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.
There are two types of CSR: - One is measured in terms of the number of claims settled against the claims received.
- The other form of CSR is measured by the benefit amount paid against the total claim received.
The benefit amount CSR is the better metric. It implies what percentage of the sum assured is given to the beneficiary’s family.
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%