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IndiaFirst Life Insurance Claim Settlement Ratio Trend
- DetailsWritten by PolicyBazaar -
- Hits : 2208 -
Updated date : 06 May 2020
A policyholder is also known as the ‘’insured’’ and the life insurance company is also known as ‘'insurer''. An agreement between both the respective parties is known as an insurance policy. The insurer has to pay an assured amount of money as per the policy opted for when the insured dies
Life Insurance is one of the basic needs of a person. It provides financial assistance to the insured’s family after his or her death. After the death of a near and dear one, insurance comes in handy to save the family from financial disturbances. One of such popular insurance company is IndiaFirst Life Insurance.
IndiaFirst is a Life Insurance Company which has its headquarters located in Mumbai. The company started its functions in March 2010. It is a mutual business enterprise between Bank of Baroda and Andhra Bank. The company is present in over 1000 cities all over India. It has gained 6000 touchpoints. There are approximately 2.7 million lives insured with this company. The assets value of this company is over INR 6500 crores.
What is Insurance Claim Settlement Ratio?
Insurance claim settlement ratio is the indicator of the number of death claims a Life Insurance company has completed in a given financial year. The entire count of claims received against the entire count of claims settled is how an insurance settlement ratio is calculated.
For example, a life insurance company has established 100 claims, but 95 of them have been matured. This means that the company has settled 95% of the claims, and the rest of the 5% has been discarded.
By the calculation of insurance claim settlement ratio, one can find out how much customers responsive a company is while dealing with demise claims.
IndiaFirst Life Claim Settlement Ratio has been increasing consistently through the past many financial years. It is one of the most sorts after and top life insurance companies in India.
IndiaFirst life Claim Settlement ratio
As per the information released by the Insurance Regulatory & Development Authority of India (IRDAI), IndiaFirst life claim settlement ratio has been improving year after year. It has increased a considerable amount in the past six years.
- In the financial year 2012-2013, IndiaFirst life claim settlement ratio was 71.4%.
- In the financial year 2013-2014, IndiaFirst life claim settlement ratio was 73.17%
- In the financial year 2014-2015, IndiaFirst life claim settlement ratio was 72.21%
- In the financial year 2015-2016, IndiaFirst life claim settlement ratio was 71.87%
- In the financial year 2016-2017, IndiaFirst life claim settlement ratio was 82.65%
- In the financial year 2017-2018, IndiaFirst life claim settlement ratio was 89.83%
IndiaFirst Life Insurance Payment Performance
In the financial year 2017- 2018, 1810 new claims were made throughout the new financial year. The Life Insurance Company processed a total of 1626 claims. Therefore IndiaFirst life claim settlement ratio can be calculated by dividing 1626 by 1810 multiplied by 100, which is 89.83%.
According to the Insurance Regulatory & Development Authority of India (IRDAI), IndiaFirst is on the 15th rank for its claim settlement ratio. The Life Insurance Company processed a benefit amount of INR 57.62 crores.
The Process of Claiming a Life Insurance at IndiaFirst
If a policyholder expires, the family can approach the Life Insurance Company to claim the amount that is insured. For a quick and hassle-free settlement, the following process has to be followed:
- India first has to be informed about the policyholder’s death.
- A claim form has to be submitted along with the following documents-
- Death certificate
- Proof of age and address of the claimant
- Copy of passbook
- One canceled cheque.
- Medical report
- Report of the doctor
- Replica of FIR in case of accidental or unnatural death
- Copy of post mortem reportin case of accidental or unnatural death
- After the claim is registered, all the documents will be sent for the process of verification.
- After the verification is completed, the claimant will be notified if the claim has been accepted or rejected.
- When the claim is accepted, the amount is calculated and transferred after a certain period via NEFT only.
The claimant can easily check the status of the policy online or offline. By logging in through the company’s website, one can sign in to their account and view the status. To check the status of the claim offline, the claimant can call up customer care support. The customer care executive will reveal the details only after verifying the details of the caller.
With many life insurance plans to offer to the customer, IndiaFirst is a good option for anyone who is looking for a life insurance policy.
Every person should have a life insurance policy with a reputed company to secure the future of their loved ones. It promotes savings and investment in cost-effective schemes. A family can be saved from the financial crisis if there is a loss of a beloved family member with the help of a reliable insurance provider.
In case, you want to purchase a life insurance policy without a medical test then it is possible to do so. There are different life insurance companies in India, which offer plans without a medical check-up. Normally, life insurance without a medical test depends on the age and coverage amount of the policy.
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