HDFC ERGO Claim Settlement Ratio

The claim settlement ratio is the percentage of claims that the insurer has paid out against the number of outstanding claims during a financial year. A high claim settlement ratio of a company denotes the ability of the company to resolve its claims as fast as possible and also provides ways to minimize unwelcomed situations effectively during the claim process. It’s always best for the policyholder to check and compare ratios of different companies, before buying the policy to have a comprehensive understanding of the insurance company’s claims-paying ability.

HDFC Life Insurance Claim Settlement

As per IRDAI, HDFC Life Insurance Claim Ratio is 99.30%. HDFC Life Term Insurance claim settlement is a no-stress affair and transparent to avoid any issues. It is considered one of the leading insurance providers in the insurance market and has a good claim settlement ratio of 99.30% in FY 2021-22. With more than 400 branch offices, HDFC Life Insurance Company is equipped with new technology and automation, through which they can settle the claims fast and easily. HDFC Life allows the policyholder to file for a claim both online and offline.

Types Of HDFC Life Insurance Claim Settlement Process

The company has two types of claim-settling processes for its customers depending on their convenience. According to their own convenience policyholders can get their claims settled online or offline. Let’s take a detailed look at both the claim-settling processes.

• Online claims Settlement
• Offline claims Settlement

HDFC Life Insurance Claim Settlement Process - Online

The company promises to settle the claim within 24 hours if the policy is bought online. The claim request and documents are assessed by the claims team of HDFC Life Insurance, the claims can be requested online on the website or on their mobile app ‘HDFC Life’, by following these 4 simple steps:

Step 1: Clock-In the Claim: The claimant must visit the official website of HDFC Life insurance. Then go to the claim settlement section. And then click on the ‘Individual Death Claim’ section.

Step 2: Verify Policy Details: On the respective page of the website, the nominee must fill in the important details of his/her policy like Policy Number, Date of Birth, Date of Death, and Mobile Number. The company may even ask for some important documents to submit online.

Step 3: Claim Assessment: Now the claim will be investigated based on the information the claimant has provided.

Step 4: Claim Decision and Settlement: At the closing stage, the claim is approved and settled. Payment is credited to the claimant’s bank account.

HDFC Life Insurance Claim Settlement Process - Offline

HDFC Life Term Insurance Claim can be settled offline by visiting the nearest branch office of HDFC Life. Then the claimant must fill and submit the claim intimation form, with all necessary documents. After that, the company will evaluate the claim and send the approval to the nominee. It will take a few days to process the claim and then the amount will be sent directly to the claimant’s bank account.