Claim Settlement Ratio is one of the key considerations while selecting an insurance product. In India insurance regulatory body, Insurance Regulatory and Development Authority (IRDA) provides claim settlement ratio for different insurers in its annual report.
For example, as per IRDA annual report 2008-09, largest insurer Life Insurance Corporation (LIC) has the highest individual death claim ratio
of 95.48; while combined ratio of private insurers has is 82.26. Among the private players Max New York Life has the highest ratio of 90.02; other notables are Birla Sun Life (87.29), Reliance Life (86.57), ICICI Prudential (86.55), SBI Life (76.57).
of 95.48; while combined ratio of private insurers has is 82.26. Among the private players Max New York Life has the highest ratio of 90.02; other notables are Birla Sun Life (87.29), Reliance Life (86.57), ICICI Prudential (86.55), SBI Life (76.57).
Keep an eye on this important factor while choosing a life insurance product. You will get all recent IRDA annual reports here.
The older the insurance company , the better the claim ratio. It includes the maturity claim as well.
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Prashant Kumar