It you are buying Term Insurance or any Life Insurance policies then it’s your primary duty of yours to do some research on Term Insurance Claim Settlement Ratio or Term Plan Claim Settlement Ratio for 2018 – 2019. You should get all your answers through IRDA Claim Settlement Ratio. IRDA keeps on publish its annual report year after year. IRDA is called as Insurance Regulatory Development Authority of India. IRDA is same like SEBI, where it acts as a regulatory body for Insurance relate matters at the same time SEBI act as a regulatory body for security transaction related matters.
What is Claim Settlement Ratio? (CSR Meaning):
A Claim settlement ratio means a true number of claims settled or paid on the claim/death of policyholder by the insurance company. For example: suppose 1000 claims are made in a year and only 950 claims are settled by XYZ Insurance Company Ltd. then the Claim Settlement Ratio of the company would be 95%. This also means that 5% of the claims were rejected by an Insurance Company. This indicates that High the CSR means, its more trustworthy and reliable insurance company. On the other hand, low Claim Settlement Ratio defines that the Insurance company is less reliable.
Importance of Claim Settlement Ratio (CSR):
This is a key important parameter for all those who are willing to buy Term Plan Policy, Endowment Plans, Term Life Insurance, Life Insurance Policy and more. It is always advisable to check IRDA Claim Settlement Ratio to get correct information from IRDA annual report.
Here you can see the snapshot of latest IRDA Claim Settlement Ratio referring to individual death claim of life insurance for your review.
There are people who are also interested to know additional facts along with different types charts published by IRDA, For example: Commission Expense Ratio: Life Insurers, Dividends Paid by Life Insurers, Group Death Claims of Life Insurers, Distribution of Offices of Life Insurers, Total Investments of the Insurance Sector, Investments of Life Insurers, Number of Persons covered under Health Insurance, Claims handled directly by the Insurers, Claims handled through both TPA (Thirdy Party Administrator) and In-house, Pradhan Mantri Fasal Bima Yojana (PMFBY), Aging of claims settled by Insurers, Sector-wise Personal Accident Insurance Premium, Sector-wise Overseas Travel Insurance Premium and much more. In that case you, you can download the IRDA Annual Report from the below link and check all the facts from the 100% reliable source of information.
Download Annual Repot – IRDA Claim Settlement Ratio:
When you are planning to buy Term Insurance policy in 2018 – 2019. Then here is the latest Term Insurance Claim Settlement Ratio which you should surely check it out. Here you can download IRDA Annual Report for this year in English as well as Hindi language. From below you can download “Annual Report Hindi – IRDA Term Plan Claim Settlement Ratio.PDF” and “Annual Report English – IRDA Term Insurance Claim Settlement Ratio.PDF”
Point to be Remembered before Buying Insurance Policy:
- IRDA Claim Settlement Ratio as one of the factors to be considered while buying an insurance policy. CSR should not be the only factor for choosing Life Insurance Company.
- Apart from CSR, one should also look at average claim settlement time period. It should be not more than a month (30 days).
- It is recommended to compare at least last three years CSR to get a basic idea about fair and consistent reliable insurance company.
- Insurance policy is a product to insure your life and not for investment. So, you should always buy a term plan for high-risk coverage instead of choosing any other investment plans.
- Compare all other features, rides of the insurance policy before buying. Choose the best which fit better to your requirement.
- Never allow or give permission to any insurance agent or representative to fill the application form for your life insurance policy.
- When filling the form always disclose all the information asked in the correct manner and best of your knowledge.