.gif)
.webp)
.svg)
The primary goal of purchasing a life insurance policy is to secure the financial future of your family. In case of your unfortunate demise, the policyholder’s family can receive the death benefit from the insurer, which they can use for fulfilling their monetary requirements.But a policy is only good if it lets the nominee file the claim successfully.Here are four factors that can help you compare the claim process of insurers and choose the right policy.
1. Claim Settlement Ratio (CSR)
The CSR is the ratio of total number of claims filled successfully against the total claims received. It indicates how good an insurer is with regard to fulfilling the obligation of paying the death benefit to eligible beneficiaries.
2. Turnaround Time (TAT)
The Turnaround Time or TAT is the amount of time the insurer takes for processing a death claim. The shorter the TAT is, the faster your insurance beneficiary will receive the death claim.But note that the beneficiary should submit all the required documents to the insurer for initiating the claims process. You can find more details about the TAT on the official website of insurers.
3. Claims Guarantee
When the policy beneficiary is already struggling with the emotional turmoil of losing a loved one (policyholder), the added complexities of an insurance claim can only make matters worse.For this, a few top insurers in India now offer a claims guarantee. If the policy is valid and the beneficiary fulfils the essential claims requirement, it will be processed at the earliest with minimum hassles.
4. Claims Settlement Officer (CSO)
Filing an insurance claim and getting it approved can be a daunting process for someone not well versed with life insurance and its terminologies. Services of a dedicated Claims Settlement Officer (CSO) can be very valuable in such a scenario.Some of the top insurers in India now dedicate a CSO to every claim so that the beneficiary receives all the assistance they need for successfully filing the claim and getting it approved at the earliest.
Selecting the Right Insurer for Your Life Insurance Policy
While there are a lot of things that you should take into consideration at the time of selecting an insurer, claims processing indeed is one of the most critical. Compare claims processing of top insurers based on the factors discussed in this post to make the right selection.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
