Star Health and Allied Insurance Company Limited is a standalone health insurance company specialised in offering health insurance products to individuals. Besides offering health insurance plans, the company also offers personal accident and overseas travel plans which also cover medical contingencies suffered by the insured.
The company was formed in 2006 and ever since then it has been engaged in offering specialised and innovative health insurance plans to its customers.
When it comes to claims, the company allows hassle-free claim settlement process where policyholders can get their claims settled easily and quickly. They just have to follow the prescribed claim process and the company settles their claims at the earliest. The list of documents which are required to be submitted and the entire claim process is mentioned on the website of the insurance company itself.
Due to the simplified claim settlement process, Star Health’s claim settlement ratio is good. The ratio is high and it shows that the company settles most of the claims which are made on it. The claim settlement ratio is calculated and published by the Insurance Regulatory and Development Authority of India (IRDAI).
It is calculated as the percentage of claims paid by the insurance company against the total claims made on it. Thus, the claim settlement ratio’s formula is (claims paid / claims made during the year) * 100. The higher the ratio the higher the claims insurance company has paid. a higher percentage is always better as it shows the insurance company to be trustworthy.
Star Health’s claim settlement ratio is high and it is, therefore, considered to be a reputed insurance company which not only settles the maximum number of claims which are made on it but also offers a range of innovative health insurance products. So, if you want to buy a health insurance plan, choose Star Health and enjoy unique products and high claim settlement ratios.