IRDA Claim Settlement Ratio 2014-15-Which is best Life Insurance Company?

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• Hello Baswaraj,
  I am 38 and almost decided on ICICI Pru i SMART Protect Lumpsum Plan of Rs.1 Cr. But I am now rethinking and considering HDFC Protect Plus as it has a ACCIDENTAL DISABILITY RIDER OF 1% SA / Month for 10 years.

  Now, I am suggested by some of my good friends, that all the riders are of no use and go for base plan of TERM Insurance.

  Also, how good are these TERMINAL and CRITICAL ILLNESS benefits. Are they practical in any way and will be really useful in the event of unfortunate incident.

  But then there is no other plan where in I can get a Accidental Disability cover of close to 1 Cr.
  Pl suggest and help. I am now confused

  • RAvi-Go ahead as per your friend and buy accidental and critical plans from general insurers.

    • Hello Basavaraj, But I could not find PA Plan which is providing a disability cover for 1 Cr or any where close to that amount. Can tyou suggest few.
      It will be very helpful.

      • Ravi-Check properly. Many insurers provide this.

• Hi Basavaraj,

  I am Prashant, currently working with pvt company. I want to buy term plan for me which include all. I have good salary.
  in Which company should I go? my age is 29yrs.

  Thanks,
  Prashant

  • Prashant-Refer my post "Top 5 Best Online Term Insurance Plans in India-2016".

• Mr basu I'm having health insurance with united india health insurance .I spoke to grievance officer he is not helping me and advising me to take your claim from court.he said that more and more case we will move towards court as we are facing losses in health sector.taking claim from court is a lot of time consuming issue.

  • Sneha-Raise the issue with IRDA first, then move to consumer court.

    • Sir kindly start working as consumer activist instead of selling policies.

      • Sneha-Who is selling policies???

    • Mr basu consumer forum takes around 3 to 4 years of time.it is very difficult and time consuming.why there is not some supportive authority to resolve grievance at earliest.

      • Sneha-I know it is hard but try your luck before that by knocking the door of IRDA.

• I am 42 years old, NRI, working in Oman. I have taken an online
  term policy from Max Life insurance last year when I was in India
  on my annual leave.

  As I am pre-diabetic and taking oral medication, I have disclosed
  my health factors sincerely in my proposal form. Even though
  my medical examination results were normal, I have been asked
  to pay an extra premium @ 50% based on my health declaration.

  Now, I came to know that the Max Life Insurance company will
  be merged with HDFC Life within an year and the policy will be
  serviced by HDFC Life thereafter.

  As you are aware, Max Life is having a CSR of 96.2% and the
  claims pending for more than 3 months are only few with them.
  Where as HDFC Life’s CSR is only 95% and they have more
  than 280 claims pending with them for more than 3 months.

  Based on the above facts only, many people decided to choose
  Max Life as their preferred life insurance partner. However, more
  than 75 lakhs policy holders of Max Life are now going to be taken
  over by an insurance company with lower CSR.

  In current market scenario, merger can happen between any
  private insurers in India, in accordance with the acceptance of
  respective Board of Directors. But what will be the consequences
  to be faced by the policy holders in such corporate consolidations.?

  Can I expect to continue with the same kind of quality treatment
  and policy contract after the merger of these companies.? Is there
  any regulation by IRDA to protect the interest of policy holders in
  such mergers.? Being honest in every aspect, can I continue to pay
  the premium and go ahead with my existing insurance contract.?

  Expecting your valuable comments.

  • Babu-Please continue, no need to worry. The same rules and regulations continue.

• please comment on cigna ttk medical insurance company since it is new in the market.premium is low compared to other insurance companies.

  • Subramanyam-The data is available in above post.

• Hi Basu,

  I am confused between Kotak Preferred e-term plan and max online term plan. Please suggest me which one to go for.

  • Yash-What is your confusion?

    • Which of the two would be a better choice? The premium is almost the same in both the plans. However, Max would be giving me 50 lacs SA while Kotak only 40 lacs as per the annual income. Max has a higher claim settlement ratio as compared to Kotak.

      So please suggest which one would be ideal.

• I have L&T Insurance Medisure Classic Plan for me and Apollo Munich Optima Restore for my family. Can tell about claim settlement ratio, Are these genuine companies or creating trouble for customers

  • Bhatt-Data is available in above post.

• Dear Mr. Basu,
  It is very nice information shared by you.... Thanks for the same.
  I am also associated with Both Life as well as non life insurers.
  I really wonder as how IRDA is publishing its data about all these companies
  so lately i.e. we have ended up with FY 2015-16 by one quarter and we have to submit
  our Tax returns by 31st of July every year.
  Don't you think in today's IT era IRDA need to improve its late responding in disclosing
  data of all the companies available in the market.
  Regards
  Vishnu Agarwal
  9422202863

  • Vishnu-Yes your points are valid. But we have to accept the regulators also :)

• Thank you for sharing valuable information. It's a great work.

• I had purchase edelweiss e-term but its settlement rate is very low should i continue with it.

  • Rakesh-Yes, continue.