HDFC Claim Settlement Ratio
- Check the CSR of HDFC Term Insurance
- Process of Settling Claims
- CSR Trend of HDFC Life
Claim Settlement Ratio is one of the most crucial factors that one should check at the time of buying an insurance plan. And, HDFC Term insurance is no different. When it comes to Term Insurance, it is the most basic and simplest type of life insurance. It offers your family a cost-effective financial safety and allows you to receive a decent sum assured by paying an affordable premium.
The benefit amount is paid out to the nominee in case of the death of the person insured during the term of the policy.
A claim settlement ratio refers to the percentage of life insurance claims paid out of the total claims filed in a financial year. The higher the ratio, the easier it is for your dependents to claim the insurance when you are no longer with them.
As per IRDAI, HDFC Term Insurance Claim Ratio is 99.39%. If you have decided to protect your family’s financial needs with HDFC Term Insurance, then you must take a look into the company’s claim settling performance. It is true that HDFC Life is one of the renowned names in the insurance market, but as a responsible customer and family member, it is your duty to have a deep knowledge of the company’s performance when it comes to settling your claims.
In the below section, we will help you to get an insight into the company’s claim settling ability.
Claim Settlement Ratio (CSR) of HDFC Life Insurance 2018-21
Source: IRDAI Annual Reports
You can estimate the CSR of an insurer using the following formula (Claim Settlement Ratio = (Total no. of Claims Approved/Total no. of Claims Received) x 100)
Remember that CSR is the percentage of all the insurance products the insurer offers, not individual products.
Let’s take a look at an example to understand better:-
’X’ insurer received 1,400 death claims during the financial year.
They settled the 1,360 death claims; 20 were rejected, and the remaining 20 have not been decided yet.
The CSR of the insurer for its company is (1,360/1,400)*100 = 97.14.
The claim rejection percentage is (20/1,400)*100 = 1.4%.
The claim pending ratio is (20/1,400)*100 = 1.4%.
Check out the few factors that make the HDFC claim settlement process the best.
HDFC Life is known for its three-step claim settlement process for faster settlement.
You can file the claim directly from their website or visit your nearest branch office.
With a team of experienced customer representatives, HDFC Life ensures that once your claim is submitted, you can contact their representative to check your application process.
Get your claim settled in three easy steps with HDFC Life Insurance.
The nominee has to submit the death claim form at the insurer’s head office or the nearest branch or through email, along with a photo ID and address proof of the claimant and other mandatory documents.
HDFC Life’s customer support staff will review your claim form and assist you immediately. The claim team will evaluate your claim and notify you if any papers are still pending.
The company will verify all the records from their end. After successful verification, the total sum insured by the policy will transfer to the nominee’s bank accounts.
HDFC Life holds an impressive Claim Settlement Ratio of 99.39% and is known for its 3 steps and seamless claim settlement process. They understand that a more straightforward process and instant claim settlement are essential for life insurance claims.
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You can check your claim status online through their official website.
Some common claim documents include original policy documents, death certificates, hospital records, photo identification & address proof of the claimant.
Typically, all valid claims are to be settled within 15 days after receiving all necessary documents related to the claim.
HDFC Life Insurance is considered one of the leading insurers with a good claim settlement ratio of 99.39% in FY 2021-22.
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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