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Hassle-free Claim settlement Process - How to file claim with HDFC Life

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September 18, 2024

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Whenever a policyholder purchases an insurance policy, he expects the insurance provider to stand beside him at a time of uncertainty. A seamless claim settlement process is what an insured person desires whenever things go south. However, how can a person determine at the time of purchasing the policy whether an insurance company settles the claim seamlessly? The answer lies in the claim settlement ratio!

What is the Claim Settlement Ratio?

The claim settlement ratio, also known as the claim paid ratio, is the ratio between the number of claims paid by the insurance company as compared to the number of claims received during the year. The higher the claim settlement ratio, the higher the chances of getting your claim approved and settled by the insurance company. The formula is as under:

Claim Settlement Ratio = No. of claims paid during the year / No. of claims received during the year

A claim settlement ratio above 90%-95% can be considered ideal. The claim settlement ratio for some insurance companies goes as high as 98%. In the financial year, 2021-22, the claim settlement ratio for HDFC Life was a staggering 98.66%. This showcased how HDFC Life handled the claims smoothly with its seamless and hassle-free claim settlement process.

Claim Settlement Process – HDFC Life

Following is the hassle-free claim settlement process of HDFC Life:

  • Verifying the Policy Details: Firstly, you shall verify the policy details. This will provide you with all the necessary information such as claim information, information about the claimant, information about the Life Insured, and contact information of the claimant.

  • Submitting the Life Assured Details: All the requisite details about the life assured shall be submitted including identity proofs, death certificate of Life assured, documents regarding medical expenses, medical certificates, discharge receipts, etc.

  • Submission of Nominee Details: For the purpose of claim settlement, requisite nominee details shall be submitted. All the requisite details and documents like PAN card, KYC documents and Bank account proof of Nominee/s

A claim can be submitted to HDFC Life in any of the following 3 ways:

  • Online claim submission

  • The claim can be submitted through WhatsApp by scanning the QR Code or messaging ‘Death Claim’ on +91 82918 90569 in order to start the claim settlement process.

Whatsapp QR for Death Claim 

  • The claim can also be submitted by physically visiting the HDFC Life branch with the claim form. Claim forms are available on our website https://www.hdfclife.com/claims Documents Required for Claim Settlement

Following documents shall be submitted for HDFC Life insurance claims:

  • Duly filled Claim form along with photograph of Nominee

  • Identity and Address proof of nominee. (If the nominee is minor, documents of the appointee are to be submitted).

  • Death certificate issued by competent authority for death registrations.

  • The medical cause of death certificate.

  • Cancelled cheque/copy with the name of nominee/appointee mentioned on it as per the passbook of the nominee/appointee.

  • Past & current complete medical records including discharge/death summary, indoor case papers, investigation reports, and consultation notes.

Certain additional documents shall be required in case of accidental death. This includes:

  • Post mortem report

  • Police inquest report

  • Panchnama

  • First/final information report

  • Viscera / Chemical analysis report

HDFC Life 1-day Claim

Many insured people find the insurance claim settlement process lengthy and time-consuming. Such delay in the process only adds to the problems at times of difficulty. Therefore, with HDFC Life, the policyholders can get their claim settled within just 24 hours. The 24-hour claim settlement feature is available subject to the following conditions:

  • Claims processed within 24 business hours for all claims over 3 years from date of inception**

**Provided we have received all the relevant and required documents and no further investigation is required. Claim settlement process would be completed within stipulated timelines once the claim request is approved

One Day Claim Settlement is available for the following:

  • Cumulative claim amount on all policies up to ₹2 crores

  • 1 day claim settlement is exclusively available for policies bought online

  • Claim does not require field investigation

  • All requisite documents submitted by the nominee before 3 PM on a working day at HDFC Life branches. Intimations beyond 3 PM will be taken up the next business day

  • HDFC Life will pay an interest on your death claim amount for every day of delay beyond one working day

T&C Apply

1. For all claims* fulfilling above mentioned conditions, provided we receive all the required documents, the claim will be processed within one working day and decision will be communicated accordingly.

2. Investigation / Open title / Rival / Court involved Claims are excluded.

3. Policy duration at the time of event is at least >=3 years.

4. Saturday, Sunday, public festivals and non-NAV days (for ULIP) are excluded (not treated as a working day) ^Interest rate would be at 6.25%per annum.

What if the Claim is Not Settled within 24 Hours?

HDFC Life holds complete responsibility to settle your claim within 24 hours if all the above conditions are satisfied. In case of failure to do so, you can hold HDFC Life accountable for the same. Therefore, the company will pay the interest at the rate of 2% above the bank rate on the death claim amount for every day the claim is delayed. However, it shall be noted that the 24-hour timeline should be applicable only for the working days.

In A Nutshell

An insurance policy can bail you out of difficult times. However, a claim settlement process that is time taking and cumbersome only adds to the difficulties of an already distressed family. Therefore, a seamless process can provide much-needed relief to the family of the insured and that’s what HDFC Life aims for.

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ARN: ED/02/22/27662

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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