I recently received a comment on my health insurance post. Here it is.
Hi,
I read up on your comparison of health insurance policies. There are 2 statistics for the Royal Sundaram Lifeline Policy:
a. CLAIMS PENDING FOR OVER 6 MONTHS (% OF CLAIMS PENDING AS OF 31 DEC 2014) which is 21%
b. Incurred Claim Ratio of the Insurer being 52.89%
1. Can you please comment on the above and how key these parameter are.
2. Also, would you continue to have a positive outlook for this policy when the ICR is this low.
3. Can we, as individuals, be confident that our claims would be successful on time?
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Now, there is confusion galore with all the terms used by the insurance industry. The latest one is the Incurred Claims Ratio. I believe it has been confused with the Claims Settlement Ratio.
Let’s understand the difference between the two.