So if you are planning to buy a new life insurance policy or renew your existing one, along with checking the premium amount and coverage, you must check the claim settlement ratio of the insurer.
Does your insurance company have money to pay claims easily? Find out here
Solvency ratio of insurance companies: We buy insurance policies to financially secure the future of our loved ones in the time of unexpected and untimely events such as loss of life, loss of property, etc. Therefore, as a policyholder, it is important for you to know about the company’s overall financial health and capability to pay the claims. The solvency ratio is one of the key determinants that suggests whether an insurer can stay solvent in the long run or not. Let’s understand what it is and how it works.
Latest health and general insurance claim settlement ratios of companies in India
If you are planning to buy a new insurance policy or port your existing health insurance policy to a new insurer, do remember to check the latest claim settlement ratio of all insurers before finalising one. Irdai has released the claims payment details of general and health insurance companies for the financial year 2021-22.
Death claim settlement rules for post office schemes like PPF, Sukanya Samriddhi, NSC
The government has made changes to the process of claiming money from several post office small savings plans in a circular dated August 28, 2020 shortening the process.
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