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Edelweiss Life Insurance Company was set up in 2011. It is an association between Edelweiss Financial Services and Tokio Marine. Edelweiss Life Insurance Company offers a wide variety of insurance plans available for the customer to choose from. These plans include saving plans, child plans, endowment plans, protection, and retirement plan. Also, the insurance company has the facility to append some additional features to the plan as per the wish of the customer, which can be permanent disability rider, accidental death benefit rider or critical illness rider.
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Edelweiss Life Insurance Company aims to safeguard the wishes, hopes, and desires of the people at large in case of any mishap that may cause an obstacle in the attainment of their dreams and utilize all available means to ease their burden of loss and assist in moving on with life.
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To understand Life insurance claim settlement ratio, we must first be clear with all the basic terms involved with it.
Life Insurance is a deal or an accord between two parties that comprises of the policyholder (also known as the insured) and the insurer, which is the insurance company. Wherein the insurance company concurs to pay the sum assured, as per the terms and conditions of the policy in case of death of the insured to his/her beneficiary. This amount is known as the death benefit and the proceeds are handed over to the beneficiary nominated by the insured. To ensure that the policy is active and the nominee receives the benefit in case of death of insured, regular and timely payments of premiums should be done.
With life being unpredictable and uncertain, keeping our near and dear ones financially protected is our priority. That is where Life Insurance helps. It allows you to nominate one or more beneficiaries (blood relatives and spouse in most cases, friends can also be nominated by accompanying it with a reason of nomination to avoid any future disagreement) with the share of each beneficiary.
To claim the earnings of a life insurance policy you must be a beneficiary in the policy. Simply being a legal heir does not make you are eligible to claim the returns.
Other most important criteria while choosing a life insurance company are the claim settlement ratio. The life insurance claim settlement ratio refers to the number of cases settled out of the total number of cases applied. Higher the ratio, greater is the percentage of the claim being executed. An annual report which shows the claim settlement ratio of all the insurance companies is printed by the Insurance Regulatory and Development Authority (IRDAI) every year.
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Edelweiss Life Claim Settlement Ratio is computed as a ratio of the number of claims of death settled in a financial year and the total number of claims reported, which includes the claims pending from the start of the year. The result of this calculation is shown as a percentage and thus can help you in comparison with the claim settlement data of the other insurance companies.
The rank refers to the position of Edelweiss Life Insurance Co vis-a-vis the other life insurance companies in the industry in a particular year. The table represents data from the period 2012 to 2017 for each financial year.
Which bring us to the conclusion that an improving claim settlement ratio makes this insurance company a decent pick for purchasing insurance policies.
Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.
†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
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