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Kotak Life Claim Settlement Ratio

Buy Life Insurance Now Kotak Life Claim Settlement Ratio

Claim Settlement Ratio of Kotak Life Insurance is 97.40% for financial Year 2018-19 as per IRDA annual report.

Life Insurer Claims Paid (FY 2018-19) Amount Paid (in Rs Cr) CSR% (FY 2018-19)
Kotak Life 2959 137 97.40%

The latest IRDAI Annual Report indicates:

  • The claim settlement ratio of Kotak Life Insurance for the financial year 2018-19 is a whopping 97.40%
  • With over Rs. 137 crores of amount paid as the claim amount against over 2,959 claims out of 3038 received in total

Founded in 2001, Kotak Mahindra Life Insurance Company Ltd is one of the fastest-growing insurance companies in India. With its head office in Mumbai, the company is a 100% owned subsidiary of Kotak Mahindra Bank Ltd.

Today, with close to 20 million policyholders across the country, it encompasses various insurance needs across the board. These include savings and investment plans, child plans, retirement plans, and protection plans.

Over the years, Kotak Life has established a very high claim settlement ratio, making it one of the most trusted entities in the insurance sector.

What Is Claim Settlement Ratio?

A Claim Settlement Ratio (CSR) is basically the ratio of number of claims settled by an insurance provider to the total number of claim requests received by them in a given accounting period. As such, it is always expressed as a percentage and it is very easy to measure.

To cite an example, let’s say, a life insurance company has received a 100 claims in a given financial year. Out of which, it has successfully settled 97 claims. Thereby the company’s claim settlement ratio is said to be 97% that given year. It also means that the remaining 3% of claims have been rejected.

Most people overlook this, but when selecting choosing an insurance policy, it’s absolutely essential that you assess the claim settlement ratio of the insurance company before buying the product.

Who can claim Life Insurance Policy?

There are two types of life insurance policy claims – maturity claim and death claim.

- In a maturity benefit, the policyholder should send the maturity claim or discharge form and the original policy bond before the policy matures. The policyholder must directly contact the insurance company for filing the claim. After this, one can meet the concerned insurance advisor at the branch office or contact the concerned helpline. A policyholder must submit the original policy bond that was provided by the insurance company.

- In the death claim, the beneficiary will have to file the claim for the policy. When filing a claim for the policy, the beneficiary must include all the necessary information like policy number, name of insured, cause of death, place, and date of demise. You can get the claim intimation/notification form from an insurance company’s agent or advisor from the insurance company branch. You can also visit the insurer’s online website to download the form.

Why is Claim Settlement Ratio Important to Know?

Life insurance is a crucial tool as you plan your future dependency according to it. If this safety net were to fail, all your measured planning would go in vain and your family would have to suffer the consequences. Hence, choosing a policy which is reliable and dependable becomes of utmost importance. This is where the role of claim settlement ratio comes in play. CSR is a reliable metric as it depicts the reliability of an insurer. This ratio gives you a percentage of claims that have been settled by the insurance company. If a company doesn’t settle your claim, then the point of getting life insurance is defeated. CSR is a good measure for you to know which insurer will safeguard your interests and come through during the time of need.

Now, let’s take a look at the claim settlement ratio of Kotak Life over the past 6 years:

When it comes to settling claims, consistency has been the driving factor at Kotak Life Insurance. These past claim settlement ratio trends ultimately paint the true picture.

YEAR Claim Settlement Ratio
2012-13 92.04%
2013-14 90.69%
2014-15 90.72%
2015-16 89.09%
2016-17 91.24%
2017-18 93.72%
2018-19 97.40%

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Kotak Life Insurance Claim Settlement Ratio for the Financial Year 2018-19:

The latest IRDAI Annual Report indicates that the claim settlement ratio for the financial year 2018-19 is a whopping 97.40%, with over Rs. 137 crores paid as the claim amount against over 2959 claims (out of 3038 received in total).

Today, it’s become increasingly important to find an insurance provider who will make good on their promises. This is why the claim settlement ratio is so important. A company with a low settlement ratio hardly ever follows through on their promise of being there for you when things get difficult. When you select a trustworthy name like Kotak life insurance, and
given their high CSR rate, you can rest assured that Kotak Life Insurance Claim Settlement Ratio for the Financial Year 2017-18.

FAQs

1. Why is the claim settlement ratio important to you? An insurance company’s claim settlement ratio is one of the essential factors you should consider when selecting an insurance company for buying life insurance. You must ensure that your insurance company has a high claim settlement ratio. This ratio can be used as a metric which reveals the percentage of insurance claims an insurer has settled or paid during a financial year.
The claim settlement ratio of an insurance company is defined as the percentage of the total number of insurance claims cleared by the insurer compared to the total number of claims received. For instance, if an insurance company has a claim settlement ratio of 98%, then it means the insurer has paid out 98 out of 100 claims filed.

2. Who can be the beneficiary? There are no set rules regarding who you can select as your beneficiary in an insurance policy. A beneficiary is an individual who will get the death benefit in the event of your untimely demise. Your beneficiary can be any individual from your friends, family or someone close to you. But an insurance company would prefer that your beneficiary be someone from your family. Otherwise, a legal issue can arise between the nominee and the policyholder’s family. To avoid such an instance, you can make the non-family member beneficiary an heir to the policy. To assign a beneficiary, you will have to provide their details when applying for the insurance policy.

3. What is the Claim Settlement Ratio? The claim settlement ratio signifies the number of claims paid by an insurance company against the number of claims filed by policyholders. For instance, if an insurance company’s claim settlement ratio is 98%, it means that the insurance company has paid out 98 out of the 100 claims they have received. The Insurance Regulatory and Development Authority (IRDAI) releases the claim settlement ratios of all insurance companies. The claim settlement ratio is a critical factor to consider while deciding on an insurance company.

4. Key Factors to Understand Claim Settlement Ratio in Life Insurance A claim settlement ratio is the number of claims paid out by the insurance company against the number of claims filed by the insurance company. To ensure you are making the right decision, you should look at the insurance company’s claim settlement ratio for the last five years. If there is no inconsistency and claim settlement ratio is high, then you can trust the insurer. One may choose to ignore this criterion but it is a major determinant when it comes to selecting a good insurance company for purchasing your insurance policy. The IRDAI publishes the claim settlement ratio of all the insurance companies, both public and private, in their annual report, which is available online.

- A Consumer Education Initiative series by Kotak Life

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