India, May 7 -- Choosing an insurance plan might be as hard as decoding a math text full of formulas and theories. There are tons of figures! However, if you want to secure your family's well-being, there's only one figure that counts the most: the claim settlement ratio. Consider it a "report card" for an insurance firm. Just like how you would check the results of a school before enrolling your child, similarly, you need to check this ratio before buying a policy.

In this guide, we will simplify the topic so that even a college student and a grandparent can understand it well.

The claim settlement ratio is a straightforward figure. It indicates the number of claims that an insurance company paid out of every 100 requests they received...