HDFC Life remains dedicated to its policyholders, maintaining a consistently high claim settlement ratio. Life insurance represents a lasting commitment, providing financial security for loved ones should the policyholder no longer be present. An essential gauge of a life insurer’s dependability lies in its capacity to swiftly and effectively settle legitimate claims. When selecting a life insurer, customers frequently assess the company’s trustworthiness by examining its claim settlement ratio over time.
In the fiscal year 2024, HDFC Life maintained an impressive overall claim settlement ratio of 99.50%, paying out ₹1,584 crores across 19,338 policies. This builds on previous strong performances of 98.66% in FY 22 and 99.39% in FY2 3 specifically in retail claims.
Speaking on this, Vibha Padalkar, Managing Director & CEO, HDFC Life said, “Claim settlement is a critical service differentiator for us. Our promise to every policyholder is to settle claims smoothly and efficiently. We are dedicated to providing superior service at every stage of the policy lifecycle, reflecting our commitment to financially securing India.”
HDFC Life provides a streamlined process for submitting claims, allowing claimants to request and submit documents through various channels without the need to visit a branch. The company also emphasizes the importance of fully disclosing health and other relevant information that could affect the claims process. For individual claims that are more than three years old from the policy inception date, HDFC Life offers same-day settlement, contingent upon receiving all required documents and no further investigation being necessary.
During its April 2024 board meeting, HDFC Life announced its largest-ever bonus of ₹3,722 crore on participating plans. This bonus is allocated among policies eligible for immediate maturity benefits or cash bonuses, as well as those to be paid out upon policy maturity, death, or surrender in the future.
Life insurance companies with high claim settlement ratios are typically preferred for the following reasons. These include:
By factoring in the claim settlement ratio along with other aspects such as policy features and costs, customers can make a well-rounded choice when choosing a life insurance provider.
