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The ratio of claims settled by an insurer during a policy year to total claims received by the insurer during the year is known as the Claim Settlement Ratio (CSR). For example, if you get insurance from a business that offers 99 percent CSR, it means that the insurance company has satisfied 99 out of 100 claims submitted within the financial year. Term insurance claim settlement ratio is one of the most essential criteria that decide an insurance policy, along with sum covered, policy tenure, network hospitals, premium amount, and so on.
As a result, CSR is an important factor to consider when purchasing a coverage. The insurance claim ratio is calculated for each financial year and is kept on each insurance company's official website. An insurance company's CSR may change from year to year. It is crucial to remember, however, that CSR is calculated for all insurance products, not only term insurance. Paybima provides information on the Term insurance claim settlement process, claim settlement ratio, paperwork necessary, and more.
