The time taken to settle an insurance claim is an important factor for people buying health insurance. But claims settlement is a layered process. So when an insurer promises a quick turnaround on claims approval, it may not really mean that you will be able to walk out of the hospital, with all your bills paid by the insurer. It simply means a quick turnaround on whether the insurer has agreed to accept the claim. In health insurance, this stage in cashless claims process is called pre-authorisation.
India's wealthy opt for term insurance policies worth Rs 5-20 crore: Report
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