• Home
  • Sitemap
  • About Us
  • Write Us
Over Head Productions

  • Finance
  • Corporate
  • Management
  • Sales
  • Business
  • Home
  • Finance
  • Top 5 Term Insurance Provider as Per Their Claim Settlement Ratio and How to Pick the Best

Top 5 Term Insurance Provider as Per Their Claim Settlement Ratio and How to Pick the Best

John Honore
October 24, 2019November 2, 2019 Comments Off on Top 5 Term Insurance Provider as Per Their Claim Settlement Ratio and How to Pick the Best
claim insurance Term

One of the most important considerations when selecting a term policy is the settlement ratio of the insurance provider. Read this post to know 5 of the top insurance providers as per their settlement ratio and some other factors that you should look into while making a decision.

A term policy is one of the most affordable ways to offer financial stability and protection to your loved ones in case of your unexpected demise. But with so many insurance providers to choose from, most people find it challenging to select the best for their term policy.

The settlement ratio is a smart way to assess an insurance provider. This ratio is calculated based on the total number of claims received and claims settled by the insurance provider. The IRDAI publishes a list of insurance providers with their settlement ratio every year.

Let us have a look at some of the top providers with regards to their settlement ratio and a few other factors that you should check before making a decision:

Top 5 Settlement Ratio of Term Insurance Providers

As per the list published by IRDAI for the year 2018/19, here are some of the top insurance providers-

Insurance Provider Death Claims Received Death Claims Paid Death Claims Pending Settlement Ratio
HDFC Life 12,189 11,031 2.3% 97.62%
SBI Life 14,876 13,303 3.20% 96.69%
ICICI PruLife 12,309 11,546 0.80% 96.68%
Tata AIA Life 3,873 3,659 1% 96.01%
Reliance Life 18,142 15,211 5.8% 94.53%

Selecting an Insurance Provider

While the claim settlement ratio is definitely an important consideration, there are a few other factors that you should look into when selecting the insurance provider. Three such important factors are-

  1. Financial Health of the Insurance Provider

For instance, in the case of a natural disaster, an insurance provider can receive multiple claims simultaneously. Only an insurance provider with excellent financial health would be able to settle multiple claims in a short duration. All the insurance providers have a solvency ratio which determines their financial health.

As per IRDAI, every insurance provider is required to have a solvency ratio of above 1.5. The higher the solvency ratio, the better is the financial health of the company.

  1. Optional Covers

If you are planning to buy a term plan, it will be smart to select additional riders. The insurance provider you select should offer at least a few additional rider options like critical illness cover, accidental death, income benefit, and waiver of premium.

While the riders increase the policy premium, they also significantly improve the scope of the policy. Also, note that the term plan of some of the insurance providers includes these aforementioned features in the base plan itself.

  1. Policy Premium

Last but not least is the policy premium. Once you have narrowed down the choices based on the points discussed above, the final selection can be made based on the policy premium. Prefer an affordable yet feature-packed term insurance plan from a reputed insurance provider.

Also, check the premium payment options. Some of the insurance providers also offer monthly premium payment facility.

Choosing the Best Term Plan

Now that you have a list of top 5 insurance providers as per their claim ratio and know the factors that you should look into, it shouldn’t be difficult for you to pick the best.

Rather than making an impulsive decision, spend some time understanding these points so that you have the necessary knowledge for making the right decision. As life insurance is one of the most important purchases of life, make a well-informed decision so that the policy is actually able to deliver the expected benefits.

Post navigation

Why Your Startup Should Consider Having a Virtual Data Room
How to Run a Fundraising Event

Related Articles

Exploring the Benefits of Car Insurance

Safeguarding Your Journey: Exploring the Benefits of Car Insurance

Robert Kill
May 19, 2023 Comments Off on Safeguarding Your Journey: Exploring the Benefits of Car Insurance

Intraday Trading Mistakes to Avoid for a More Profitable Portfolio

Robert Kill
April 27, 2023April 27, 2023 Comments Off on Intraday Trading Mistakes to Avoid for a More Profitable Portfolio

Risk management strategies for stock traders

Robert Kill
January 10, 2023 Comments Off on Risk management strategies for stock traders

Archives

  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018

Categories

  • Business
  • Corporate
  • Featured
  • Finance
  • Laboratory
  • Loan
  • Management
  • Marketing
  • Sales

Recent Posts

Which Five Internal Communication Tools Will You Propose ?

Which Five Internal Communication Tools Will You Propose ?

Clare Louise - Business
May 26, 2023 Comments Off on Which Five Internal Communication Tools Will You Propose ?

Humans are social beings, and communication is paramount for effective...

Cash out your crypto Mixing

May 26, 2023
Exploring the Benefits of Car Insurance

Safeguarding Your Journey: Exploring the Benefits of Car Insurance

May 19, 2023

What to Expect When Working with Commodity Recruitment Agencies

May 10, 2023

Advertisement

Tags

accessible accountants brings Company Connected Coping created delivery developing Diablo III figures diligent embarrassing environmental Fully furniture important insurance internet London market marketing Maybe merchandise missing money parents planner players popular pricey probably procedures proficiency protection provide rebellion rubbish services Sheepskin specifically supply teens throw transported While Moving

Thanks for the support

Capital Gains Tax Advice

Latest Posts

Which Five Internal Communication Tools Will You Propose ?

Which Five Internal Communication Tools Will You Propose ?

May 26, 2023

Cash out your crypto Mixing

May 26, 2023
Exploring the Benefits of Car Insurance

Safeguarding Your Journey: Exploring the Benefits of Car Insurance

May 19, 2023

Featured

Copyright @ 2023 overheadproductions.net | All rights reserved.
  • About Us
  • Write Us
  • Corporate
  • Sales
  • Marketing