Buying life insurance? Here’s what you need to look at

What is the essential metric you must check?

You should keep an eye out for the CSR, short for claim settlement ratio. The metric measures an insurance company’s efficiency in honouring its claims.

What are the different kinds of CSR?

There are two types of CSR: - One is measured in terms of the number of claims settled against the claims received.

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- The other form of CSR is measured by the benefit amount paid against the total claim received.

So, which is the better indicator?

The benefit amount CSR is the better metric. It implies what percentage of the sum assured is given to the beneficiary’s family.

Which life insurers excel in this metric?

Here are three life insurers with the highest benefit amount CSR. 1. Aegon Life: 98.9%, 2. Bharti AXA Life Insurance: 97.7%, 3. Aviva Life Insurance: 97.5%

To get the entire list of insurers offering the highest benefit amount CSR between FY22-23