HDFC Life Achieves 99.50% Claim Settlement Ratio for FY24

HDFC Life has demonstrated its unwavering commitment to policyholders by achieving a 99.50% claim settlement ratio for the fiscal year 2024. The insurer disbursed ₹1,584 crores across 19,338 policies, reinforcing its reputation for reliability and efficiency. This impressive performance builds on the company’s previous high settlement ratios of 98.66% in FY22 and 99.39% in FY23 for retail claims.

Vibha Padalkar, Managing Director & CEO of HDFC Life, emphasized the significance of claim settlement as a key service differentiator. “Our promise to every policyholder is to settle claims smoothly and efficiently. We are dedicated to providing superior service at every stage of the policy lifecycle, reflecting our commitment to financially securing India,” she stated.

HDFC Life has streamlined the claims process, allowing claimants to submit documents through various channels without needing to visit a branch. The company also offers same-day settlement for individual claims over three years old from the policy inception date, provided all required documents are submitted and no further investigation is needed.

In April 2024, HDFC Life announced its largest-ever bonus of ₹3,722 crore on participating plans during its board meeting. This bonus will be distributed among policies eligible for immediate maturity benefits or cash bonuses, as well as those payable upon policy maturity, death, or surrender in the future.

High claim settlement ratios are crucial for life insurance companies, reflecting their long-term commitment to financial stability and reliability. By maintaining a high settlement ratio, HDFC Life assures policyholders of timely payouts, fostering trust and establishing itself as a dependable life insurance provider.