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 secured 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

Today we will discuss HDFC standard life insurance 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 to 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 ratio is 95%. So, a higher ratio means better insurance provider. HDFC Standard 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:

Reliable Index

The 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. The 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.

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 Standard Life Claim Settlement Ratio

The insurance monitoring body, IRDAI (Insurance Regulatory and Development Authority of India) issues an annual report on claim settlement ratio of life insurance providers every year. According to IRDAI’s 2017- 18 reports the HDFC’s claim settlement ratio stands at 97.80 %, which indicates a pretty good number of settled claims. And HDFC on its website states 99.03 % individual claims for the financial year 2018- 19.  This is a sign of growth, and 95 % above ratio indicates a good number of positive reviews as far as the HDFC Standard Life Claim Settlement Ratio are concerned.

Year

Ratio in %

2012 – 13

95.76

2013 – 14

94.01

2014 – 15

90.5

2015 – 16

95.02

2016 – 17

97.62

2017 – 18

97.8

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

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 Standard Life 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 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.

Written By: PolicyBazaar

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