Kotak Claim Settlement Ratio
  • Know the CSR of Kotak Life
  • Understand its claim settlement performance
  • Explore the claim settlement process
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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 Life Claim Settlement Ratio FY 2018-2021

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

ParametersClaims pending at the start of the periodClaims intimatedTotal claimsClaims paidClaims repudiateClaims rejected
No. of Policies9439344024,336500

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.

Find Out What PolicyX.com Customers Are Saying

(Showing latest 5 reviews only)

- 4.3/5 (34 Total Rating)

February 10, 2022

Kalpana Gupta

Hyderabad

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.

November 22, 2021

Dinesh Chopra

Delhi

Amazing 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

Delhi

Just 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

Bhopal

bought 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

Chandigarh

will 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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