Exide Life Insurance Claim Settlement Ratio
IRDAI every year release a CSR report and as per IRDAI annual report, the latest claim settlement ratio of Exide Life Insurance is 98.15% for the Financial Year 2019-20. The CSR report make things clear and gives more specific view on insurance policy and insurance plan. The way we spend last year it was like a nightmare and the only thing that you can protect with this nightmare is Insurance plan.
| Life Insurer | Claims Rejection (FY 2019-20) | Claims Intimated (FY 2019-20) | Total Claims (Claims Pending + Claims Intimated) | CSR% (FY 2018-19) | CSR% (FY 2019-20) |
|---|---|---|---|---|---|
| Exide Life | 0.75% | 3468 | NA | 97.03% | 98.15% |
- The claim settlement ratio of 98.15% is the indicator of the number of death claims settled by Exide Life Insurance against the total claims 3468 reported for the FY 2019-20.
- Rs 76 crores has been paid as the claim amount against 3236 claims reported in the FY 2018-19 by Exide Life Insurance Company.
- The claims have been rejected, resulting in Claim Repudiation of 0.75% for the FY 2019-20.
Table Content
Past 5 years CSR Trends for Exide Life Insurance Co.
Consistency to maintain a higher claim settlement ratio is considered to be good. Past claims settlement ratio trends will reveal the consistency and inclination of the Exide Life Insurance Co. towards the settlement of death claims.
Look there is nothing certain in this life, so be aware and be ready for uncertainties and become wise. We all think about our future and our family’s future and we never want to look the other side of coin where you think about the future of your family after your death. Insurance is just a service where your death ca be valuable for your family. So be wise and make your future and things easy, after this if any uncertainties happen in your life it doesn’t matter at all.
Let’s go through the past 5 years’ CSR trend of Exide Life Insurance Company.
| Financial Year | Claim Settlement Ratio (%) |
|---|---|
| 2015-16 | 89.36% |
| 2016-17 | 96.4% |
| 2017-18 | 96.81% |
| 2018-19 | 97.03% |
| 2019-20 | 98.15% |
Exide Life Rank in Claim Settlement among other Life Insurers
CSR rank signifies the position where Exide Life Insurance Company lies, with respect to other life insurers in the industry from the financial year 2015-16 to 2019-20. The claim settlement percentage attained by Exide Life Insurance Co. is the basis of the rank identified in the respective financial years.
How Claim Settlement Ratio (CSR) is measured?
The Claim Settlement Ratio is the number of claims settled divided by the total number of claims reported in a given financial year, including the claims outstanding at the beginning of the financial year. The claim settlement ratio is expressed in percentage which is helpful for comparing the claim settlement data by the customer across insurers. The claim settlement ratio is calculated for every financial year.
| Claim Settlement Ratio = Total claims settled / Total claims received where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the year) |
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