We have been tracking IRDA claim settlement of insurers for 3+ years.Here is the latest data on IRDA claim settlement ratio of life insurers in 2016-17( for which data is available). Most of the good insurers are now having 95%+ claim settlement ratios in 2016-17.
Max Life Insurance claim settlement ratio for 2016-17- 97.59%
HDFC Life claim settlement ratio for 2016-17-99.16%
ICICI Prudential claim settlement ratio for 2016-17-97.2%
Edelweiss Tokio claim settlement ratio for 2016-17- 93.29%
Kotak Life claim settlement ratio for 2016-17-92.59%
Reliance Life claim settlement ratio for 2016-17- 94.91%
SBI Life claim settlement ratio in 2016-17- 97.98%
Birla Sunlife claim settlement ratio in 2016-17- 94.21%
This also means that one can go for the cheapest term plan with 95%+ claim ratio. You can compare the data at www.trucompare.in/terminsurance
We are in the process of updating our website with the latest data.