Niva Bupa offers a range of health insurance plans catering to individuals, families, and senior citizens. Their plans often include features like cashless hospitalization at a wide network of hospitals (over 8,500), coverage for pre and post-hospitalization expenses, day-care procedures, and some plans even cover AYUSH treatments. Some policies offer benefits like a health check-up from day one, no capping on room rent, and a booster benefit that increases the sum insured for every claim-free year.
The company emphasizes a digital-first approach, offering a seamless experience for buying policies, tracking claims, and renewals through their app and website. They also claim a high claim settlement ratio, aiming for a smooth and quick process for policyholders.
Latest News on NivaBupa
Latest claim settlement ratio of health and general insurers released by IRDAI in 2026: Acko, Aditya Birla, Galaxy lead; Shriram, IFFCO Tokio fall below 90%
When it comes to health and general insurance policies, policyholders expect prompt claim settlements from insurers in times of emergency. The real test of any insurance policy lies in how fairly and quickly claims are settled. To gauge an insurer’s efficiency, checking the claim settlement ratio is a reliable way. The Insurance Regulatory and Development Authority of India (IRDAI) releases a list of claim settlements by all health and general insurance companies every year.
According to the latest figures for FY 2024-25, the claim settlement ratio of various insurers has been revealed. Among private general insurers, Acko General Insurance took the lead with 99.98% of claims paid within 3 months, followed by Reliance General Insurance Co. Ltd. with a ratio of 99.32%. On the other hand, Kshema General Insurance Co. Ltd. had the lowest claim settlement ratio of 26.88% among private sector insurers.
Among public insurers, The Oriental Insurance Co. Ltd. settled 90.17% of its claims within 3 months. The New India Assurance Co. Ltd. and National Insurance Co. Ltd. had a claim settlement ratio of 91.75% and 91.79%, respectively.
In the standalone health insurance sector, Aditya Birla Health Insurance Co. Ltd., Galaxy Health Insurance Co. Ltd., Narayana Health Insurance Co. Ltd., and Niva Bupa Health Insurance Co. Ltd. each reported a 100% claim settlement ratio, with all claims settled within three months.
The claim settlement ratio refers to the percentage of claims that an insurer pays or settles out of the total number of claims it receives during a certain period. For instance, a health insurance company with a claim settlement ratio of 95% typically pays around 95 of every 100 claims it receives.
It’s essential for policyholders to check the claim settlement ratio of their insurer to ensure they are getting fair and prompt claim settlements. The IRDAI’s annual list of claim settlements provides a reliable source of information for policyholders to make informed decisions. By checking the claim settlement ratio, policyholders can gauge their insurer’s efficiency and make informed decisions about their insurance policies.
In conclusion, the claim settlement ratio is a crucial factor to consider when choosing a health or general insurance policy. Policyholders should check the claim settlement ratio of their insurer to ensure they are getting fair and prompt claim settlements. The IRDAI’s annual list of claim settlements provides a reliable source of information for policyholders to make informed decisions about their insurance policies.
Top Insurers With Maximum Grievances Revealed By Insurance Ombudsman: All You Need To Know
The Council of Insurance Ombudsman Annual Report 2023-24 has revealed a significant rise in complaints against health insurance companies in India. The report shows that the total number of complaints against health insurance companies increased by 21.7% in FY 2023-24, with 31,490 complaints, compared to 25,873 in FY 22-23. Private insurers accounted for the majority of complaints, with 26,064 grievances, while public sector insurers had 5,298 complaints.
Star Health & Allied Insurance topped the list with the highest number of complaints, with 13,308 grievances, of which 10,196 were related to claim repudiations. Other top insurers with high complaint numbers included CARE Health Insurance, Niva Bupa Health Insurance, National Insurance, and New India Assurance. The report also highlights that claim repudiation is the most common grievance, with the majority of complaints falling under this category.
The Insurance Regulatory and Development Authority of India (IRDAI) has responded to the rising dissatisfaction by mandating every insurer to appoint an Internal Ombudsman (IO) to review cases up to Rs 50 lakh that remain unresolved after 30 days or are rejected by insurers. However, experts argue that the independence of the IO is questionable since they report to the insurer’s top management, which may raise concerns about fairness and impartiality.
The report emphasizes the need for stronger accountability, transparency, and consumer protection in the health insurance sector. Policyholders are advised to look beyond premiums when buying health insurance and consider critical factors such as claim settlement ratio, repudiation rates, grievance redressal track record, and customer service quality. The IRDAI’s initiative to appoint an Internal Ombudsman is a step towards addressing the rising complaints, but its effectiveness and independence remain to be seen.
The Council for Insurance Ombudsmen (CIO) plays a crucial role in providing an alternative grievance redressal platform for policyholders. The CIO functions under the IRDA Act, 1999, and the Redressal of Public Grievances Rules, 1998, and is designed to provide a speedy and cost-effective mechanism to resolve disputes against insurance companies, intermediaries, or brokers. The report highlights the need for informed choices and stronger regulation to restore policyholder trust in the health insurance sector.
Stock Market Updates for NivaBupa
Recent Updates
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.