Key aspects of IFFCO Tokio General Insurance include a wide product range encompassing car, two-wheeler, health, travel, home, and commercial insurance, with specialized covers like liability and property insurance also available. The company emphasizes customer-centricity by offering innovative and customized insurance solutions and maintains a wide network of garages and hospitals for cashless claim settlements. IFFCO Tokio claims to have a quick claim disbursal process and a decent claim settlement ratio, offering features like quick claim settlement for minor claims in health insurance and a QCS (Quick Claim Settlement) process for motor insurance at network garages. They have a user-friendly online presence through their website and mobile apps for policy purchase, renewal, and claim registration, aiming to make insurance accessible and convenient. Their significant network comprises over 4300 garages and 7000+ hospitals across India for providing cashless services. Financially, IFFCO Tokio is considered a strong and reliable insurer committed to ethical business practices.
In summary, IFFCO Tokio General Insurance is a well-established player in the Indian general insurance market, offering a diverse range of products with a focus on customer service and efficient claim settlement, leveraging technology to provide convenient access to their services.
Latest News on IFFCO TOKIO
Latest claim settlement ratio of health and general insurers released by IRDAI in 2026: Acko, Aditya Birla, Galaxy lead; Shriram, IFFCO Tokio fall below 90%
When it comes to health and general insurance policies, policyholders expect prompt claim settlements from insurers in times of emergency. The real test of any insurance policy lies in how fairly and quickly claims are settled. To gauge an insurer’s efficiency, checking the claim settlement ratio is a reliable way. The Insurance Regulatory and Development Authority of India (IRDAI) releases a list of claim settlements by all health and general insurance companies every year.
According to the latest figures for FY 2024-25, the claim settlement ratio of various insurers has been revealed. Among private general insurers, Acko General Insurance took the lead with 99.98% of claims paid within 3 months, followed by Reliance General Insurance Co. Ltd. with a ratio of 99.32%. On the other hand, Kshema General Insurance Co. Ltd. had the lowest claim settlement ratio of 26.88% among private sector insurers.
Among public insurers, The Oriental Insurance Co. Ltd. settled 90.17% of its claims within 3 months. The New India Assurance Co. Ltd. and National Insurance Co. Ltd. had a claim settlement ratio of 91.75% and 91.79%, respectively.
In the standalone health insurance sector, Aditya Birla Health Insurance Co. Ltd., Galaxy Health Insurance Co. Ltd., Narayana Health Insurance Co. Ltd., and Niva Bupa Health Insurance Co. Ltd. each reported a 100% claim settlement ratio, with all claims settled within three months.
The claim settlement ratio refers to the percentage of claims that an insurer pays or settles out of the total number of claims it receives during a certain period. For instance, a health insurance company with a claim settlement ratio of 95% typically pays around 95 of every 100 claims it receives.
It’s essential for policyholders to check the claim settlement ratio of their insurer to ensure they are getting fair and prompt claim settlements. The IRDAI’s annual list of claim settlements provides a reliable source of information for policyholders to make informed decisions. By checking the claim settlement ratio, policyholders can gauge their insurer’s efficiency and make informed decisions about their insurance policies.
In conclusion, the claim settlement ratio is a crucial factor to consider when choosing a health or general insurance policy. Policyholders should check the claim settlement ratio of their insurer to ensure they are getting fair and prompt claim settlements. The IRDAI’s annual list of claim settlements provides a reliable source of information for policyholders to make informed decisions about their insurance policies.
Recent Updates
No Results Found
The page you requested could not be found. Try refining your search, or use the navigation above to locate the post.