Kotak Life Term Insurance Claim Settlement Ratio

The claim settlement ratio is an important factor when you are going to buy a Term Insurance policy. The claim settlement ratio of an insurance company highlights the number of claims settled by it in a financial year against the claims filed. Hence, it helps potential buyers determine a company's claim settlement capacity.

Importance of Claim Settlement Ratio

Term insurance policies help us deal financially with uncertainties such as the death of a family member or a loved one upon whom we depend monetarily. It provides us with life-long financial support to mitigate risks. But there is a catch to it. Making the right choice of buying the best term insurance plan from a reliable insurer is quite critical and asks for a good research and knowledge in the insurance domain.

For instance, if the term insurance company fails to redeem your claim, and fails to help you when you need it the most, you risk being uninsured. As a result, after your unfortunate demise, your family will be left with nothing monetarily and might have to suffer emotionally as well as look ahead at financially constrained days.

Claim Settlement Ratio of Kotak Life Term Insurance

In IRDAI's Annual Report for 2020-21, Kotak Mahindra's Life Insurance's claim settlement ratio was 98.5, demonstrating the company's solid claims paying skills and financial repute.

The annual trend of Kotak Mahindra Life Insurance's CSR over the last three years is depicted in the graph below.

Kotak Life Claim Settlement Ratio FY 2018-2021

Kotak Mahindra's Life Insurance Claims Settlement Performance for 2020-2021

How to File Kotak Mahindra Term Insurance Claims?

Kotak Mahindra offers two ways by which you can file your claims. Take a look below to explore both the online & offline processes.

Online procedure

• Click the 'How Do I?' area from the main menu of Kotak Life's official website.
• Then choose the option to ‘File a Claim'.
• The claimant must complete the 'Book a New Claim' online form.
• To go to the next page, fill in all of the required information and generate an OTP.
• After that, the claimant must submit to the firm all of the relevant documentation.
• Within 7-15 days, Kotak Mahindra will validate the claim and settle it (if approved).

Offline process

• To initiate a claim, the claimant needs to submit the necessary documents, along with the claim intimation form at the nearest Kotak Mahindra Branch office. The form can be downloaded online or can be acquired from the branch.
• After all the internal verifications, the claim will be processed within 7-15 days (if approved) by the Kotak Life Insurance Claims Department and the payout will be settled.