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.
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.
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
Parameters | Claims pending at the start of the period | Claims intimated | Total claims | Claims paid | Claims repudiate | Claims rejected |
No. of Policies | 9 | 4393 | 4402 | 4,336 | 50 | 0 |
Kotak Mahindra offers two ways by which you can file your claims. Take a look below to explore both the online & offline processes.
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(Showing latest 5 reviews only)
February 10, 2022
Kalpana Gupta
HyderabadNovember 22, 2021
Dinesh Chopra
DelhiAmazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.
October 5, 2021
Shreya Sharma
DelhiJust got my claims settled. Thank god my husban chose ICICI term plan who understand how important the hassle-free claim is a blessing at this point when you have lost your everything. Thankyou ICICI for supporting me
September 13, 2021
Anshuman Dami
Bhopalbought a term plan from icici pru after carefully considereing that covid like situation is imminent. my fam needed protection financially and now they have it
September 13, 2021
Vasundhara
Chandigarhwill be foreever grateful to policyx for helping me settle the claim...really needed all the support in this time
Last updated on June, 2022
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It is one of the best companies as they explained the benefits of the term insurance then suggested me the best suitable plan as per my needs. I am happy to be associated with this company.