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All You Need To Know About: IRDA LIFE INSURANCE – CLAIM SETTLEMENT RATIO 2023

by Holistic Leave a Comment | Filed Under: Insurance

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What is meant by the Claim Settlement Ratio? How Claim Settlement Ratio helps you to select the life insurance company to insure yourself?

What are the top Insurance companies based on the Claim Settlement Ratio? What are the thumb rules to select Insurance companies?
You will get answers to all the above questions and more in this article.

Table Of Content

1.)Who is Insurance Regulatory And Development Authority Of India (IRDA)?

2.)What is Claim Settlement Ratio (CSR?

3.)Key Observations From The 2022 Claim Settlement Ratio Data:

4.)Long-Lasting LIC:

5.)Magic Of Max Life:

6.)Section 45 Of The Insurance Act Will Secure You:

7.)Is There Anything To Look Upon Rather Than The Claim Settlement Ratio?

8.)Thumb Rules For Selecting Insurance Companies:

9.)Final Thoughts:

Who is Insurance Regulatory And Development Authority Of India (IRDA)?

IRDA(Insurance Regulatory and Development Authority of India) is a supervising body that monitors all insurance companies in India and holds the licensing power.

  • They are responsible for preventing policyholder interests.
  • One of the major tasks of IRDA is to ensure that genuine claims are settled without any hindrances.
  • It has the right to issue, withdraw, renew or cancel licenses for any Insurance company.

What is Claim Settlement Ratio (CSR)?

Claim Settlement Ratio is the ratio achieved by comparing the total number of claims settled to the total number of claims raised by the policyholders. Claim Settlement Ratio plays a vital role during the selection of Insurance companies among individuals to reduce their risk of rejection.

In mathematical representation, 

CSR = No. of claims settled by the insurance company / no. of claims raised by the policyholders.

i.e., if an insurance company had received 100 claims, out of that 96 had paid and 4 claims got denied, the Claim Settlement Ratio of that company is 96%.

Decoding ANNUAL REPORT OF CLAIM SETTLEMENT RATIO BY IRDA (2022-23):

An annual report will be generated by them regarding the Insurance Claim Settlement Ratio after 9-10 months from the end of every financial year.

Key Observations From The 2023 Claim Settlement Ratio Data:

  • Max Life Insurance holds the first position among all other Insurance companies with a Claim Settlement Ratio of 99.35% during the financial year 2022-23.
  • Kotak’s Insurance Claim Settlement Ratio have significantly increased by 2.12% when compared to its previous financial year.
  • Private Insures Claim Settlement Ratio had decreased by 0.16% and rejection of claims had decreased by 0.5% compared to the previous financial year.
  • Overall Insurance companies Claim Settlement Ratio had increased by 1.63% and rejection of claims had decreased by 0.14%.
  • This shows that the insurance companies are paying their policyholders at the right time if the customer’s claim satisfies the eligibility criteria.
  • Every year there may be an increase or decrease in terms of the Claim Settlement Ratio of Insurance Companies.

Long-Lasting LIC:

LIC’s Claim Settlement Ratio had increased by 1.93% and rejection of claims had decreased by 0.09%compared to the previous financial year. The total benefit claim amount from all private Insurance companies is less than the benefit claim amount of LIC. This shows the uniqueness among its competitors and the quality of service towards its policyholders.

Magic Of Max Life:

Max Life Insurance holds the first position in terms of the Claim Settlement Ratio released in 2023 by IRDA for the financial year 2022-23. It possesses a maximum Claim Settlement Ratio of 99.35% with an increment of 0.13% when compared to the previous financial year.

Section 45 Of The Insurance Act Will Secure You:

Section 45 of the Insurance Act Strongly states that the Insurance Company cannot deny any claims after three years, even though it had been suspected as fraud.

  • The policy can be removed if any suspicion is found with proof by the insurance company before the completion of three years from the date of issuance.
  • Insurance company has three years to investigate deeply whether the information is correct.

Is There Anything To Look Upon Rather Than The Claim Settlement Ratio?

ere are more factors to make a good decision.     The size of a company is a key factor to be observed during the selection of an Insurance company. We should not just observe the Claim Settlement Ratio of an insurance company, th

For a small company, it’s quite easier to evaluate and decide on issuing new policies, when compared to a big company. They have enough time to work with the given details of the customer to make a quality decision making.

It’s a huge deal for big Insurance companies to sustain in higher positions constantly since they have numerous policyholders around the world.

Thumb Rules For Selecting Insurance Companies:

A company that satisfies the condition (Claim Settlement Ratio >= 95%) will be a better choice. Consistency of Claim Settlement Ratio plays a major role to show their fight against other competitors.

Don’t ignore the terms and conditions of the company, ensure whether your expectations and requirements are listed in their eligibility criteria for claiming. 

  • Ensure the performance of your desired Insurance Company in both the IRDA Claim Settlement Ratio and the amount paid for the claim.
  • Higher the Claim Settlement Ratio, lower the risk and probability of claim rejections.

Few companies having consistent Claim Settlement Ratio greater than 95% are:

  • HDFC Life
  • Max Life
  • Aegon
  • LIC
  • ICICI Life

Final Thoughts:

Life is full of uncertainty, anything may happen at any instant. Ensure whether you have insured your valuable life to your desired Life insurance company. This article acts as a magnifying glass to obtain a clear image on selecting the right life insurance company to insure you with the latest 2023 data of Life Insurance claim settlement ratio released by IRDA. 

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

Skip the queue by registering for your 30 Minute FREE Financial Plan Consultation. Click the ‘‘BOOK YOUR SLOT NOW!’’ button below. 

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Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
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Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

Google Reviews

Lingesh MMG
Lingesh MMG
20. September, 2023.
Na eppo tha financial goal la enna therunju kitta..enaku full support panna thuku thank you..🥰 friendly nalla pesuninga...
Ravi L
Ravi L
15. August, 2023.
Very knowledgeable and professional team, guided me with the precise financial solutions and timely suggestions.
Hardik Dave
Hardik Dave
5. July, 2023.
Holistic Investment is really nice and trust worthy financial planner. They plan things in realistic manner and also consider future dimensions of items also. They are always available for small or big queries, and also share knowledge and help you become more financial literate, and take right decisions in all financial matters.
Dr. Padmakar Wagh
Dr. Padmakar Wagh
27. June, 2023.
Mr Ramalingam who is the Director of Holistic investments has a excellent financial planning knowledge, the entire Holistic team has been very helpful in my financial planning journey and execution. This is my third year of financial planning with Holistic investments and so far I am satisfied with the progress I have made.
Binamra Dash
Binamra Dash
13. June, 2023.
Very knowledgeable team. Guided me properly with my concerns.
Murugan Bala
Murugan Bala
16. May, 2023.
I have been investing through Holistic for the past 4 years and my experience with them have been really good. The team of Rajan and Ramalingam doing excellent services in meeting my needs through proper guidance on investment options customized. Theya re always available on any specific needs time to time.I would recommend their services to my friends and colleagues too.
Neeraja R K
Neeraja R K
15. May, 2023.
Working with holistic investment planners was a really wonderful experience for me. For me the entire team had been very supportive in all ways. Their working strategy is well planned and methodical. They always keep me informed and updated about my investments, so that i can take informed decisions. The team first helps us understand the basics of investments, then they collect data, work with the data and then provide investments solutions according to our goals which i find it the best. Good luck to the entire team.
deepika kulkarni
deepika kulkarni
21. April, 2023.
We have availed holistic service from last couple of years and are very happy with our decision. Their systematic approach has helped us plan our finances and meet our goals. They provide very comprehensive and detail plan and resource management every 6 months which ensures we are on right track to achieve our goals. Rajan and Ramalingam from holistic are always there to help us with our queries. They have also accommodated any changes to our goals or resources mid year in a professional manner.
Ashook Panneerselvam
Ashook Panneerselvam
21. March, 2023.
For the past year, I have been interacting with Holistic Investment. I frequently read Nanayam Vikatan, which is a publication owned by the Vikatan family, and I was impressed by their financial advice. My brother also suggested holistic investing, and he also got excellent financial advice. Holistic Investment follows a methodical approach that I really liked because they first fully understand our financial situation "As Is," which includes "Assets" and "Liabilities," as well as our short-, mid-, and long-term goals, on the basis of which they provide a detailed plan on how to achieve our goals for which they are recommending various investment options. Even in the investment advice, why do they suggest particular mutual funds and what is the justification behind it, which adds transparency to the client. One essential factor is that they are always available. Even if I needed to make some urgent financial decisions, they were very helpful and kind to answer my questions via phone calls, WhatsApp messages, and emails. I was very happy with their service. Periodic reviews are also crucial, even though I have forgotten that they occur once every three months, and I also intend to renew this year.
Mahesh S
Mahesh S
19. February, 2023.
I have availed Holistic investment service for last 1yr against my early retirement decision. they provided me comprehensive detailed report how to move ahead with my existing resources. moreover, they are available to me whenever i have any doubt.. highly recommend others to avail their service
Google rating score: 4.5 of 5,
based on 104 reviews

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