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What is the Ideal Incurred Claim Ratio?
Claim Settlement Ratio (OND 2018)
Network Hospitals across 500 cities
Health insurance is an emerging sector in India, offering a plethora of health insurance plans. If you are a newbie in health insurance investment, then it becomes overwhelming to choose the right health insurance policy. Coverage, exclusions, premium, and network hospitals are the factors that influence your buying decision. But, amongst them, the incurred claim ratio is the most important factor that you should consider before opting for medical insurance. In this article, you can read about the incurred claim ratio and how it helps you to choose the right health insurance plan.
Incurred Claim Ratio means the ability of a health insurance company to make the payments towards the claims received during the year. IRDA publishes the incurred claim ratio details every year. It is a yardstick that is used to measure the performance of the insurer. Experts opined that the insurance company with a moderate incurred claim ratio should be an ideal choice for investment, and you can bank upon it for financial security.
Incurred Claim Ratio (ICR) = Net Claims Incurred/Net Premium Collected
Here you can interpret these below statements to know how ICR can help you to choose the right health insurance plan.
Incurred claim ratio should not be confused with the claim settlement ratio. ICR and CSR are different. The incurred claim ratio is the total amount of claims paid over the total premiums received during the year whereas claim settlement ratio is the number of claims paid over the total claims received by the insurance company, during the year.
Thus, you should act wisely while selecting health insurance plans for you or for your family. Check the health insurance policies offered by Religare Health Insurance that has a good ICR and trustworthy to invest the money for future security.
The ideal Incurred claim ratio lies between 70%-90%, so, you should opt for the insurance company that has moderate ICR.
Walk-in to the nearest Axis Bank branch to pay your Renewal Premium conveniently via Cheque/Demand Draft. Please ensure to keep the following in mind while opting for the same:
Please visit during banking hours and ask for ‘Easy Pay’ service counters at Axis Bank branch to deposit your premium.
Please mention your Policy(s)number and Contact number on the reverse of cheque. Instrument should be in favour of "Religare Health Insurance Company Limited"
Make sure to collect the acknowledgement slip before leaving bank’s service counter for any future correspondence.
Postdated/ Outstation/ Third Party cheques are not allowed.
Please ensure the cheque amount is equal to the amount mentioned in renewal invite.
It is advisable to carry a copy of Renewal invite while visiting to Axis Bank branch.
Please ensure to deposit the cheque at least 7 Days prior to the due date. Instrument deposition is not allowed after the policy expiry date.
In case of any modifications in the policy details at the time of renewal, please contact our branch and do not deposit the cheque in Axis Bank Branch.
Contact respective ‘Axis Bank branch manager’ in case of any difficulty/issue/clarification related to deposition of renewal premium. You may further contact our Customer Service team at 1800-102-4488/1800-102-6655
To locate nearest `Axis Bank` branches, please click here.
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