4 min read
Updated on Jan 24, 2023
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 Kotak claim settlement ratio is?
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 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|
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
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:
A Kotak life insurance online claim can be made easily via few simple steps, such as:
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.
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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.
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.
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.
It is 98.50% for the Financial Year 2020-21 with 4,336 claims being paid.
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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