Edelweiss Tokio Life Insurance is one of the leading financial services, focusing on identifying customers' financial requirements and offering suitable solutions.
Since human life may have to face unforeseen emergencies like- death, injury, temporary or permanent disability, it is prudent to have a Life Insurance plan for difficult times. Before buying a life insurance plan, one has to ensure that he chooses the right company, so one significant factor is checking the claim settlement ratio.
Among the uncertainties of life, one may have to face some devastating circumstances. Keeping this in mind, the breadwinner has to provide financial security to the family. A life insurance policy is a perfect solution to deal with the family's unforeseen fear and financial needs. The beneficiaries can avail of all earnings of the policy after claim settlement. Claim Settlement Ratio is an essential aspect of any insurance company; it represents the company's reliability and risk management ability as to how the company has tackled issues that are not genuine.
It represents the percentage of claims the insurance company has paid out to the policyholders. Claim Settlement Ratio is defined as the number of claims settled divided by the total number of claims filed in one financial year. The total claims received include both the number of claims reported and claims pending at the beginning of the year.
Edelweiss Tokio Life Insurance Claim Settlement Ratio shows a prompt service in regards to genuine claim settlement with a hassle-free, fair and transparent process. This ratio is the reflection of the reliability and consistency of the company. It brings forth the number of claims settled on some claims received over some time.
The Insurance Regulatory & Development Authority of India (IRDAI) analyses the claim settlement ratio of all insurance companies in India and publishes a report. The Edelweiss Tokio Life Insurance Claim Settlement Ratio is 97.0%
While choosing the Life Insurance company, one must check the CSR ratio if it is higher. The higher the CSR ratio reflects, the higher number of claims settled. Edelweiss Tokio CSR is calculated in this way:
Claim Settlement Ratio= (Total claims settled/ Total claims received) x 100
A claim settlement ratio lets people know the percentage of claims a company has paid in one financial year. Generally, it is measured not only for Life insurance plans but also other products such as Annuity products, medical insurance, child insurance products and term insurance plans.
Thus it sometimes becomes difficult to judge the consistency of the services in the company. It is also recommended that while selecting an insurance company, you analyse the CSR percentage and the average time the company takes to settle the claims and the number of pending and rejected claims.
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