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Claim Settlement Ratio Life Insurance (2014) ~ Latest

Claims ratio and number of claims pending % are important indicators of product performance. The following data has been taken from IRDA (Regulatory authority) annual report 2014 (published in Jan, 2015)

Claims Ratio: Claims ratio is the number of claims accepted out of total number of claims made during the financial year. Claims ratio is an indicator of company's performance in paying the claim to nominee in case of mishap to insured. In general, the higher the claims ratio, the better it is.

Number of claims pending %: Claims pending is the number of claims which are pending at the end of financial year. Of these, certain claims are pending for more than 3 months. Such a huge lead time puts into inconvenience your near and dear ones who are in need of money. In general, the lesser the number of claims pending, the better it is.


Insurer
Claim Ratio %
Number of Claims pending > 3 months

Aegon Religare
81.00%
00.00%
Aviva
84.01%
00.00%
Bajaj Allianz
91.29%
3.32%
Bharti Axa
88.13%
30.43%
Birla Sunlife
87.76%
36.99%
Canara HSBC
86.76%
68.75%
DLF Pramerica
22.14%
73.65%
Edelweiss Tokio
60.00%
21.43%
Future Generali
74.88%
20.78%
HDFC Standard
94.01%
5.32%
ICICI Prudential
94.10%
30.89%
IDBI Federal
90.34%
2.56%
India First
73.13%
6.12%
Exide Life
83.16%
19.81%
Kotak Mahindra
90.69%
69.38%
Max Life
93.86%
0.00%
Metlife
90.24%
0.00%
Reliance Life
81.97%
14.28%
Sahara
90.19%
12.50%
SBI Life
91.06%
31.06%
Shriram
67.69%
44.74%
Star Union
92.86%
22.22%
Tata AIA
89.68%
27.40%
LIC
98.14%
82.81%
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Authored by: BuySmartPolicy
Published date: October 02 2015.

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