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The claim settlement ratio is one of the most important aspects of the Indian insurance industry. The claim settlement ratio essentially highlights the aspect of the number of claims settled out of the complete claims obtained by the insurance sector.
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In case an individual intends to buy a term insurance policy, the claim settlement ratio is one of the principal factors that should be taken into account. Buying a term plan is important to secure the financial future of the family. However, before buying the term insurance plan, it is better to check the claim settlement ratio of the life insurance company.
The claim settlement ratio is a measurement used for assessing the reliability of the insurance company in terms of paying the claims.
But wait, let me tell you something
The claim settlement ratio can be calculated by using the following formula:
Claim Settlement Ratio= The total number of claims paid during the period/ the total received claims
The IRDAI publishes and makes a ratio of all the insurance companies in India, which is brought into the public domain in the initial month of the calendar year. A policyholder should not just take into account the ratio of the companies but should also observe the number of claims received by the company.
Note: Now that you know that the Importance of Claim Settlement Ratio in India, you should also get to know about what is term insurance to buy a term plan for your loved ones.
Term Plans
To simply put, regardless of whether an individual buys a term insurance plan or a life insurance plan, etc. claim settlement ratio of the insurance company is important. Besides, the consistency of the claim settlement ratio holds utmost significant importance. While selecting the insurance company, it is advisable to look for the claim settlement ratio of the companies in the recent five years.
No wonder the rule is simple smaller is the range of the CSR, reliable and better is the insurance company. For instance, the insurance company with a ratio in the range of 90% to 96% is more reliable compared to a company with the CSR in the range of 75% to 93%.
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Take a look below to understand the process of settling the claims:
At the onset, an individual should make sure that the claims are reported on time. The claims can be easily reported at the respective branch, online or central office. The policyholder can also contact customer support or drop an email. Reporting is of prime importance and for a policyholder is more approachable.
The processing of the claim needs to be quick. Moreover, the process of the claim settlement should not be tedious and the customer should have a hassle-free experience. The less is the average turnaround time to settle the claim, the better it will be.
Once all the relevant documents are duly assessed and approved only then the final settlement will take place. The claims need to be settled as quickly as possible right from the intimation date.
To enjoy the benefits of the insurance policy and not face a claim rejection, the policyholder should take some important steps. It generally starts when the policy papers are being signed by the policyholder. This is the time when the insurance company assesses every aspect of the policyholder such as the risk profile, and so forth and accordingly underwrites the policy.
The following are the steps that should be followed to avoid claim rejection:
The claim settlement ratio of the insurance provider is a good indicator to provide an insight into the policyholder in deciding the policy. However, it is highly recommended that the insurance policy should not be bought just on the premise of the claim settlement ratio. Whether an individual buys a term insurance policy or any other policy it is equally important to check the coverage being offered by the different plans from the insurance companies.
Invest time before making the final purchasing decision, assess the requirements and zero down the insurance plan that suits and fulfil the needs of the family and the financial future is duly secured.
Note: Check out the best term insurance plan in India and choose one that suits your requirements.
Note: It is suggested to calculate the term plan premium on the term life insurance calculator online tool by Policybazaar before buying.
Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/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 38 years of age.
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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+Rs. 820/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 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
˜ Policybazaar Promise reflects the guarantee offered by insurers. Price assurance is based on certifications shared by insurers with us.
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