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Term Insurance
Claim Settlement Ratio
  • Best Claim Settlement Ratio
  • Factors Affecting Claim
  • Claim Process
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Term Insurance Claim Settlement Ratio

One of the most significant criteria to consider when buying a term insurance plan is the claim settlement ratio. The term insurance claim settlement ratio is calculated yearly, on the basis of insurance claims setteled against the insurance claims recieved by a given company. The claim settlement ratio is always represented as a percentage, it is a standard format which was proposed by the IRDAI (Insurance Regulatory Development Authority of India). The information is published on an annual basis. The entire purpose of purchasing life insurance is to provide financial security in adverse situations. However, if the insurance provider refuses to pay your claim or is unable to do so at the right time, the entire goal of purchasing the term plan goes to vain.

Best Term Insurance Claim Settlement Ratio

  • Overall, the higher percentage of settled claims is considered the best because the chances that your life insurance policy claim will be accepted and settled by the insurance company are more.
  • A high claim settlement ratio is a reflection of the insurance company’s current financial situation and reliability
  • The claim settlement percentages show the willingness of the insurer to pay the insurance claim amount to most of their customers.

Factors that influence Claim Settlement Ratio

The following factors will also impact the insurer’s Claim Settlement Ratio of the company, as they slow down the settlement process, which affects the CSR of the insurer.

  • Non-disclosure: If the policyholder does not inform the insurer about his true health condition if any health issues are hidden.
  • Fraud: The policyholder fills in the information with the intention to cheat the insurer.
  • Ignorance of policyholder: If the policyholder fails to follow the mentioned terms and conditions by the company.
  • Nomination update/error : If the policyholder fails to fill the nomination column or make mistake in the insurance proposal form.

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

LIC Term Insurance

HDFC Term Insurance

ICICI Term Insurance

SBI Life Term Insurance

Max Life Term Insurance

TATA AIA Term Insurance

PNB Metlife Term Insurance

Bajaj Allianz Term Insurance

Aegon Life Term Insurance

Kotak Life Term Insurance

Canara HSBC OBC Term Insurance

Bharti AXA Term Insurance

Aviva Term Insurance

Indiafirst Term Insurance

Exide Life Term Insurance

Edelweiss Tokio Term Life Insurance

Ageas Federal Term Insurance

Future Generali Term Insurance

Birla Sun Life Term Insurance

Reliance Term Insurance

Pramerica Term Insurance

Know More About Term Insurance Companies

Term Insurance Claim Settlement Process:

Term insurance follows a simple 3-step process designed for the ease of the customer. Let’s go through the process one by one

Step 1: Claim Intimation
This is the primary step in this, the policyholder has to file the claim online on the Insurance website, fill out the claim form and submit it along with all the required documents. Policyholders can even have the option to mail the form duly filled along with the documents required, to the official Email address of the insurance company.

Step 2: Document Submission
In the second step, the policyholder has to submit the required documents at the nearest branch of the insurance company. Detailed information about the documents required is listed on the company’s website.

Step 3: Decision and Settlement
In the final step, the claims are assessed by the Insurance Company’s Claim Team, based on the documents that are submitted and the information that the policyholder has provided in the claim proposal form. Once the claim decision has been made by the company, the amount is paid to the policyholder as per the terms and conditions of the policy tenure.

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Claim Settlement Ratio: FAQs

1. Why do term insurance claims get rejected?

Misrepresenting data leads to the cancellation of your policy or the rejection of the claims.

2. How is claim settlement calculated?

The claim settlement ratio of term insurance is calculated by dividing the total number of claims settled by the total number of death claimed.

3. What is the importance of the term insurance claim settlement ratio?

Claim settlement ratio (CSR) is one of the most important factors one should consider when buying a policy as it shows the credibility and integrity of the insurance company.

What Our Customers Have to Say

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Priya Sharma

Jaipur

December 14, 2022

PolicyX has a smooth service from booking policy to verification. Employees are very patient and have good knowledge and help you throughout the process. Had great experience dealing with them

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Somesh

Agra

December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

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Prerna Kumari

Mumbai

July 11, 2022

Good company. Presents nice term insurance plans and flexible plans also. My husband has brought one for the family.

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Priya Sangwan

Mumbai

July 11, 2022

IndiaFirst Term Insurance company ensures that your family s needs are looked after. One of the best companies offers a term plan per your needs.

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Priyanshi Deewan

Hyderabad

July 6, 2022

I recently received the claim amount of the policy that my husband had brought for us. I am glad that the company understands the needs of its customers and their families. Well done Canara HSB...

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Rishabh Kumar

Delhi

July 6, 2022

I bought a term plan with Canara HSBC for the protection of my family and have been satisfied with the benefits received. It is simple and easy to buy their plans.

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Samarth Gaur

Chennai

July 6, 2022

I am very happy with the term plans offered by the Canara HSBC Life Insurance company. The plans offer comprehensive coverage and I am sure will support my family after my demise.

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Vipul Bhardwaj

Coimbatore

June 9, 2022

Bharti AXA is a good life insurance company, and I am sure if something ha[opens to me, the company will look after my family s needs.

Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.

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