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Claim Settlement Ratio of Niva Bupa Health Insurance
The health scenario across the globe has made us realize the importance of a health insurance plan. With a health insurance plan that has a good Claim Settlement Ratio or (CSR), you can ensure that you and your family get the best treatment for any health issue without worrying about the expenses. If you are thinking to buy a health plan, do consider buying it from Niva Bupa Health Insurance Company Limited, a company that offers tailor-made health insurance policies to meet the requirements of different people.
Tagged as one of the most trusted health insurance providers, Niva Bupa, formerly known as Max Bupa offers an excellent claim settlement ratio. Read on to learn about the claim settlement ratio of Niva Bupa health insurance and whether you should consider buying a health insurance policy from this company, or not.
What is Health Insurance Claim Settlement Ratio?
Call it the Claim Settlement Ratio or CSR, it is the first and main thing that tells about the credibility of a health insurance company to settle insurance claims for a policyholder. CSR is the percentage of claims settled by the company during a particular financial year in ratio to the total number of claims filed by the customers. As per a general thumb rule, the higher the claim settlement ratio, the more reliable a health insurance company is for seeking claim compensation.
What is Niva Bupa Health Insurance Claim Settlement Ratio
Do you know that Niva Bupa health insurance claims settlement ratio comes in the top 5 health insurance companies according to the annual report 2021-22 presented by IRDAI (Insurance Regulatory and Developmental Authority)? Niva Bupa settled 99.99% of the total claims raised within 3 months. If you are planning to purchase a health insurance plan from Niva Bupa, then you will be glad to know that the company has set a benchmark in offering a claim settlement ratio that never went less than 90%.
How to Seek Niva Bupa Health Insurance Claim?
Niva Bupa Health Insurance Claims can be filed for cashless, as well as for reimbursement.
Here is the procedure to file for cashless claim settlement:
Step 1:
To get cashless treatments, it is important to get admitted to one of the network hospitals of Max Bupa Health Insurance. This list of network hospitals is available on the official website of the company
Step 2:
Show your identity proof along with the Niva Bupa Health Card when admitting to a network hospital
Step 3:
Upon verification of your identity, the network hospital will proceed to submit the pre-authorization request form to Niva Bupa company
Step 4:
Once Niva Bupa reviews the request, it will send a confirmation via email, text, or fax to the hospital and you
Step 5:
Once all these formalities are completed, Niva Bupa will settle the claim with the hospital wherein you will not be required to pay a single penny to the hospital
Here is the procedure to file for reimbursement claim settlement:
Step 1:
When you get admitted to a non-network hospital, it is important to inform the insurer within 48 hours of hospitalization. Make sure to inform them within 24 hours in case of an emergency hospitalization
Step 2:
After making the payment for the treatment, make sure to collect all the necessary documents, medical reports, discharge certificates, and invoices during the discharge
Step 3:
Fill out the Niva Bupa Claim Form available on the official website of Niva Bupa and send it to Niva Bupa along with some other required documents
Step 4:
Once your form and documents are reviewed and verified, the company will settle the claim with a reimbursement
Niva Bupa Health Insurance Reviews by Customers
5 Star Rating – Madhav Arora, New Delhi
“Best company to get a health insurance plan with very cooperative staff that guided me throughout a claim process.”
4.5 Star Rating – Sutanu Dey, Kolkata
“Would recommend everyone to buy health insurance from Niva Bupa because it offers the best claim settlement ratio. Be it the sales team, customer care team or the general staff, everyone in this organization is extremely helpful and knowledgeable.”
5 Star Rating – Pallavi Iyer, Chennai
“I was new to health insurance and was short of funds. Thankfully I had Niva Bupa health insurance that helped me get hospitalized for cashless treatment in a network hospital after an accident and settled by claims without any hassles.”
Best Niva Bupa Health Insurance Plans for 2023
Here is a list of the top 5 Niva Bupa health insurance plans for 2023:
- Niva Bupa Health Pulse
- Niva Bupa Health Premia
- Niva Bupa Health Companion V2022
- Niva Bupa CritiCare
- Niva Bupa Go Active
Claim Settlement Ratio of Niva Bupa Health Insurance
You can easily check the Niva Bupa claim status online by following these simple steps:
~ Visit the official portal of Niva Bupa Health Insurance
~ Go to the claim section and scroll down to the claim status option
~ Fill in your username and password for the Niva Bupa login
~ You will now be able to check your Niva Bupa Health Insurance Claim Status
Here is the list of documents required to file for a Niva Bupa claim settlement:
~ Original and Xerox copy of your health insurance plan
~ Hospital discharge documents and invoices
~ Doctor’s certificate
~ FIR copy
~ Original investigation report
~ Duly-filled claim form
The top three health insurance companies based on the claim settlement ratio 2021 are:
~ ICICI Lombard – 99.98%
~ HDFC ERGO – 99.8%
~ Edelweiss General – 99.72%
The waiting period for a general Niva Bupa health insurance plan is 30 days. Make sure to check the same when buying the policy under the terms and conditions.
Yes, you can consider buying a health insurance plan from Niva Bupa because it is one of the best health insurance companies in India. It offers a wide array of benefits with its policies and a stupendous claim settlement ratio.
Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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What consequences does it bring upon the insured if the person offers wrong information on his/her life insurance proposal form? Let us find out in this post!
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There are plenty of life insurance myths that people have regarding and they need to be dispelled.
It is thanks to these wrong ideas that people fail to see insurance as what it truly is – a vital part of your financial planning. You need to understand that these policies are an important constituent of your financial contingency plan – one that would protect your near and dear ones financially in the future. It would make sure that they do not experience a shortage of funds when they need them in the future. In certain cases, it can also act as a source of income following retirement as well as ailments and accidents that render you unable to work and earn.
When Rajesh wanted to purchase a new life insurance policy for his family, many of his friends advised him to understand the claim settlement ratio of a company. Although he didn’t understand what claim settlement ratio is, he knew that it was relevant in making the decision to buy a policy from a particular company. He therefore researched about it, compared plans and at last, he bought a policy from a company that had a high claim settlement ratio.
Buying a new online term insurance plan involves researching on various things like cover, exclusions, add-ons, and one should know about them in detail. For example, Tata AIA is a leading insurance company that offers a wide range of insurance plans in market at very competitive prices. However, being competitive in pricing alone is not enough, it is necessary to understand the company’s claim settlement ratio (CSR) before purchasing a plan.
Saral Jeevan Bima Yojana is a new standardized life insurance policy that has been brought about by the IRDAI (Insurance Regulatory and Development Authority of India) so that people can have an economical life insurance policy.
This is a non-participating and non-linked individual pure risk premium life insurance policy. In this case, your nominee would receive the sum assured if you pass away while you are covered by the policy. In its annexure, the policy states some benefits and riders. Apart from that, it does not offer any other benefit, rider, variant, or option. The only exclusion in the policy is that of suicide.
The Indian government offers various life insurance plans to secure the financial future of people. The PLI or Postal Life Insurance is one such government policy that monetarily protects the lives of your family members at an economical postal interest.
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