Kotak Life Term Insurance
- Flexible premium paying options
- Protection against 37 critical illness
- Discounts for online customers
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.
Online procedure
Offline process
Hopefully, your doubts about the Kotak Life claim settlement ratio are cleared. Kotak Life Insurance holds an impressive CSR of 98.82% for FY 2022-23. Now you understand why it is considered one of India’s top insurance providers. By checking the claim settlement ratio, you can estimate their reliability and efficiency in processing claims. To check out Kotak Life Term Insurance plans, call us today at 1800-4200-269 or reach out to us through our official website, policyx.com.
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Kotak Life Term Insurance
(Total number of claims settled in a year/ Total number of claims received in a year) X 100 = Claim Settlement Ratio (CSR).
The claim ratio is the number of claims raised in a year, and the claim settlement ratio is the total number of claims settled in an FY.
A claim settlement ratio of 90% or higher is considered good, and above 97% is considered ideal.
Some common claim documents include original policy documents, death certificates, hospital records, photo identification & address proof of the claimant.
Kotak Life claims are generally within 7-15 days from the date of receiving all required documents.
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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