Keeping the family financially secure is important to all and therefore, one of the key factors in picking a good life insurance company is to evaluate its claim settlement ratio. This ratio tells you the percentage of insurance claims the company has paid out, compared to the total claims. This often-overlooked number shows how reliable the company is at paying claims. Let’s check out the latest claim settlement ratio of the life insurance companies for Q1-FY24.
The Company’s ‘Claim For Sure’ initiative ensures all eligible death claims are settled in 1 day after all required documents are submitted. With the ‘Claim For Sure’ service initiative, the Company aims to reduce the financial distress caused to families due to the loss of a family member. The claim settlement ratio shows how good the company is at paying out claims. A high ratio means you can trust the company to provide financial help when your family needs it the most. It gives you peace of mind and helps you plan your finances better.