Exide Life Insurance Claim Settlement Ratio

The claim settlement ratio is the percentage of claims an insurance company has paid out against the total number of claims received during a given financial year. This data indicates the company's efficiency in processing claims. A primary consideration when buying a life insurance policy is ensuring that after the policyholder's death, the insurer will pay the sum assured to dependent family members to secure their financial future. Here, the claim settlement ratio plays a crucial role in choosing a policy. A higher claim settlement ratio and a shorter time taken to settle claims reflect greater efficiency and build trust in the company.

With over 200 branch offices, Exide Life Insurance Company is recognized as one of India's prominent insurance providers. The company also maintains a strong online presence, making its services easily accessible to customers. Established in 2001, Exide Life Insurance has achieved significant milestones in the life insurance sector. According to the IRDAI’s latest report for the year 2021-22, Exide Life Insurance Company's claim settlement ratio is 99.09%. They offer an easy and streamlined claim settlement process.

Types of Claim Settlement Processes by Exide Life Insurance Company

The company offers two types of claim settlement processes, designed to meet customer needs. Let's explore the details of Exide Life Insurance Company's claim settlement.

• Online Claims Settlement
• Offline Claims Settlement

Exide Life Insurance Company Online Claims Settlement

Exide Life Insurance Company provides a simple, app-based claim settlement process for a trouble-free customer experience. You can request a claim, submit documents, and check your claim status easily via their customer app ‘ExideLife’ and their official website. Exide Life Insurance offers a customer-friendly three-step online claim registration process on its website or mobile app:

Step 1: Claim Registration: This initial step requires the nominee/claimant to enter the policy number, name, address, email ID, and phone number in the claim intimation form. Subsequently, they are asked to provide policy details such as the name of the insured person, the nominee's relationship with the insured individual, the type of claim, the date of the event, and the cause of the event.

Step 2: Claim Processing: The submitted claim information is processed, and the company requests necessary documents. After document submission, the claim request is initiated and sent for further investigation.

Step 3: Claim Settlement: If the claim is processed and approved, the claimant/nominee is informed, and the amount is credited to their bank account. The Exide Life Insurance Claims Unit registers the claim and provides a reference number to the nominee/claimant, which can be used to track the claim status.

Exide Life Insurance Company Offline Claims Settlement

Step 1: The first step in offline claim settlement is registration. The nominee/claimant can visit the nearest Exide Life Insurance branch to obtain the claim intimation form.

Step 2: The next step is to submit the necessary documents. The nominee/claimant can submit the form and documents at the nearest branch office or dispatch them to the head office to register the claim. Exide Life Insurance Company provides an acknowledgment number to the claimant.

Step 3: The company processes the claims by investigating the documents. After approval, it informs the nominee, and the claim amount is then transferred to the nominee/claimant’s bank account.