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Life is uncertain and fragile. We have to make sure that we catch up with the pace of life and live a secure one. Life insurance gives us that assurance. It helps us to make the lives of our loved ones better even when we are not around. Life insurance is one of the best gifts we can give to our family, and being a long-term investment plan it is an easy way to plan financially for different phases of life.
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There are many life insurance companies in India offering insurance plans with added benefits. Before choosing an insurance provider, it is vital to review many aspects to select the insurer. And one of the crucial aspects of the review is - going through the history of claim settlement of the insurance provider. Before buying life insurance, make sure to check out the life insurance settlement ratio of different plans.
Let’s discuss the HDFC life claim settlement ratio and why is it important?
Term Plans
The claim settlement ratio (CSR) is determined by simply dividing the number of claims filed by the number of claims received. For example, if 100 people file to claim the insurance benefit and out of them, only 95 are settled, then the CSR ratio is 95%. So, a higher ratio means a better insurance provider. HDFC Life Claim Settlement ratio has been a good indicator of the insurer because of the good percentage in reports.
Buying life insurance is not an easy task, and people check several things to make sure that they are choosing the right service provider, and this is a crucial thing to do. People go through the benefits and covers of a plan, review of the company, their financial soundness, and other such things. But they do not focus on the claim settlement ratio, and that can cause them problems. There are two main reasons for that, and they are:
The CSR ratio is reliable information to assess the working of any insurer and works as a source to identify the honesty and dependability of the service provider. A higher ratio means greater chances of your claim being settled in the future. This shows the possibility of getting the settlement amount to the beneficiary.
This assures that the family of the insured is financially secured after the insured person’s death. Life insurance policies are bought based on the payments of premiums and expected profits and benefits after the death of the insured. This amount helps the beneficiary/beneficiaries to meet their financial goals whatever they may be.
The person purchasing the policy nominates the beneficiary during the signing of the policy documents. The insured can choose more than one beneficiary, but he/she has to specify their shares in the plan. People usually choose blood relatives and life partners as a beneficiary, but they can also choose a friend as well. Given, they clarify the reason to prevent dispute with a lawful heir.
HDFC Life offers a smooth death claim settlement experience to its customers. The insurance company has a good claim settlement ratio (CSR) of 98.01% in FY 2020-21, which indicates that the insurer settles claim fast. HDFC Life has a dedicated and committed claim settlement assistance staff available 24X7. So the HDFC term plan claim settlement ratio is a good indicator of its reliability and trustworthiness.
Note: Know what is term life insurance first and then buy a term plan for your loved ones.
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool before buying term insurance plan.
The insurance monitoring body, IRDAI (Insurance Regulatory and Development Authority of India) issues an annual report on the claim settlement ratio of life insurance providers every year. According to IRDAI’s 2019- 20 reports the HDFC life claim settlement ratio 2020 stands at 99.07 %, which indicates a pretty good number of settled claims and 98.01 % individual claims for the financial year 2020- 21. This CSR ratio above 95 % indicates a good number of positive reviews as far as the HDFC Life Claim Settlement Ratio is concerned.
The below table illustrates the HDFC Life Claim ratio of the last 6 years:
| HDFC Claim Settlement Ratio of last 6 years | |
| Year | Ratio (in %) |
| 2015-16 | 95.02 |
| 2016-17 | 97.62 |
| 2017-18 | 97.80 |
| 2018-19 | 99.04 |
| 2019-20 | 99.07 |
| 2020-21 | 98.01 |
Disclaimer : Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer."
The above table shows its consistency in offering hassle-free and fast claim settlements. The CSR of the last 6 years is above 95% HDFC Life Claim Settlement Ratio 2021 indicates the settling of death claims easily and simply.
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HDFC Life Insurance covers COVID-19 claims. The claim settlement would be subjected to declaring all pre-existing medical conditions at the time of buying the policy and in accordance to the applicable T&Cs.
HDFC Life Claim Settlement Ratio 2021 is 98.01% (individual claims)
It offers a hassle-free and easy claim experience.
HDFC Term Insurance Claims are processed within a day i.e., 24 business hours for all claims over three years from the inception date.
Below are the 3 easy steps to initiate a claim online
Verify the Details of a policy
Submit the life assured details
Submit the details of the nominee
Download and Completely fill the claim application form
Collect all the requested supporting claim documents
Submit claim form and all the required documents
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
Below are the list of documents required to file a death claim under HDFC Life Insurance:
| Type of Claim | Documents Required |
| Natural Death Claim |
|
| Unnatural Death Claim (in case of accidental death/suicide/murder) |
|
| Natural Calamity/Disaster claims |
|
| Critical illness claim |
|
This data helps every potential buyer to check out the market and the reliability of the insurance provider before going into it and helps them in identifying the right policy for themselves as per their need and limits.
Purchasing a life insurance policy is important and should be done with the utmost care, research, and consideration. So, you must assess all the aspects and checkout these reports before settling on for an insurance company. As we have seen above, HDFC Life Insurance Claim Settlement Ratio is above 95 % and depicts a positive trend in the insurance market.
Life insurance claim settlement ratio is an imperative factor as it indicates an insurance provider’s trend of claim settlement. Comparing the ratios of different insurers is better before choosing one that fits your demands.
Don’t forget to disclose mandatory details and do not hide vital information, while purchasing the insurance policy, as this will help you during the time of claim. Ensure you fill your proposal form by yourself, not by anyone else like your agent or company representative.
Most of the insurance providers ask for the medical test of the policyholder while purchasing the policy. However, in case if an individual is purchasing a policy at a younger age and choose a high sum assured amount then they can purchase term life insurance without a medical test. However, the policyholder should share all the information related to health with the insurance company so that they can have a smooth claim settlement process in the future.
†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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