*Data Source – Annual Report IRDA
What is Claim Settlement Ratio?
Claim Settlement Ratio (CSR) gives us an idea about the claim solving ability of the insurance company. If claims are intimated and the insurance company solves those, claim settlement ratio would be good. In simple words – claim settlement ratio is the number of claims settled by the insurance company out of every 100 claims it has received.
What we need to check in CSR?
Higher claim settlement ratio implies that majority of claims are getting solved. Higher is the claim settlement ratio for the company, the better the company.
Things to take care, while buying online term insurance
1. Read and answer to all the proposal form questions correctly and accurately to the best of your knowledge.
2. Disclose all material facts to the Life Insurance Company. In case you have doubt as to whether a fact is material or not, the fact should always be disclosed.
3. All the documents submitted by you (e.g. Age Proof, Address Proof, Income Proof etc.) along with the proposal form should be genuine.