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BS Primer: Here are some key numbers you should consider before buying a health insurance plan
Before buying health insurance a bit of number-based filtering can also help you zero in on the right company and product. Here are some of the key numbers you should look up.
When buying health insurance, you should compare the policy features of various players. But a bit of number-based filtering can also help you zero in on the right company and product. Here are some of the key numbers you should look up.
 
Incurred claims ratio: The recently published IRDAI annual report provided the average incurred claims ratios (ICR) of various categories of insurers for 2017-18. ICR is the percentage of total claim amount paid to the total premium collected. The average for public sector general insurers was very high in 2017-18, at 109.86 per cent. Private sector general insurers came next at 71.32 per cent. Standalone health insurers had the lowest figure of 59.58 per cent
 
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