Buying health insurance is a critical decision in everyone’s life as it allows you to be well prepared for unknown medical emergencies which can lead you into a financial burden with hefty hospital and medication bills. Therefore, it is always advisable to invest in the right company which doesn’t only offer big commitments to provide you fancy facilities but actually, fulfill them at the time of requirement without any undisclosed exclusions and hidden clauses.
Amongst various health insurance
companies available in the market making big commitments, HDFC Ergo Health
Insurance really tops the chart of being a preferred choice for a health
insurance in today’s scenario with its market report evaluation and customer
satisfaction report with its quality products and services.
HDFC Ergo has a Gross direct premium
of Rs. 3623.49 crores, which means, HDFC Ergo covered approximately 7.1% of the
health insurance market in 2019-20, out of the total market share. The IAAA
rating by ICRA and the customer base of more than 75 lakhs signify its highest
claim paying ability.
Below are the few factors which make HDFC
Ergo health insurance ideal health insurance to have as a partner-
No age restrictions- The Company has no age restrictions
for its customers to buy their health care plans starting from 18 years without
any hindrance, which means all age groups of individuals can avail their plans.
Easy Payment Option- In case an individual is unable to
make full payment of the premium amount in one go due to various personal or
financial reasons, HDFC Ergo gives an option to pay in installments to support
their customers.
Health care at Residence- While most of the insurance
companies take the
liability of payment only in case of hospitalization but HDFC Ergo has a unique facility of Cashless home health care treatment where they help in availing the best medical assistance along with home care facilities.
Customer-Centric- As the medical emergency can occur
at any stage and any hour of the day without any prior notice. Therefore to
provide continuous support
to their customers, HDFC Ergo has 24x7 customer care to resolve the queries of
their customers and settling claims.
Ayush Benefits- HDFC Ergo covers hospitalization
expenses and treatments of alternative medical science such as Ayurveda, Unani,
Siddha or Homeopathy, giving a wider opportunity to customers to opt for
medication of their own choice. It is advisable to add an AYUSH cover to the
health plan of senior citizens as AYUSH offers the best alternative treatments
available for elderly people who usually have pre-existing diseases.
Renewability- HDFC Ergo offers the possibility of lifelong policy’s renewal with quick and easy process
with an assurance to provide stress-free
life from financial burden generated due to medical emergencies.
Network Hospitals- HDFC Ergo has a network of 10,000
hospitals spread across the country, where their customers can avail of cashless medication at the time of emergency, along with other facilities such
as inpatient care, complementary health checkups, and daily cash benefits.
Solvency Ratio- The solvency ratio demonstrates the
insurance company’s capacity to meet its long-term financial obligations. As
per IRDAI annual report 2019-2020, the solvency ratio of HDFC Ergo is 1.77
which considered being a healthy ratio and indicates its claim paying ability.
Claim Support- Claim settlement is one of the
important factors to be considered while selecting a health insurance company
as it describes the claim settling ability of the insurance company. If
the company is not able to settle claims in the given time period, then the
whole purpose of purchasing insurance gets wasted. According to the IRDAI Annual Report
2019-2020, HDFC Ergo has settled 99.8% of claims within 3 months. The higher
the percentage, the better the company's ability to settle claims. Hence, this
factor makes a company highly trustworthy amongst its customers.
