Prices Increasing soon Prices Increasing Soon

Kotak Life Claim Settlement Ratio

Kotak Mahindra Life Insurance has emerged as one of the fastest-growing insurance companies in India. Throughout the years, Kotak Life has secured its space as one of the most trusted by maintaining a consistently high claim settlement ratio.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
58.9 Million
Registered Consumer
51
Insurance Partners
26.4 Million
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What is Claim Settlement Ratio?

Not every claim made is approved by the insurer. Before settling a claim after the policyholder's death, the insurance companies check if the conditions meet the conditions mentioned in the policy schedule.

The ratio of the number of settled claims by an insurance provider to the total number of claim requests received by them in a given accounting period is known as the Claim Settlement Ratio (CSR) of the insurer. The CSR of a company can be measured easily and expressed in terms of percentage. Kotak Life is known to settle multiple claims through its fast-paced and simple claim procedure. 

The Kotak Mahindra Life Insurance claim settlement process is easy and does not cause any inconvenience to the policyholder. The Claim Settlement Ratio (CSR) of Kotak Life Insurance for the financial year as per the IRDA Annual Report is 98.5%.

Kotak Life calculates the claims ratio by the given formula:

Claim Settlement Ratio (CSR) = Number of claims settled successfully / Total insurance claims filed by the policyholders

What Does it Represent?

To choose the right life insurance company as per their needs, one should check various aspects such as the types of policies and covers offered, customer reviews, etc. Also, they should not make the mistake of overlooking the claims ratio. Assessing the IRDA Claim Settlement Ratio for an insurance company before selecting and buying an insurance policy is important as it gives the policy seeker:

  1. An Indication of Insurer’s Reliability

    Life Insurance is a critical investment that helps an individual plan their finances better. Policyholders need to pay the premium amount to avail of the policy benefits over a long duration of time. So, in case the company denies settling the policyholder's claim due to some reasons, then the entire purpose of getting life insurance is defeated, and their planning would go in vain.

    To avoid this, policy seekers can determine an insurer's trustworthiness beforehand by assessing its claims ratio. It serves as a reliable measurement that indicates whether the insurer will safeguard the policyholder's interests. A higher ratio indicates greater chances of the insurer to come through during the time of need and vice versa. 

  2. Assurance About their Family’s Financial Future

    Life Insurance helps an individual secure the financial future of their dependents in their absence. The last thing a policyholder would want for their family is to suffer the consequences of their insurance claim being rejected after the policyholder's death. Therefore, it is advisable to make the right choice by checking the insurer's claim settlement ratio before investing in a life insurance plan.

    To find a trustworthy insurer, policy seekers should look for:

    • A CSR value above 85%

    • A favourable persistence ratio indicates the persistence of the policyholders to renew insurance.

Conclusion

In the current era, where there is a range of life insurers available in the market, it has become of utmost importance to check the claim settlement ratio of an insurer. It is a deciding metric for policy seekers to select an insurance provider having a better chance of fulfilling their promise. Selecting a trustworthy name like Kotak Mahindra Life Insurance with a high CSR rate assures the policyholder of efficient claim clearance.

FAQ's

  • Where can I find the Claim Settlement Ratio of insurance providers?

    A1. The list of these ratios of all public and private life insurance companies is included in the Annual Report released by the Insurance Regulatory and Development Authority (IRDAI) each year. It can be found on IRDAI's official website.
  • Where should one contact for claim intimation and settlement of a Kotak Life Insurance policy?

    A2. Policyholders or beneficiaries can contact Kotak Life executives directly for claim intimation and settlement by placing a call at their toll-free number.
  • How is Kotak Life Claim Settlement Ratio compiled?

    A3. The Claim Settlement Ratio is calculated by compiling data during a given financial year (April to March) and changes every year.

Premium By Age

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
4 Crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 Crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 Crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Kotak-life-term-plans Articles

  • Recent Article
  • Popular Articles
26 May 2022

Kotak Term Insurance for Housewife

When you think of a term insurance plan, the simplest reason to

Read more
05 Apr 2022

Kotak Term Insurance for NRI

Term insurance for NRIs is becoming one of the popular insurance

Read more

Kotak Term Insurance for NRI

Term insurance for NRIs is becoming one of the popular insurance products among the NRIs because of its benefits

Read more

Kotak Term Insurance for Housewife

When you think of a term insurance plan, the simplest reason to purchase term insurance is if you are the

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL