“Ratings” as a tool has become so ingrained in our lives that for every product or experience we look up online. We hardly make the purchase decision without checking the rating. From buying some of the big ticket items like a TV or a refrigerator to purchasing something as trivial as a photo frame, we always look up ratings to make the final decision. Rating gives us an overall view of any product and helps in knowing whether it will meet our purpose or not..
This got us thinking that if we have the rating for everything in life, why not have the same for health insurance plans as well? Especially, when this is one of the most complex and technical products one can purchase in their lives. There is a huge amount of inertia and mis-trust towards health insurance in our country, as most people find it hard to understand which plan offers the best benefits that are most important and relevant for them. Most people end up buying health insurance plans at someone else’s recommendation with slight anxiety in their minds of whether they have made the right choice as they themselves don’t know what their plan covers and if that is enough for their needs.
Talking about health insurance, there are a plethora of options to choose online and this can put you in a state of dilemma, especially if you are new to it. While buying insurance there are many questions that may come to your mind, like how much would be the sum insured of my plan, how much premium I will pay for it, can my claims be settled online, will the insurer offer a cashless claim facility and so on.
The answer to all these queries lies in comparing health insurance plans and picking the right alternative. Comparing policies online can be best enabled with a trusted platform. And, this is where Paytm Rating can play a defining role in smoothening your health insurance journey.
Paytm Rating-Your Perfect Health Insurance Companion
Paytm Rating is the first such solution in the health insurance industry that aims to demystify each plan offered by the insurer. By providing a rating to each plan on a scale of 5, we will help you in choosing a plan which has the best benefits not just in terms of quantity but also in terms of quality.
Having carefully studied 100s of plans available in the market, our experts have come up with a highly sophisticated and scientific approach (algorithm) to rate each plan. Our rating module takes into account not just the benefits offered by a respective plan but also how good an insurer is, in terms of settling claims raised by customers and the number of cashless hospitals it has tied up with. In addition to that, our experts aim to remove the clutter and confusion customer faces when going through all the technical terms by highlighting the key parameters in the most easy to understand language. We also provide a rating to those individual parameters to let customers decide easily .
Here is the list of key parameters considered in calculating the rating for each plan
| Key parameters | Description | Basic principles used for calculating ratings |
| Room rent coverage | Different plans provide coverage for specific types of rooms or put a limit on the maximum amount you can claim. | Plans with better coverage or higher limits will have better ratings. |
| Overall bill coverage | Some plans have a component of co-pay which requires you to pay some part of your total bill eligible for claims. | Plans with the least amount of co-pay will cover you sufficiently and hence better rating. |
| Existing illness coverage | All plans have some waiting period for existing illnesses during which you can’t claim .hospitalization expenses | Plans with a shorter waiting period will cover your existing illnesses sooner and hence will have a higher rating. |
| Cashless hospitals in India | All insurers have a tie- up with a network of hospitals where cashless claims are processed. Insurers directly pay for the claim , instead of customers paying first and getting reimbursed later. | Insurers with a higher number of cashless hospital networks across the country will have better rating. |
| Claim settlement | Not all claims filed by customers with insurers get approved. While some get rejected, others take a long time to get approved. | Insurers which approve a higher percentage of claims in a shorter time will have a higher rating. |
| Extra benefits | There are many other extra benefits which each plan offers. These include pre and post-hospitalization expenses, e-consultation, free health checks, restoration of cover and about 10+ more benefits. | Plans with a higher number of extra benefits and better coverage for each respective benefit will have a higher rating. |
In our mission to simplify health insurance, we would continue to strive for more such innovative features to delight our customers and make their health insurance buying experience smooth and stress free.
