“Secure Your Loved Ones: The Key Role of Claim Settlement Ratio in Life Insurance”.
Life insurance is more than just a financial product – it’s a promise to protect the future of your loved ones in times of need. But before investing your hard-earned money, it’s essential to evaluate how effectively an insurer honours that promise. This is where the Claim Settlement Ratio (CSR) becomes a crucial metric.
What is Claim Settlement Ratio?
The CSR represents the percentage of claims an insurer has settled compared to the total claims received during a financial year. A higher ratio reflects the insurer’s reliability and commitment to fulfilling claims. So, when choosing a life insurance policy, make sure to consider the CSR alongside factors like premium cost and coverage.
IRDAI’s 2024 Report
According to the latest report by the Insurance Regulatory and Development Authority of India (IRDAI), the life insurance industry achieved an impressive 98.45% individual death claim settlement ratio in 2022-23. The overall claim settlement ratio was 98.64%, showcasing the industry’s dedication to providing financial security to policyholders and their families.
Takeaway
When purchasing or renewing your life insurance policy, let the claim settlement ratio guide your decision. After all, life insurance is about ensuring peace of mind for you and your loved ones.