Claim Settlement Ratio of United India Insurance

United India Insurance Company Limited provides a variety of insurance products having extensive coverage for customers. The company also spreads insurance policies to rural masses with a large level of implementation. Before buying a policy, you should check the claim settlement ratio of United India Insurance. In this post, we will tell what is the claim settlement of this insurance company, why it is important to know the same and where can you find it. So, read on!

What is a Claim Settlement Ratio & Where Do You Find it?

A claim settlement ratio (CSR) is the percentage of the total number of claims paid in a year out of the total number of received claim requests. The CSR is calculated using the below formula:

Claim settlement ratio = (Number of settled claims/Number of received claims) x 100

And to find the claim settlement ratio of United India Insurance, you just need to visit the Insurance Regulatory and Development Authority of India (IRDAI) official website as it publishes the claim settlement ratio of insurance companies each year. As per the IRDAI annual report 2017-18, the claim settlement ratio of United India Insurance is 79.72%. The higher the claim settlement ratio, the better it will be for the policyholder.

United India Insurance Total Claim Payment in FY 2017-18

Check out the table below and find out how many claims the insurer has settled in the financial year 2017-18.

Direct claims Add Claims Outstanding at the end of the
year
Less Claims Outstanding at the beginning of
the year
Gross Incurred Claims Add: Reinsurance accepted to direct
claims
Less: Reinsurance Ceded to claims paid Total Claims Incurred
13807943 11482325 9444192 15846076 0 2882851 12963225

Solvency Ratio of United India Insurance

The solvency ratio is a numerical representation of the insurance company’s financial situation. You can check it in the IRDAI annual report. Check out the table below and know the Solvency Ratio of United India Insurance for FY 2017-18.

Date Quarterly Solvency Ratio
30.06.2018 1.21
30.09.2018 1.2
31.12.2018 1.10
31.03.2019 1.10

United India Insurance Claim Procedure

You would want to buy a health insurance policy to get yourself and any of your family treated in a hospital without having to pay for it. And if you are satisfied with the claim settlement ratio of United India Insurance, you must know how it will settle your claims. For your convenience, we have mentioned both the cashless and reimbursement claim process for United India Insurance below. Have a look!

Cashless Facility from the TPA

First, you need to check if the network hospital falls in your nearby area or not as this cashless facility will be available only for network hospitals. For planned hospitalization, intimations are necessary to be sent to the TPAs in advance with the following details:

  1. Name of the insured
  2. Copy of the policy document
  3. Name and address of the hospital

In the case of emergency hospitalization, you can intimate the TPA  on hospitalization. On admission to the hospital or nursing home, the concerned healthcare unit will send a pre-authorization request, duly signed by the insured and hospital authorities, to the TPA.

On discharge from the Hospital, pay the difference of amount which is disallowed under the policy or limited by the sum insured. You can claim your pre and post-hospitalization expenses separately once the treatment is over.You need to submit the original documents within 7 days to the TPA after the discharge.

Reimbursement

If you could not get admission to any of the network hospitals, you can submit a written intimation to TPA or United India Insurance office (if the policy is non-TPA) within 24 hours of hospitalization.

Before you leave the hospital, don’t forget to collect the Discharge Summary, Copy of the investigation report, and other relevant documents from the hospital authorities. Because you need to submit all the documents to the TPA or Office within 7 days from the date of discharge. These documents include the duly filled claim form as well which is issued by the insurer, discharge summary of the hospital, doctor’s certificates and prescriptions, final hospital bills, laboratory and other investigation reports and bills, pharmacy bills, and all other related documents.

You can claim reimbursement of the pre and post-hospitalization expenses separately after the treatment. All documents in the original are needed to be submitted within 7 days after completion of Post Hospitalisation treatment.

So, do check the claim settlement ratio of United India Insurance before you buy any of its health insurance policies in India.

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