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