HDFC Life Claim Settlement Ratio

When it comes to life insurance policies, the cover amount is substantially large, considering that this amount is supposed to act as an income replacement for the policyholder. Since considerable financial responsibility is involved, it is only evident that you will be seeking top-notch life insurance providers for your term insurance plan/ULIPs/Endowment plans/ savings policies/ retirement plans, etc. HDFC Life Insurance Company is one such provider that has gained industry-wide popularity for its credibility and its line-up of comprehensive policies.

However, since purchasing life insurance products indicates a smart and crucial financial move, it’s best to examine the metrics used to measure an insurer's credibility. The first parameter we will explore today is the HDFC Life Claim Settlement Ratio.

What is the Claim Settlement Ratio?

A life insurance provider's Claim Settlement Ratio (CSR) is a crucial metric. It is one of the parameters used to determine and analyse the true credibility of a provider. This ratio is calculated by -

(Total number of claims settled in a year by an insurer/ Total number of claims filed to the insurer over the year) * 100

If your approached insurer has a CSR of 97 and above (not above 100), then you are good to go. This is the recommended threshold for any life insurance provider. However, please remember that you cannot choose a life insurance provider solely based on its CSR. There are a few other factors that you would need to consider.

Now, let’s take a look at the HDFC Life Claim Settlement Ratio data -

What is the HDFC Life Claim Settlement Ratio 2024?

(While it’s true that you don’t have any data on the HDFC Life Claim Settlement Ratio 2024, you must understand that to compute the CSR data for 2024, you have to look into the records and numbers of the last financial year -2022 to 2023. Unfortunately, a single year’s data is insufficient to judge a brand's CSR because it doesn’t shed light on the consistency of the brand. Thus, we have taken the CSR records from the last 3 years, drawn an average, and tallied them against the industry average to comprehensively understand HDFC Life’s CSR.)

Overview of HDFC Life Insurance 2024

What is the significance of the HDFC Life Claim Settlement Ratio 2024?

With the increasing popularity of life and term insurance plans from HDFC Life Insurance Company, thoroughly examining and analysing the Claim Settlement track record becomes crucial.

1. Consistency: Over the years, HDFC Life’s Claim Settlement Ratio has consistently been 98%+. Moreover, the numbers have improved over the years and reached the industry's best. This is an excellent sign for its policyholders, who can trust the brand enough to purchase plans, irrespective of the cover amount involved.
2. Overall Performance: The numbers across HDFC Life Claim Settlement Ratio have been impressive. The consistency across the years speaks volumes about the insurer’s overall claim performance.

Why is the Claim Settlement Ratio important?

As previously stated, the Claim Settlement Ratio (CSR) is a crucial parameter to measure the credibility of a life insurance provider. It reflects an insurer's claim settlement track record. For example, if an insurer settles 95 of the 100 claims it receives annually, the provider's CSR will be 95%.

While CSR is a crucial factor in determining an insurer’s credibility, it can’t be the sole consideration when choosing a life insurance provider. CSR fails to reflect the time taken by the provider to settle the claims and the percentage of the claim settled. Hence, you need to take a look at the other determining factors, including the Amount Settlement Ratio (ASR) and the complaint volume.

What is the Claim Settlement Process for HDFC Life Insurance?

STEP 1: Visit their official site

STEP 2: Register your claim form by providing details like -

• Type of claim
• Policy number
• Claimant’s Mobile number
• PAN number
• Date of birth
• Date of death

STEP 3: Upload your required documents (as mentioned below)

STEP 4: Click on their “Branch Locator” tab and seek the nearest branch to submit the downloaded claim form and the documents/submit it online.

STEP 5: Keep track of your claim status via their official link.

You can also receive guidance on your claim settlement by calling their helpline number 022-68446530/+918000006607 (senior citizens)/+918916694100 (NRI) or emailing service@hdfclife.com /nriservice@hdfclife.com.

What are the documents required to settle claims for HDFC Life Insurance?

When planning to file a claim to HDFC Life Insurance, make sure you have the soft/hard (online/offline process) copies of the following documents handy -

1. Natural Death

- Mandatory documents

• Original policy document (Not necessary in case of dematerialised policy document)
• Death Claim Form
• Death certificate issued by local authority
• The claimant's passport-size photograph
• Personalised Cancelled Cheque or Bank Passbook (with Printed A/c no, IFSC & Name account holder)
• Claimant's Valid Identity Proof
• Claimant's Valid Address Proof
• Claimant's PAN CARD/Form 60 (if PAN Card not available)
• Employer’s certificate (Form) for Life Assured, if employed (not required for pension/ annuity plans)

- Additional documents

• Medical cause of death certificate
• Medical records for all the treatments taken in the past. (Admission notes, History / Progress sheet, Discharge /Death summary, Test reports, etc.)

2. Un-natural Death (Accidental death / Murder / Suicide)

1. Mandatory documents

• Original policy document (Not necessary in case of dematerialised policy document)
• Death Claim Form
• Death certificate issued by local authority
• The claimant's passport-size photograph
• Personalised Cancelled Cheque or Bank Passbook (with Printed A/c no, IFSC & Name account holder)
• Claimant's Valid Identity Proof
• Claimant's Valid Address Proof
• Claimant's PAN CARD/Form 60 (if PAN Card not available)
• First Information Report (FIR)

2. Additional documents

• Panchnama /Inquest report
• Post-mortem report (PMR)
• LA ‘s Driving license
• Police Final Report
• Viscera report (if applicable)
• Newspaper cutting (s), if any,
• Others as applicable
• Employer’s certificate (Form) for Life Assured, if employed (not required for pension/ annuity plans)

3. Disaster / Natural Calamities

• Death certificate issued by Govt. / Relevant Authority
• Death claim form (includes NEFT)
• Original Policy Document (In Case of DEMAT, Original Policy Documents are not Required)
• Claimant's Valid Address Proof
• Claimant's Valid Identity Proof
• Claimant's PAN CARD/Form 60 (if PAN Card not available)
• Claimant’s photograph
• Personalised Cancelled Cheque or Bank Passbook

Please note: Based on the underwriter’s decision, you may be required to submit some additional documents.

Conclusion

Considering the incredible numbers across the HDFC Life Claim Settlement Ratio, it is no surprise that the insurer is regarded as one of the most credible insurers in the life insurance industry. Additionally, the brand has an incredible and compact list of some of the best policies in the sector (Click2Protect Life, Click2Protect Super, and Click2Protect 3D Plus). If you don’t mind the slightly expensive premiums, HDFC Life is an excellent pick as your life insurance provider.