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HDFC Term Insurance Claim Settlement Ratio
The Claim Settlement Ratio is one of the most crucial factors to check when buying an insurance plan, and HDFC Term Insurance is no different. Term insurance is the most basic and simplest type of life insurance, offering your family cost-effective financial safety and allowing you to receive a decent sum assured by paying an affordable premium.
The benefit amount is paid out to the nominee in case of the insured person's death during the policy term.
What is a Claim Settlement Ratio?
A claim settlement ratio refers to the percentage of life insurance claims paid out of the total claims filed in a financial year. The higher the ratio, the easier it is for your dependents to claim the insurance when you are no longer with them.
HDFC Term Insurance Claim Settlement Ratio
As per IRDAI, HDFC Term Insurance's Claim Ratio is 99.39%. If you have decided to protect your family’s financial needs with HDFC Term Insurance, you must examine the company’s claim settling performance. While HDFC Life is a renowned name in the insurance market, as a responsible customer and family member, it is your duty to have deep knowledge of the company’s performance when it comes to settling claims.
In the section below, we will help you gain insight into the company’s claim settling ability.
Claim Settlement Ratio (CSR) of HDFC Life Insurance 2018-21
Source: IRDAI Annual Reports
How is Claim Settlement Ratio Calculated?
You can estimate the CSR of an insurer using the following formula: Claim Settlement Ratio = (Total no. of Claims Approved / Total no. of Claims Received) x 100.
Remember that CSR is the percentage of all the insurance products the insurer offers, not individual products.
Let’s take a look at an example to understand better:
- ‘X’ insurer received 1,400 death claims during the financial year.
- They settled 1,360 death claims; 20 were rejected, and the remaining 20 have not been decided yet.
- The CSR of the insurer for its company is (1,360/1,400)*100 = 97.14%.
- The claim rejection percentage is (20/1,400)*100 = 1.4%.
- The claim pending ratio is (20/1,400)*100 = 1.4%.
Why HDFC Life Insurance is Best in Claim Settlement Process?
Check out the factors that make the HDFC claim settlement process efficient:
Instant Settlement
HDFC Life is known for its three-step claim settlement process for faster settlement.
Easy to Avail
You can file the claim directly from their website or visit your nearest branch office.
Good Support
With a team of experienced customer representatives, HDFC Life ensures that once your claim is submitted, you can contact their representative to check your application process.
HDFC Life Insurance Claim Settlement Process
Get your claim settled in three easy steps with HDFC Life Insurance.
Claim Reporting
The nominee must submit the death claim form at the insurer’s head office or the nearest branch, or through email, along with a photo ID and address proof of the claimant and other mandatory documents.
Claim Verification
HDFC Life’s customer support staff will review your claim form and assist you immediately. The claim team will evaluate your claim and notify you if any papers are still pending.
Claim Settlement
The company will verify all records from their end. After successful verification, the total sum insured by the policy will be transferred to the nominee’s bank account.
Conclusion
HDFC Life holds an impressive Claim Settlement Ratio of 99.39% and is known for its seamless, three-step claim settlement process. They understand that a straightforward process and instant claim settlement are essential for life insurance claims.
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