New Delhi, July 2 -- Life insurance is one of the most important financial products that individuals purchase to safeguard their loved ones against life's uncertainties. While policy features, premiums, and coverage amount play an important role in the decision-making process, the actual value of a life insurance policy is realized only when a claim is settled and the intended financial support reaches the distressed nominee.

This is why claim settlement ratio (CSR) continues to be one of the most important indicators while evaluating life insurance companies.

Every year, the Insurance Regulatory and Development Authority of India (IRDAI) publishes claim settlement data of life insurers, providing customers with information as to how ef...