Prices Increasing soon Prices Increasing Soon

HDFC Term Insurance Claim Settlement Ratio

Investing in a term insurance plan is important as it offers financial protection to your family members in case of your unfortunate death. It gives you peace of mind and ensures that their financial requirements will be taken care of, in your absence. Besides, term insurance provides high cover at low premium rates, helps in financial planning for different milestones of life, and offers tax benefits.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

There are a number of insurance companies available in the market that offers term insurance plans with different benefits and features. Out of all, HDFC life Insurance offers the safest insurance option. It is important to check several aspects while choosing an insurance company. One of the most crucial points to consider while buying term insurance is the claim settlement ratio of the insurance company. Let’s discuss the HDFC Term Insurance Claim Settlement Ratio in detail:

What is Claim Settlement Ratio?

The Claim Settlement ratio is computed by dividing the number of death claims (total) filed by the number of claims received (total) by the insurer. For example, if the insurer received 100 death claims in total and has settled 96 claims out of them, then the claim settlement ratio becomes 96%.

Five things to know before buying Term Plan Five things to know before buying Term Plan

Why Claim Settlement Ratio Should Be Checked?

Various persons check the features and benefits of the policy, the company’s ratings, financial ability, and the customer-centricity of the company before buying any term plan. However, they sometimes fail to check the CSR history of the insurer. Here are the reasons to check the CSR:

  1. Reliability

    CSR is an important factor to measure the reliability of an insurer. It helps to identify whether or not the company pays the nominees the amount of death benefit. Failure in settling claims defeats the whole purpose of investing in a term insurance plan. Additionally, the higher the CSR, the higher the chances of your claim getting settled quickly.

  2. Financial Security of Your family members

    Term insurance plans are purchased on the basis of premium rates and expected returns after the death of the policyholder. The nominees may use the amount to fulfil their financial requirements like repayment of unpaid loans, education expenses, and meeting daily expenses, among others. Checking the past records of CSR of an insurer provides assurance about the financial future of your dependents.

    Therefore, it is necessary to check the CSR before buying a term insurance plan from a specific insurer. In order to do this, you can simply visit the official website of IRDAI. Research the industry data and recognize whether or not your chosen insurer has a high CSR.

HDFC Term Insurance Claim Settlement Ratio

HDFC Life provides a smooth and quick claim settlement process to its dedicated customers. The insurance company has a claim settlement ratio of 98.01%, indicating the quick settlement of claims by the insurer. The CSR value above 95% signifies a good number of positive customer reviews. The company has a dedicated claim assistance staff that is available 24X7.

It is also important to check the CSRs of the last few years before buying a plan from HDFC. The below table shows the Claim settlement ratio of HDFC over the past 6 years:

Financial Year Ratio (%)
2015-16 95.02
2016-17 97.62
2017-18 97.80
2018-19 99.04
2019-20 99.07
2020-21 98.01

The above-mentioned table shows the consistency in providing quick and hassle-free claim settlements. The CSRs of the last six years are more than 95% which indicates the reliability and fast settlement of death claims easily.

Why Buy Term Life Insurance from Policybazaar Why Buy Term Life Insurance from Policybazaar

Points to Know About HDFC Term Insurance Claim Settlement Ratio

  • HDFC Life insurance provides coverage against COVID-19. This requires to inform all the pre-existing ailments at the time of purchasing the term plan.

  • The claim settlement ratio of HDFC Life is 98.01 for 2021

  • It provides a simple claim settlement process

  • The company process the claims within 24 hours (1 day). This is applicable for all claims over 3 years from the commencement date of the plan.

How To File HDFC Term Insurance Claim Online?

This can be done in four easy steps:

  • Claim Reporting: Visit the insurer’s official website. Visit the claim settlement part and then click on the section ‘Individual Death Claim’

  • Verify the details of the Policy: Fill in the important policy details such as date of birth, policy number, mobile number, and death date.

  • Evaluation of Claim: After filling in all the important details, the claim will be evaluated and examined based on the information given.

  • Decision and Settlement of Claim: Then, your claim will get approved and settled. The payout is provided to the nominee in his/her bank account or via cheques. The claim will be settled within 1 day if the plan is purchased online.

How To File HDFC Term Insurance Claim Offline?

HDFC Term Insurance death claims can be easily settled offline by going to the nearest insurer’s branch office. You can directly get the branch details by clicking on the How to make a Claim. This page will redirect your journey to HDFC Life Branch Locator with which you can search for the nearest HDFC branch and can easily file death claim settlements.

What are the Documents Required to File HDFC Term Insurance Claim Settlement?

For death claim:

  • Death certificate

  • ID Proof of Claimant

  • Address proof of claimant

  • Claimant’s cancelled cheque

  • Photograph of Claimant

  • Death claim application that includes NEFT

For Suicide/Murder/Unnatural Death:

  • Death Certificate explaining the cause of death

  • Pan ID card of Claimant

  • Cancelled cheque

  • Photograph of claimant

  • Death claim application form that includes NEFT

  • Post-mortem Report

  • Police Inquest Retort/FIR/Panchanama

For Natural/Disaster Calamities

  • Death certificate issued by any Government Authority

  • Death Claim application form that includes NEFT

  • Original Documents of policy

  • PAN Card of claimant

  • Bank passbook or cancelled cheque

Different types of Plans


Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
22 Feb 2024

Tata AIA 50 Lakh Term Insurance

Ensuring the financial well-being of your family requires

Read more
22 Feb 2024

SBI Life 75 Lakh Term Insurance

SBI Life Insurance Company offers a variety of sum assured to

Read more
22 Feb 2024

Kotak 50 Lakh Term Insurance

Securing your family's financial future involves detailed

Read more
22 Feb 2024

SBI Life 70 Lakh Term Insurance

Many people are confused about the ideal life cover amount and

Read more
22 Feb 2024

PNB 50 Lakh Term Insurance

Securing your family's financial stability involves thoughtful

Read more
07 Mar 2014

1 Crore Term Insurance - Buy ₹1 Cr Term Insurance Plan...

Term insurance is a type of insurance plan that offers financial security to your loved ones in the event of your

Read more
27 Jun 2018

What Is Difference Between Term Insurance And Life Insurance

Life insurance plans help you create wealth, protect your family for the entire policy term, and save on your

Read more
12 Jun 2018

Claim Settlement Ratio of Term Insurance Plan Providers

Claim Settlement Ratio (CSR) is an important parameter in the selection of an insurance policy. If you are going

Read more
24 Mar 2020

LIC Term Insurance 1 Crore

LIC of India offers various plans to help you secure the financial future of your loved ones. To ensure your

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL