Claim Settlement Ratio Trend for HDFC Life

Life is uncertain and fragile. We have to make sure that we catch up with the pace of life and live a secure one. Life insurance gives us that assurance. It helps us to make the lives of our loved ones better even when we are not around. Life insurance is one of the best gifts we can give to our family, and being a long-term investment plan it is an easy way to plan financially for different phases of life.

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There are many life insurance companies in India offering insurance plans with added benefits. Before choosing an insurance provider, it is vital to review many aspects to select the best insurer. And one of the crucial aspects of the review is - going through the history of claim settlement of the insurance provider. Before buying life insurance, make sure to check out the life insurance settlement ratio of different plans. This ratio helps us determine which company is best.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Let’s discuss the HDFC life claim settlement ratio and why is it important?

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What is a Life Insurance Claim Settlement Ratio?

The claim settlement ratio (CSR) is determined by simply dividing the number of claims filed by the number of claims received. For example, if 100 people file to claim the insurance benefit and out of them, only 95 are settled, then the CSR ratio is 95%. So, a higher ratio means a better insurance provider. HDFC Life Claim Settlement ratio has been a good indicator of the insurer because of the good percentage in reports.

Reasons to Check Claim Settlement Ratio

Buying life insurance is not an easy task, and people check several things to make sure that they are choosing the right service provider, and this is a crucial thing to do. People go through the benefits and covers of a plan, review of the company, their financial soundness, and other such things. But they do not focus on the claim settlement ratio, and that can cause them problems. There are two main reasons for that, and they are:

  1. Reliable Index

    The CSR ratio is reliable information to assess the working of any insurer and works as a source to identify the honesty and dependability of the service provider. A higher ratio means greater chances of your claim being settled in the future. This shows the possibility of getting the settlement amount to the beneficiary.

  2. Security to your Loved Ones

    This assures that the family of the insured is financially secured after the insured person’s death. Life insurance policies are bought based on the payments of premiums and expected profits and benefits after the death of the insured. This amount helps the beneficiary/beneficiaries to meet their financial goals whatever they may be.

Who is the Beneficiary?

The person purchasing the policy nominates the beneficiary during the signing of the policy documents. The insured can choose more than one beneficiary, but he/she has to specify their shares in the plan. People usually choose blood relatives and life partners as a beneficiary, but they can also choose a friend as well. Given, they clarify the reason to prevent dispute with a lawful heir.

HDFC Term Insurance Claim Settlement Ratio

HDFC Life offers a smooth death claim settlement experience to its customers. The insurance company has a good claim settlement ratio (CSR) of 98.01% in FY 2020-21, which indicates that the insurer settles claim fast. HDFC Life has a dedicated and committed claim settlement assistance staff available 24X7. So the HDFC term plan claim settlement ratio is a good indicator of its reliability and trustworthiness. 

  1. Trends in HDFC Life Claim Settlement Ratio 

    The insurance monitoring body, IRDAI (Insurance Regulatory and Development Authority of India) issues an annual report on the claim settlement ratio of life insurance providers every year. According to IRDAI’s 2019- 20 reports the HDFC life claim settlement ratio 2020 stands at 99.07 %, which indicates a pretty good number of settled claims and 98.01 % individual claims for the financial year 2020- 21.  This CSR ratio above 95 % indicates a good number of positive reviews as far as the HDFC Life Claim Settlement Ratio is concerned. 

    The below table illustrates the HDFC Life Claim ratio of the last 6 years: 

  2. HDFC Claim Settlement Ratio

    HDFC Claim Settlement Ratio of last 6 years
    Year Ratio (in %)
    2015-16 95.02
    2016-17 97.62
    2017-18 97.80
    2018-19 99.04
    2019-20 99.07
    2020-21 98.01

    Disclaimer : Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer."

    The above table shows its consistency in offering hassle-free and fast claim settlements. The CSR of the last 6 years is above 95% HDFC Life Claim Settlement Ratio 2021 indicates the settling of death claims easily and simply. 

Promising Factors to be Considered – HDFC Life Insurance Claim Settlement Ratio Importance

  • HDFC Life Insurance covers COVID-19 claims. The claim settlement would be subjected to declaring all pre-existing medical conditions at the time of buying the policy and in accordance to the applicable T&Cs. 

  • HDFC Life Claim Settlement Ratio 2021 is 98.01% (individual claims) 

  • It offers a hassle-free and easy claim experience. 

  • HDFC Term Insurance Claims are processed within a day i.e., 24 business hours for all claims over three years from the inception date. 

How To File a HDFC Death Claim?

  1. Claim Online: 

    Below are the 3 easy steps to initiate a claim online 

    • Verify the Details of a policy 

    • Submit the life assured details 

    • Submit the details of the nominee 

  2. Claim Offline: 

    • Download and Completely fill the claim application form 

    • Collect all the requested supporting claim documents 

    • Submit claim form and all the required documents 

Documents Required to make HDFC Life Insurance Death Claim 

Below are the list of documents required to file a death claim under HDFC Life Insurance: 

Type of Claim  Documents Required 
Natural Death Claim 
  • Death Certificate issued by the government or local municipal authority 
  • Original policy bonds
  • Death claim application form
  • Address proof of Claimant 
  • PAN card of Claimant 
  • Medical records or documents 
  • Death Certificate stating a medical cause of death 
  • Bank Passbook or cancelled cheque 
Unnatural Death Claim (in case of accidental death/suicide/murder)
  • Death Certificate issued by the government or local municipal authority 
  • Death claim application form 
  • Address proof of claimant 
  • PAN card of a claimant 
  • Original policy documents 
  • Bank passbook or cancelled cheque 
  • Police inquest, FIR and Panchanama 
  • Post-mortem Report
  • Annuity claim documents 
Natural Calamity/Disaster claims 
  • Death Certificate issued by government or local municipal authority 
  • Death claim application form 
  • Original policy documents 
  • Address proof of claimant 
  • PAN card of a claimant 
  • Bank passbook or cancelled cheque
Critical illness claim 
  • Critical Illness claim application form 
  • Original policy documents 
  • Medical reports and records such as diagnostic reports, hospital records 
  • Address proof of claimant 
  • PAN card of a claimant 
  • Bank passbook or cancelled cheque

Conclusion

This data helps every potential buyer to check out the market and the reliability of the insurance provider before going into it and helps them in identifying the right policy for themselves as per their need and limits.

Purchasing a life insurance policy is important and should be done with the utmost care, research, and consideration. So, you must assess all the aspects and checkout these reports before settling on for an insurance company. As we have seen above, HDFC Life Insurance Claim Settlement Ratio is above 95 % and depicts a positive trend in the insurance market.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Life insurance claim settlement ratio is an imperative factor as it indicates an insurance provider’s trend of claim settlement. Comparing the ratios of different insurers is better before choosing one that fits your demands.

Don’t forget to disclose mandatory details and do not hide vital information, while purchasing the insurance policy, as this will help you during the time of claim. Ensure you fill your proposal form by yourself, not by anyone else like your agent or company representative.

Most of the insurance providers ask for the medical test of the policyholder while purchasing the policy. However, in case if an individual is purchasing a policy at a younger age and choose a high sum assured amount then they can purchase term life insurance without a medical test. However, the policyholder should share all the information related to health with the insurance company so that they can have a smooth claim settlement process in the future.

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