The IRDAI (Insurance Regulatory and Development Authority of India) publishes the claim settlement details of all the 24 life insurance companies in India on a yearly basis. The report includes the accurate figures and percentages of the number of claims made by policyholders, the number of claims that were settled, and the number of claims that were rejected.
The claim settlement ratio is the ratio of the number of claims settled to the number of claims made.
Claim settlement ratio = Number of claims settled/Number of claims made*100
Claims may be rejected by life insurance companies for various reasons such as misrepresentation of facts, fraud, impersonation, etc. It is hence important to ensure that you provide accurate information to the insurer at the time of purchase.
The overall claim settlement ratio for the life insurance sector for the year 2016-17 is 97.74%. The ratio for the private life insurance sector alone is equal to 93.72%. The highest claim settlement ratio is of the public insurance company LIC at 98.31%. The report published by IRDAI also revealed that the total benefit amount for the year 2016-17 is Rs.13,850.62 crore.
The table below presents the claim settlement data for individual death claims for the year 2016-17 in order of highest claim settlement ratio.
|Insurance Provider||Number of claims made||Number of claims settled||Number of claims rejected||Claim Settlement Ratio|
|Max Life Insurance||9821||9606||212||97.81%|
|HDFC Standard Life Insurance||12724||12421||244||97.62%|
|Aegon Religare Life Insurance||588||571||17||97.11%|
|SBI Life Insurance||17610||17027||451||96.69%|
|ICICI Prudential Life Insurance||10901||10539||305||96.68%|
|Exide Life Insurance||2973||2866||107||96.40%|
|Tata AIA Life Insurance||2707||2599||108||96.01%|
|Canara HSBC Oriental Bank Of Commerce Life Insurance||653||620||32||94.95%|
|Birla Sun Life Insurance||6048||5727||240||94.69%|
|Reliance Life Insurance||11079||10473||529||94.53%|
|Edelweiss Tokio Life Insurance||164||153||11||93.29%|
|Bharti Axa Life Insurance||878||811||33||92.37%|
|Bajaj Allianz Life Insurance||16329||14887||932||91.67%|
|Kotak Mahindra Life Insurance||2831||2583||99||91.24%|
|DHFL Pramerica Life Insurance||471||428||36||90.87%|
|Aviva Life Insurance||1245||1128||110||90.60%|
|IDBI Federal Life Insurance||1065||962||96||90.33%|
|Sahara Life Insurance||725||654||45||90.21%|
|Future Generali Life Insurance||1366||1223||126||89.53%|
|PNB MetLife Insurance||3879||3380||357||87.14%|
|Star Union Dai-Ichi Life Insurance||1473||1238||200||84.05%|
|India First Life Insurance||1741||1439||273||82.65%|
|Shri Ram Life Insurance||2926||1859||774||63.53%|
Points to note
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