IRDA Claim Settlement Ratio 2015-16

It is the best thought to use the CSR (claim Settlement Ratio) for the Term Insurance Plans buying. The IRDA stands for Insurance Regulatory and Development Authority, which will help to send claim settlement ratio for every year. The Claim Clearance Ratio (CCR) or Claim Settlement Ratio (CSR) is the simple and effective formula.

IRDA Claim Settlement Ratio 2015-16

The Claim Settlement Ratio (CSR) means the claim paid ratio to the candidates by the term insurance companies and entire claim get from consumers. The remaining claims are also rejected for the misrepresentation, impersonation and some of the others. Some of the time, the remaining claims are pending for the decision by term insurance companies.

Some Of The Disclaimers Before You Are Going To Proceed:

Although the CSR (Claim Settlement Ratio) is suggested as the quality of the reflection at the duration of the buying an insurance plan, the Claim Settlement Ratio is only the analytical & this cannot perfect for 100% for this use. The following information’s are saying the importance of Claim Settlement Ratio

  • The Claim Settlement Ratio for the entire term insurance products are put together. This cannot be not just for the term insurance plans. So, the CSR (claim Settlement Ratio) has been working favor to the term insurance companies among the number of the nonterm customer basis. Normally, the customers getting the term insurance policies mainly for getting the return amount and this can be act as the protection tools suppose the policyholder deserve death.
  • The fraud or cheaters commitments by the policyholders cannot blame the term insurance companies. This cannot be the mistake for the insurance company fully for the customer mistake. The starting time the fraud commitment creates happiness to the customers at the end of the settlement the interest rate and amount can be completely reduced.
  • Some of the claim rejection created in the 1st two years after insured of the term insurance policies. The percentage ratio of claim settlement for newer companies is more compared to oldest term insurance companies.
  • Most of the term insurance companies forcefully sell the insurance plans examine all doubtfully. Most of the claims are before payout. At the final stage more fraud cases are created and some of the rejection will be there. So, the candidates hire the small insurance companies to get safe and secured guaranteed for your money.

IRDA  Claim Settlement Ratio In 2015- 2016 Year For Insurers:

claim settlement ratio

  • The Max life insurance company has a good CSR (Claim Settlement Ratio) in 2015-2016. This can only to the rejected 1.5 percent of the claims among the 91.5% of the settled claims in 30 days.
  • The HDFC life insurance has plenty of claims in pending with the rejection of 4.35%. The pending claims are in 14% and the settled claims are 76% within 30 days.

Every year the IRDA offer current report about the insurance companies claim with clear way. This can offer claims report for the term insurance companies such as Aegon, Aviva, HDFC Life, SBI Life, Kotak, Edelweiss, etc.

Summary
IRDA Claim Settlement Ratio
Article Name
IRDA Claim Settlement Ratio
Description
Looking for Claim Settlement Ratio? Here is year wise updated Claim Settlement Ratio (CSR) or Claim Clearance Ratio (CCR) from IRDA official Source.
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Term Plan

4 Comments

  1. I am 42 years old, NRI, working in Oman. I have taken an online
    term policy from Max Life insurance last year when I was in India
    on my annual leave.

    As I am pre-diabetic and taking oral medication, I have disclosed
    my health factors sincerely in my proposal form. Even though
    my medical examination results were normal, I have been asked
    to pay an extra premium @ 50% based on my health declaration.

    Now, I came to know that the Max Life Insurance company will
    be merged with HDFC Life within an year and the policy will be
    serviced by HDFC Life thereafter.

    As you are aware, Max Life is having a CSR of 96.2% and the
    claims pending for more than 3 months are only few with them.
    Where as HDFC Life’s CSR is only 95% and they have more
    than 280 claims pending with them for more than 3 months.

    Based on the above facts only, many people decided to choose
    Max Life as their preferred life insurance partner. However, more
    than 75 lakhs policy holders of Max Life are now going to be taken
    over by an insurance company with lower CSR.

    In current market scenario, merger can happen between any
    private insurers in India, in accordance with the acceptance of
    respective Board of Directors. But what will be the consequences
    to be faced by the policy holders in such corporate consolidations.?

    Can I expect to continue with the same kind of quality treatment
    and policy contract after the merger of these companies.? Is there
    any regulation by IRDA to protect the interest of policy holders in
    such mergers.? Being honest in every aspect, can I continue to pay
    the premium and go ahead with my existing insurance contract.?

    Expecting your valuable comments.

    • Babu Rajesh, Thanks for commenting. Well, your concern is defiantly important and i am sure, in the era of competition,both the companies will look after their customer service. We have seen many mergers in financial and insurance sector in past, i.e Kotak mahindra and ING Vyas bank merger. Even after that biggest merger/acquisition, both company’s customer haven’t faced any issue till date. In fact, Kotak has taken care from small things like ING vyas subscriber can login with their old same user id for net banking.

      I am expecting such service from HDFC Life Insurance too. I am too customer of HDFC, using almost all their service. From banking to credit card to loan and insurance. Their service is quite shift and easy.

      And if any problem, i am sure IRDA will closely look after this merger. Thank you!

  2. I have a term insurance with Bharti AXA and as the CSR Rate of Bharti is Very low which I was not aware while taking the Policy is the any type of Portability in the Term Insurance also just as Mediclaim.

  3. Dear Sir,

    I am about to get disbursement of my home loan amount of approx. 90 Lakhs from PNB Housing Finance for a property recently finalised in Seawoods, Navi Mumbai.
    PNB has tie up with HDFC and ICICI for insurances on home loan.

    My age is 45 now and considering my future and retirement after 60 years period and to decide on insurance , Can you suggest best company to avail insurance cover considering CSR as per IRDA .

    regards

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