Exide Life Insurance Claim Settlement Ratio

The claim settlement ratio is a percentage of claims that the insurance company has paid out against the number of outstanding claims during a given financial year. This data shows the priority given by the company for processing claims. The main byword of buying a life insurance policy is that after the death of the policyholder, the insurer must pay back the amount dependent on family members, in order to secure their financial situation, and here the claim settlement ratio plays an important role when choosing the policy. The lesser the number of days taken to settle the claim, the higher the efficiency and the better the trust when buying a policy from the company.

With more than 200 branch offices, the Exide Life Insurance Company is considered to be one of the young generation insurance companies in India . The company has a good online presence too, so that the customer can avail their service easily. It was formed in 2001, since then they have crossed many milestones in the field of life insurance. According to the IRDAI’s latest report for the year 2021-22, the claim settlement ratio of Exide Life Insurance Company is 99.09%. They have an easy and minimal-step claim settlement process.

Types of Claims Settlement Process by Exide Life Insurance Company

The company offers two types of claims settlement process, designed according to the needs of customers. Now, let’s get into the details of the Exide Life Insurance Company Claim Settlement.

• Online Claims Settlement
• Offline Claims Settlement

Exide Life Insurance Company Online Claims Settlement

Exide Life Insurance Company has a simple, app-based claim settlement process to make the customers’ experience no -trouble. You can request the company for a claim, submit your documents, and check your claim status easily on their customer app ‘ExideLife’ and on their official website as well. Exide Life Insurance offers a customer-friendly three-step claim online registering process on its website or on the mobile app, here are the steps:

Step 1: Claim Registration: This is the initial step where the nominee/claimant has to enter the policy number, name, address, email ID, and phone number in the claim intimation form. Further he/she is then asked to enter the policy details, such as the name of the insured person, the relationship of the nominee with the insured individual, type of the claim, the date of the event, and the cause of the event.

Step 2: Claim Processing: Then claim information we submitted is processed and the company asks for necessary documents. After submission of the documents, the claim request will be initiated and sent for further investigation.

Step 3: Claim Settlement: If the claim is processed and is well-founded, then the claimant/nominee is informed and the amount is credited to his/her bank account. Exide Life Insurance Claims Unit registers the claim and provides a reference number to the nominee/claimant that can be used to track the claim status.

Exide Life Insurance Company Offline Claims Settlement

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

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

Step 3: The company processes the claims by investigating the documents and after approval it acknowledges the nominee. Then the claim amount gets transferred to the nominee/claimant’s bank account.