4 min read
Updated on Nov 24, 2022
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?
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.
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.
View this post on Instagram
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.
FAQs on Kotak Life Insurance Claim Settlement Ratio
How does the Kotak Life Insurance Claim Settlement Ratio gathered?
Where Can I contact to inform and settle a Kotak Life insurance claim ?
Where can the Claim Settlement ratios of Insurance companies be found?
What is the claim settlement ratio of Kotak life insurance?
What is a good claim settlement ratio?
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.
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
Table of Content Why to Buy 2 Crore Term Insurance Plans? Where to Buy the Best Term Insurance Plan for 2 Crore? Visual Stories by.
Table of Content What is the Claim Settlement Ratio? Kotak Life Claim Settlement Ratio What Does A Claim Settlement Ratio Represent? Claim Kotak Life Insurance.
Table of Content Decreasing Term Insurance Meaning How does Decreasing Term Insurance work? What are the Advantages of Decreasing Term Insurance? How Do I Assume.
Table of Content What is Term Insurance? Reviving Term Plan or Buying New Term Policy Term Insurance Renewal Importance Advantages of Renewing Term Life Insurance.
Table of Content Meaning of Term Insurance Advantages of Term Insurance Disadvantages of Term Insurance Plans Visual Stories by PayBima [web_stories title="false" excerpt="false" author="false" date="false".
Table Of Content What is a Term Insurance Plan? Who Should Buy a Term Plan? Eligibility To Buy a Term Insurance Plan Basic Cover Term.
Table Of Content Why Women Need Term Insurance Tips to Choose the Best Term Insurance for Women Top Term Insurance Companies for Women Cost of.
Know 1 Crore Term Insurance Cost in India at Your Age With a term life insurance plan, it’s always better to buy one early on.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.