Claim settlement ratio of life insurance companies in India .pdf
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Claim Settlement Ratio of Life Insurance Companies in India
When you are looking for the best life insurance policy from a bunch of insurance companies in India, you
should determine the credibility of an organization according to its claim settlement ratio. So, what is a
claim settlement ratio?
Do you know that the very purpose of buying insurance will fail, if the insurance provider does not have
an effective claim settlement ratio? This means that the nominee to the insured or his family will not get
adequate claims when it is required. Therefore, when the beneficiaries are dependent on the proceedings
bought from one of the top-notch insurance companies in India, the sum assured should be paid when
claimed. If not, then it means a huge financial loss.
What can you understand from reading a claim settlement ratio?
It actually tells you the total number of death claims as settled by the company. It is easy to calculate the
number by dividing the total number of death claims as received by aggregate number of them settled.
To give you an example, suppose a life insurance company gets a total of 1000 claims, but manages to
settle only 980. Then, the claim settlement ration would be 98%. Indeed, the higher the claim settlement
ration, the more it is favorable for individuals. There are several life insurance companies in India that
have high settlement ratios. Take a look.
Insurance Companies and Settlement Ratios
LIC or Life Insurance Company- 98.19% claim settlement ratio
Max Life- 96.03% claim settlement ratio
Birla Sunlife- 95.30% claim settlement ratio
Tata AIA Life- 94.47% claim settlement ratio
Star Union Daichi- 94.08% claim settlement ratio
ICICI Prulife- 94.80% claim settlement ratio
PNB MetLife- 92.86% claim settlement ratio
Bajaj Allianz Life- 90.73% claim settlement ratio
Kotak Mahindra Life- 90.73% claim settlement ratio
HDFC Std- 90.50% claim settlement ratio
SBI Life- 90.06% claim settlement ratio
Sahara Life- 89.97% claim settlement ratio
Aegon Religare- 89.78% claim settlement ratio
Canara HSBC- 89.58% claim settlement ratio
Exide Life- 86.10% claim settlement ratio
Reliance Life- 83.84% claim settlement ratio
Future Generali- 83.70% claim settlement ratio
Aviva Life- 83.07% claim settlement ratio
Bharti AXA Life- 80.90% claim settlement ratio
IDBI Federal Life- 75.80% claim settlement ratio
India First Life- 72.21% claim settlement ratio
Shriram Life- 65.66% claim settlement ratio
DHFL Pramerica- 57.19% claim settlement ratio
Edelweiss Tokio- 57.14% claim settlement ratio
The above list shows you the top best insurance companies in India that have high claim settlement ratios.
Hence, looking at the list, it is easy to say that companies like LIC, MaxLife, Birla Sunlife, Star Union and
Tata AIA Life are the top 5 insurance companies in India.
The past performance of an insurance provider is best evaluated through the settlement claim ratios.
Apart from tracking the claim settlement ratio of insurance companies, it is also important to check the
duration of the claim settlement. This suggests how fast you are going to get your proceeds after informing
the insurance company.
Insurance companies in India with highest settlement of claim with 30 days of informing (in percentage):
ICICI Prudential- 91.89%
HDFC Standard- 85.37%
SBI Life- 83.55%
Max Life- 78.65%
Kotak Mahindra- 75.30%
Star Union Daichi- 33.33%
Bharti AXA- 62.52%
Bajaj Allianz- 64.64%
Canada HSBC- 36.35%
Tata AIA- 64.35%
ING Life- 67.66%
PNB Met Life- 72.64%
Birla Sunlife- 64.03%
IDBI Federal- 80.06%
India First- 69.32%
Future Generali- 43.12%
Thus, the above information will help you choose the best life insurance plans from a list of insurance
companies in India.