Life Insurance is a significant investment policy that secures the lives of your family members. In this post, let’s discuss the  Kotak Life Insurance Claim Settlement Ratio to help you make better investment decisions.

There are several reputed Life Insurance companies offering best Life Insurance plans in India. Kotak Mahindra Life Insurance company is one such top insurer that is regarded as a trusted name growing at a fast pace in the country. Over the years, Kotak Life has maintained a Claim Settlement Ratio that has been consistently high. In this post, we will discuss the Kotak Life Insurance Claim Settlement Ratio in detail. But before that let us discuss what claim settlement ratio (CSR) is?

 

What is the Claim Settlement Ratio?

The ratio of the number of claims that are settled by an insurance company as compared to the ratio of total number of claims that are received by the insurer in a financial year is termed as the CSR or Claim Settlement Ratio of the insurance provider.

An insurance company doesn’t approve or settle all the Life Insurance claims that reach them. When a claim is raised by a nominee after the demise of a policyholder, the insurer checks every detail of the policy to ensure that the conditions of the raised claim meets with that of the policy terms and conditions.

It is easy to measure the CSR of a company, which is expressed in percentage form. Kotak Mahindra Life Insurance Company is well known for settling claims smoothly and quickly.

Kotak Life Claim Settlement Ratio – Trend in the last 6 years

Kotak Mahindra Life Insurance claim settlement ratio has been consistently high in the last few years as shown in the table below.

Financial Year Claim Settlement Ratio in Percentage
2020-21 98.50%
2019-20 96.38%
2018-19 97.40%
2017-18 93.72%
2016-17 91.24%
2015-16 89.90%

To calculate the Kotak Life CSR, the below formula can be used:

Claim Settlement Ratio (CSR) = No. of Claims settled by the insurer / total claims filed by policyholders

What Does A Claim Settlement Ratio Represent?

The Claim Settlement Ratio is one of the many important aspects of an insurance company, which needs to be considered by customers before buying a Life Insurance policy. Below are the reasons why it is important to assess Claim settlement Ratio of an insurance company:

  1. Reliability of the Insurance CompanyLife Insurance policy is an investment that is very crucial as it secures a family’s future. If any issue arises at the time of raising a claim and it gets denied, the purpose of the policy becomes futile. Thus, it is very important to ensure the reliability of the insurance company so that your family doesn’t get into trouble while making a claim. For that, assessing the trustworthiness of the insurer by checking its CSR is essential. A high CSR indicates greater chances of claim settlement by the company.
  2. Securing Financial Future of Your Family – With a Life Insurance policy, the policyholder secures the lives of the family members, especially dependents, when they are gone forever. Hence, there is hardly anything the insured could do in case any issue arises during claims. Moreover, nobody would like their family members to suffer because of claim rejection in the event of demise of the policyholder. Hence, assessing CSR becomes indispensable.  Thus, to ensure reliability of an insurance company, it is important to make sure that the Company CSR value is above 85%  and it has been persistent over the years. Kotak Life Insurance term plan claim settlement ratio with its 98.5% CSR (2020-21) is definitely one of the best insurers in the country.

Read More: Things To Know Before Buying Term Life Insurance Plan 

How to make a Kotak Life Insurance Claim Online?

A Kotak Life Insurance online claim can be made easily via few simple steps, such as:

  • Visit the official website of Kotak Life
  • Go to the claims settlement section
  • Now, choose the option of file a claim
  • Fill the online form to raise a new claim
  • Fill all the required fields in all the pages of the form. Generate an OTP now
  • Now, submit all needed documents
  • Kotak Life Insurance company will validate the form and settle it (if approved) within 7-15 days

To Sum Up

With so many new and emerging insurance companies in the market offering different Life Insurance policies, it is difficult to select one particular insurer without knowing its history. Reliability of the insurer is the basic thing that a policy seeker wants to ensure while buying a policy from an insurance company. And Claim settlement ratio is the best deciding factor to select an insurer.

With a trustworthy name and high and consistent claim settlement ratio, Kotak Mahindra emerges as one of the best insurers in terms of Life Insurance policies. Do check the kotak Life Insurance plans list and compare plans before buying.

Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, car insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.

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FAQs on Kotak Life Insurance Claim Settlement Ratio

How does the Kotak Life Insurance Claim Settlement Ratio gathered?

The Kotak Life Insurance Claim Settlement Ratio is calculated by gathering data of a particular financial year (from April to March). This ratio changes every year.

Where Can I contact to inform and settle a Kotak Life Insurance claim ?

The nominees of kotak Life Insurance policyholders can contact customer care executives of Kotak Life Insurance company for intimation and settlement of claims via calling at the toll free number – 1800 209 8800.

Where can the Claim Settlement ratios of Insurance companies be found?

You can find the claim settlement ratio of private and public Life Insurance companies in the annual report released by Insurance Regulatory and Development Authority of India (IRDA). IRDA prepares this data every year and it is available in their official portal.

What is the claim settlement ratio of Kotak Life Insurance?

It is 98.50% for the Financial Year 2020-21 with 4,336 claims being paid.

What is a good claim settlement ratio?

If the CSR of an insurance company is higher than 80%, it is said to be a good claim settlement ratio.

 



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