6 Simple Ways to Get Your Life Insurance Claim Settled Faster

Welcome to the stress of filing life insurance claims in difficult times. A smooth and prompt process can be ensured by the right steps from your end. Here are six time-tested tips to help speed up the settlement of your claims:‎

Choose an Insurer with a Good Claim Settlement Ratio

A Claim Settlement Ratio indicates the number of claims settled by an insurer out of the total claims received by it. As an illustration, during FY24, HDFC Life recorded a claims settlement ratio of 99.50% with claims in the amount of ?1,584 crore across 19,338 policies. Correspondingly, ICICI Prudential Life recorded a 99.35% ratio with 2,911 claims settled in Q1 FY25. Selecting an insurer with high ratios increases the chances of a smoother claims experience. 

Provide Full and Correct Documentation

Proper documentation of the life insurance claim is important. Ensure that all required documentation has been submitted correctly: death certificate, policy papers, identification proofs, etc. Any missing or wrongful documents might hold up the settlement process.‎

Know the Term Insurance Claims Procedure

You should know how the Term Insurance Claim process of your insurer works. There are cases when the company, such as Axis Max Life, with its InstaClaim™ service, settles eligible claims within 3 hours. Knowing the process helps you make a timely submission and track it.‎

Use Digital Platforms for Quick Processing

Various insurers have started using tech-enabled tools. ICICI Prudential Life, for example, accepts claims via WhatsApp and mobile apps, with an average settlement time of 1.2 days. If all parties make use of such platforms to their maximum effort, then settlement of any claim within that time frame would be introduced.