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Exide Life Insurance Claim Settlement Ratio
Customers purchase a life insurance policy as a long-term investment in life. It is their duty to ascertain adequate coverage for times of need. Since multiple factors account for a good insurance policy, the claim settlement ratio (CSR) of the insurer is the most important of all.
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- Exide Life Insurance Claim Settlement Ratio
Higher CSR means that the insurer will provide them with a hassle-free experience while claiming the policy. Exide Life Insurance is one such insurer that has a high Claim Settlement Ratio and offers multiple benefits to its customers.
What is Claim Settlement Ratio?
The claim settlement ratio is an index that represents the dependability of an insurer. It indicates the number of claims the insurance provider closed as opposed to the number of claims the company receives in a year. This index is calculated at the end of each financial year. A consistent claims ratio over the years is desirable to any insurance provider.
Exide Life Insurance CSR
The claim settlement ratio is one of the first indicators of the health of a company. A thriving insurance company will automatically boast a high claims ratio.
To understand how Exide Life Insurance Claim Settlement Ratio one has to keep a few pointers in mind:
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This ratio is calculated as a percentage
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A higher claims ratio represents the greater dependability of the company.
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It is calculated by dividing the total number of claims honoured by the number of claims the company receives in a year.
The formula to calculate the CSR can be expressed as follows:
Exide Life Insurance Claim Settlement Ratio = the total number of claims closed / Total number of claims.
Wherein, total number of claims = Number of claims registered in a year + Any pending claims from the previous year that have been carried over.
If we are to consider Exide Life Insurance Claim Settlement Ratio for the year 2018 - 2019
| Insurance Provider | Pending Claims | Claims Received | Total number of claims | Number of claims closed | Claim Settlement Ratio |
| Exide Life | 5 | 3330 | 3335 | 3236 | 97.03% |
This ratio is a clear indicator of the commitment of the company towards its customers. A company with a higher CSR displays better efficiency at settling insurance claims and is more dependable. Most customers prefer to invest in life insurance companies that have a higher CSR as this gives them a better sense of security.
Exide Life Insurance Claim Settlement Ratio for the past five years are represented in the table below:
| Financial Year | Claim Settlement Ratio in percentage |
| 2014 - 2015 | 86.10% |
| 2015 - 2016 | 89.36% |
| 2016 - 2017 | 96.40% |
| 2017 - 2018 | 96.81% |
| 2017 - 2019 | 97.03% |
*Table mentions an index of Exide Life Insurance Claims Ratio over the past five years*
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What Does Exide Life Insurance CSR Offers?
Exide Life Insurance Claims Ratio gives a fair idea of the situation of the company and should be assessed before a customer invests in any of their policies.
However, there are more factors that the customer must take into consideration while purchasing the life policy.
Here’s what Exide Life Insurance CSR Offers:
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The CSR is calculated despite the kind of policies sold by the company.
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CSR is always represented as a percentage.
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The rejected claims are calculated by misusing the settled claims from 100.
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The CSR depicted is for a particular financial year only. Every year the CSR is recalibrated based on the performance of the company.
About Exide Life Insurance
Exide Life Insurance Company Limited is a reliable insurance provider that has been in the business since the year 2001. Exide Life Insurance Claim Settlement Ratio of 97.03% assures of their customer-centric processes. These figures are per the reports issued by IRDA. This essentially means that for every 100 claims that the company receives, the company successfully settled 97.03 of them.
In Conclusion
Claim Settlement Ratio is a valid indicator of the probability of an insurance claim being settled in full at the right time. It ensures the financial independence of the beneficiaries of a policyholder. It allows the policyholder to view the success rate of the company. A detailed study of the CSR of an insurer is mandatory before a person invests in any policy provided by the company.
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FAQ's
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Q1. How long does it usually take for an Exide Life Insurance claim to be processed?
Ans: If all the documentation is in place, then it should take approximately 30-60 days to process an Exide Life Insurance claim. -
Q2. Is the life insurance amount paid out as a lump sum when it is claimed?
Ans: The amount may be claimed as a lump sum or in instalments. -
Q3. How can a person check the status of a claim made on Exide Life Insurance?
Ans: The policyholder must visit the nearest Exide Life Insurance branch to inquire about his claim. Alternatively, he may call their helpline 1800 419 8228 or email them at care[at]exidelife.in -
Q4. Can a person obtain more than one Exide Life Insurance policy?
Ans: Yes. Purchasing multiple life insurance policies is legal. -
Q5. Under what circumstances can a claim be rejected?
Ans: A claim can be rejected under the following conditions:- Detection of fraudulent activity
- Factual errors in the claim application
- Non-disclosure of medical conditions by the policyholder
- Lapsed policy
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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
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Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
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+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.
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+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
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+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.
Women
+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.
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Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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