IRDA recently (1st January 2014) released it’s Annual Report for 2012-13. This report indicates the overall Insurance Industry data. Here in this post I am only concentrating on IRDA Claim Settlement Ratio for 2012-13. This report is till 31st March 2013.
Note-IRDA claim settlement ratio for 2013-14 is available at “IRDA Claim Settlement Ratio 2013-2014-Which is best Life Insurance Company?”
When anyone buying insurance product then their major concern is what was the claim settlement ratio of Insurance Company. It is just one indication about how the company is treating it’s customer. You must look into this data, because insurance is a long term contract between insurance company and insured. But do remember that this must not be the deciding factor while choosing your insurance plan.
In below report I tried to colour in three different categories. First colour (green) is for the companies whose claim settlement ratio stands more than 90%, second colour (yellow) for 90% to 80% and third colour (red) for companies whose claim settlement ratio stands below 80%.
I also tried to differentiate how fast they settled the claims. To identify this I divided the claims into three categories, first for less than 30 days, second for more than 31 to less than 90 days and finally claims settled after 90 days. This data indicates how fast is your insurance company when actually resolving the death claims.
Latest News (17th May 2014) !!!
LIC launched it’s first online term plan. Review will be available here “LIC’s online Term Plan e-Term-Review and Benefit“
Also interesting point to note that from above 24 Life Insurance Companies 17 companies reported profits for year 2012-13. They are Aviva Life, Bajaj Allianz, Birla Sunlife, Canara HSBC, HDFC Standard, ICICI Prudential, IDBI Federal, ING Vysya, Kotak Mahindra, Max Life, PNB Metlife, Reliance Life, Sahara India, SBI Life, Shriram Life, Tata AIA and LIC.
Hope above points will be useful for you in deciding your buying of life insurance product. But I am once again stressing that one must not solely depend on Life Insurance company’s claim settlement ratio while buying.