Kotak Claim Settlement Ratio

The claim settlement ratio (CSR) determines the number of claims an insurance company settles during a financial year.

As a policyholder, it is recommended to check an insurance company’s CSR before purchasing a policy. A high CSR can provide confidence that the insurance company is dependable and financially secure.

Kotak Life Insurance Claim Settlement Ratio

Claim settlement ratio indicates the percentage of claims settled by the insurer against the total number of claims received in a financial year. As per the IRDAI’s (Insurance Regulatory and Development Authority of India) annual report for the financial year 2021-22, Kotak Life insurance claim ratio is 98.82%.

How to Check Claim Settlement Ratio of Kotak Life Insurance

To check Claim Settlement Ratio of kotak life insurance, one can go through below steps:

• IRDAI Releases reports of every insurer at the end of the financial year, you can go through with that report on the official website of the IRDAI to check the CSR of the insurer.
• You can also check insurer CSR , through their official website.

Kotak Life Insurance Claim Settlement Process

Step 1: Intimation of the claim to the insurance company

The first and foremost step is to report the claim. The nominee can opt for an offline course where they would have to visit the nearest Kotak branch with the claim form and the documents or post them to the branch office.

Claimants can also reach out through Email at kli.claimsmitra@kotak.com or call 022-66057280 and intimate the Kotak team about the claim.

Mandatory Documents to be submitted:

• Claim Form
• Name of the life assured
• Policy Document ( Original)
• Date of death / event of the Life Assured
• Cause of Death/event
• Contact Details
• Current address proof of the claimant
• Photo ID proof
• Claimant’s valid bank passbook/statement or cancelled cheque with pre-printed name and bank account number
• Succession certificate (in case of absence of a nominee)

Step 2: The team carefully reviews the claimant’s details after receiving it, and they personally help the claimant at each step. The team may also request specific additional documents if they are required for the claim’s investigation.

Step 3: The company thoroughly investigates all documents related to the claim before reaching a decision on its approval. Once the claim is accepted, the policyholder or nominee is promptly notified of the payout.