IRDA Claim Settlement Ratio of Life Insurance Companies

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As indicated in my earlier post, IRDA claim settlement ratio might be an important factor in determining the best term insurance plan in India. Following is the stats for 2011-12 for  IRDA claim settlement ratio for individual death claims by insurance companies. I have tried to take some of the popular brands in the market. I have also included premium for a 1 crore/30 year old/30 year person in order to make some cost comparisons also.

Premium(30Ys) No of Claims Recd Claim Amount Claim paid Rejected
Aegon Religare 8202 274 16.15 cr 66.00% 33%
Bharti AXA 8202 935 23.3 cr 87.70% 10.80%
Aviva 8279 2240 71.5 cr 89.50% 9.50%
HDFC Life 11911 5149 107.23 cr 96.17% 3.63%
Edel TOKIO 12921 1 0.05cr 100.00% 0%
Bajaj Allianz 14169 27200 423 cr 90.61% 6.28%
Kotak 16574 2949 85 cr 89.00% 5.24%
SBI Life 18875 11864 185cr 95% 3.19%
Birla 19214 10900 280 cr 90.94% 8.78%
ICICI Pru Life 23993 14829 225cr 96.53% 3.16%
Max Life 26405 9031 216 cr 89.84% 8.58%
LIC 37753 731336 6873 cr 97.42% 1.30%
  • It is clear from the above table that guys like LIC and SBI have high claim payment ratios but LIC also has one of the highest premium in the market!
  • Edelweiss Tokio’s stats are insignificant
  • Bharti AXA, though cheap is still in its early days
  • Among bigger private players, Aviva,HDFC Life and Bajaj Allianz look decent

We will continue to provide you with updated IRDA Claim Settlement Ratio of Life Insurance Companies every year. To compare all these details online and know exact premium for the required coverage, click here. Please visit www.trucompare.in to get an online premium quote delivered to your email.

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