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Question: How can I check the claim settlement ratio record of any insurance company?

Answer: Before buying any insurance product, it is always a good idea to check the claim settlement ratio of the insurance company. Instead of relying on low premiums or world of mouth popularity, the claim settlement ratio gives the exact break up of number of claims filed with the company in that financial year and number of claims approved or rejected. A company with a higher CSR record is more likely to honor claims compared to a home insurance company with lower CSR ratio. Insurance watchdog IRDA releases the Claim Settlement ratio of various insurance companies every year and is displayed on their website at https://www.irda.gov.in.

Before buying any insurance product, it is always a good idea to check the claim settlement ratio of the insurance company. Instead of relying on low premiums or world of mouth popularity, the claim settlement ratio gives the exact break up of number of claims filed with the company in that financial year and number of claims approved or rejected. A company with a higher CSR record is more likely to honor claims compared to a home insurance company with lower CSR ratio. Insurance watchdog IRDA releases the Claim Settlement ratio of various insurance companies every year and is displayed on their website at https://www.irda.gov.in. Source: CoolInterview.com

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