Life Insurance 281 views March 1, 2021

Have you checked the claim settlement ratio of a life insurance company from where you want to buy a policy? If not, you should do so because a claim settlement ratio helps you know how good and quick a company is in settling your insurance claims. A high claim settlement ratio depicts that the insurance company has settled a large number of claims in the previous year. The Insurance Regulatory And Department Authority of India (IRDAI) will generate the insurance companies’ claim settlement ratio every year. You can gather the claim settlement data of your selected insurance company from IRDAI’s official website. But if you don’t want to spend your time searching for each insurance company’s claim settlement ratio and comparing them later, relax as we provide you top 5 life insurance companies having a high claim settlement ratio.

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List of Top 5 Claim Settlement Ratio Wise Life Insurance Companies

Max Life Insurance

Max Life Insurance is one of the top private sector insurance companies in India, and as per the annual audited financials for 2019-20, the company’s claim settlement ratio is 99.22%. This means the company has settled a large number of admissible claims in the previous year. A claim settlement ratio helps new customers make decisions between insurance companies like Max Life Insurance and others. Because when you have the Max Life Insurance policy offers on one hand, and if some other insurance company offers a less claim settlement ratio compared to Max Life, your choice should be Max Life in such a scenario.

This insurance company provides you a wide range of life insurance products like pure term insurance plans, endowment plans, unit-linked plans (ULIPs), money back plans, and life insurance with return of premium feature.

TATA AIA Life Insurance

Tata AIA Life Insurance Company is a joint between Tata Sons Pvt. Ltd. and AIA Group Ltd., and it is ranked at number 5 on individual weighted new business premiums. The individual death claim settlement ratio is 99.06% for Tata AIA Life for the financial year 2019-20. Customers will get a wide range of life insurance products at Tata AIA Life.

Reliance Nippon Life Insurance

This life insurance company is amongst the leading private sector life insurance companies in India in respect of individual weighted received premium and the new business weight received premium. The company holds a high claim settlement ratio of 98.10% as on March 31, 2020.

Reliance Nippon Life Insurance Company is ranked amongst the top three most trusted life insurance service brands by Brand Equity‘s Most Trusted Brands Survey 2018.

Bajaj Allianz Life Insurance

The insurance company is formed by the partnership between Bajaj Finserv Limited and Allianz SE. Bajaj Allianz Life Insurance company serves its customers through its varied range of insurance products like traditional plans, ULIPs and more. As per the IRDAI data for the financial year 2019-20, the claim settlement ratio of Bajaj Allianz Life Insurance company is 98.02%

ICICI Prudential Life Insurance

ICICI Prudential Life Insurance is promoted by ICICI Bank and Prudential Corporation Holdings. The company’s claim settlement ratio in the financial year 2019-20 is 97.80%. ICICI Prudential Life Insurance offers cost-effective products to customers that are soft on the pocket and beneficial in unfortunate events.

Claim Procedure for Death Claim in a Life Insurance Policy

In case of the life assured’s unfortunate demise, the nominee/beneficiary can claim the life insurance policy death benefits. To claim such benefits, you need to follow the procedure shown below.

  1. Intimation – Your nominee should submit a written intimation to the insurance company, which can start processing your claim. The death claim intimation requires a few pieces of information such as the policy number, name of the insured, date of death, cause of death, place of death and the name of the claimant. You can intimate your death claim either at the nearest local branch office of the insurance company or by calling the insurance advisor/agent. However, some insurance companies will provide the online facility to download the intimation form on their website.
  2. Documentation – Submit the original policy document, death certificate of the life assured, police FIR and post mortem exam report (if it is a case of accidental death), medical certificate and records from the treating doctor or hospital/nursing home. The insurance company may ask for further documents for investigation as well.
  3. Claim Settlement – The insurer shall settle your claim within 30 days of the receipt of all the documents. However, if the claim requires an investigation, the insurer needs to complete its procedures efficiently, in case the claim intimation receipt date is not more than 90 days old.

Claim Procedure for Maturity Benefit in a Life Insurance Policy

If the life assured survives the policy term, he/she will receive a maturity benefit at the end of the policy term, provided the policy is in force and all due premiums are paid in full. To claim the maturity benefit of your life insurance plan, you need to follow the instructions mentioned below:-

  1. Submit the maturity claim or discharge form
  2. And the original policy bond to the company before the maturity date

Note – Many life insurance companies issue post-dated cheques or make maturity benefit payments through ECS on the maturity date. The maturity benefit shall be available to all life insurance products, except term life insurance plans.

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