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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.

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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:

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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%.

Note: Now that you know that what is Claim Settlement Ratio, you should also get to know about what is term insurance to buy a term plan for your loved ones.

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.

    Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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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.

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

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

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