HDFC Life Insurance Claims Ratio - Last 6 years

Trend
The information below shows the trend in HDFC Life Insurance Claims Settlement Ratio for the last 6
years. This is based solely on the information published by the Insurance Regulatory & Development
Authority of India (IRDAI) and is measured on consistently used bases. You may use this information
as a key parameter in your term insurance purchase decision.
2011-2012
96 %
2013-2014
94.01 %
2014-2015
91 %
2015-2016
95.02 %
2016-2017
97.62 %
2017-2018
97.8 %

HDFC Life Insurance Claims Settlement

Performance for 2017-2018
The information below shows how HDFC Life Claims Settlement Ratio for HDFC Life is arrived
at. It starts with the opening balance (which is pending claims of the previous year), to which is
added the new death claims made this year. This gives the Total Claims that have to be processed
in the year.
Claims Op. Balance
79

New Claims made

12,645

TOTAL CLAIMS
12,724
Claims approved and claims rejected are shown below. Claims for which decision is pending or
not made are shown as Claims Pending. These pending claims become the opening balance for the
next year. Also show are the value (in Rs. Crores) of all the claims that are approved, as well as
the average value of each claim. Please note that here claims include death claims from all kinds
of life insurance policies and not just term insurance. Since saving plans with low Sum Assured
(which are a large share of business for all companies) are also included, the average death claim
value may appear much lower than the Sum Assured you have in mind for the Term Insurance
plan that you intend to buy.
CLAIMS APPROVED
12,421
97.62 %
CLAIMS REJECTED
244
1.92 %
CLAIMS PENDING
59
0.5 %
TOTAL CLAIMS
12,724
Total Claims Value Approved
( crores )
351.4

Avg. Value per Claim

( lakhs)
2.8

HDFC Life Insurance Claims Settlement Efficiency : 2017-2018

Especially when buying term insurance, we do not want our nominees to keep waiting for the claim
amount. So claims efficiency is a key consideration before deciding on our term policy, especially the
metric around average no. of days taken to settle a claim. This number shows the importance given by
the company for processing claims. Lower the no. of days taken, higher is the efficiency and better is
the confidence level when buying a policy from the company. A lower average claims processing time
also tells us that the life insurance company is not solely focussed on getting sales but also ensures
genuine service during the 'moment of truth', i.e. when there is a death claim.
Average age of Pending Claims for HDFC Life Insurance
45 days