Claims Settlement Ratio - Comparison of all Life Insurance companies
Updated till last published IRDAI Report for FY 2020-2021
Valid till Dec 2022
Life Insurance
Company
|
Tatal Claim Received
|
Claim Rejected
|
Claim
Settlement
Ratio **
|
Details
|
||
No. of Policies
|
Benefit Amount
|
No. of Policies
|
Benefit Amount
|
|||
LIC | 9,33,889 | ₹ 18,295 crores | 6531 | ₹ 276.93 crores | 98.62% | View |
Max Life | 19,922 | ₹ 885.57 crores | 129 | ₹ 42.01 crores | 99.35% | View |
Tata AIA Life | 4,556 | ₹ 478.4 crores | 90 | ₹ 63.53 crores | 98.02% | View |
ICICI Prudential Life | 14,518 | ₹ 1504.64 crores | 289 | ₹ 174.14 crores | 97.90% | View |
Aegon Life | 398 | ₹ 105.98 crores | 3 | ₹ 1.46 crores | 99.25% | View |
HDFC Life | 16,639 | ₹ 1037.23 crores | 84 | ₹ 39.98 crores | 98.01% | View |
Reliance Life | 9,274 | ₹ 205.26 crores | 138 | ₹ 9.25 crores | 98.49% | View |
SBI Life | 31,855 | ₹ 13987 crores | 1302 | ₹ 103.96 crores | 93.09% | View |
Canara HSBC Life | 1,844 | ₹ 156.08 crores | 30 | ₹ 6.56 crores | 97.10% | View |
Bajaj Allianz Life | 14,115 | ₹ 410.68 crores | 213 | ₹ 32.16 crores | 98.48% | View |
Sahara Life | 860 | ₹ 9.02 crores | 16 | ₹ 0.21 crores | 97.18% | View |
Future Generali Life | 1,163 | ₹ 48.11 crores | 55 | ₹ 4.96 crores | 94.86% | View |
Exide Life | 4,978 | ₹ 170.43 crores | 11 | ₹ 3.49 crores | 98.54% | View |
Kotak Life | 4,336 | ₹ 299.92 crores | 50 | ₹ 6.95 crores | 98.50% | View |
Aditya Birla Sunlife | 6,455 | ₹ 468.85 crores | 116 | ₹ 28.75 crores | 98.04% | View |
PNB Metlife | 5,218 | ₹ 331.7 crores | 97 | ₹ 21.45 crores | 98.17% | View |
Edelweiss Tokio Life | 487 | ₹ 45.83 crores | 13 | ₹ 3.26 crores | 97.01% | View |
Ageas Federal Life | 1,716 | ₹ 73.85 crores | 38 | ₹ 7.71 crores | 95.07% | View |
DHFL Pramerica | 638 | ₹ 28.63 crores | 8 | ₹ 0.67 crores | 98.61% | View |
Aviva Life | 1,034 | ₹ 111.57 crores | 21 | ₹ 5.58 crores | 98.01% | View |
Star Union Dai-ichi Life | 1,569 | ₹ 72.49 crores | 58 | ₹ 4.61 crores | 95.96% | View |
Bharti Axa Life | 1,875 | ₹ 106.04 crores | 18 | ₹ 1.56 crores | 99.05% | View |
IndiaFirst Life | 2,886 | ₹ 109.64 crores | 80 | ₹ 6.67 crores | 95.81% | View |
Shriram Life | 3,506 | ₹ 95.81 crores | 137 | ₹ 18.72 crores | 95.96% | View |
All figures rounded to the nearest decimal.
* includes death claims for all products such as Savings Products, Money-back policies, Single Premium, Term Insurance etc.
** Ratio of no. of death claims settled to no. of death claims made
Significance of Claim Settlement Ratio when buying Term Insurance
Claims Settlement Ratio is the ratio of all death claims that are approved by the insurance company to the total death claims it has received from nominees. IRDAI publishes the data for each company for each financial year. All Claims Settlement Ratio-related information on this page is IRDAI-verified information only.
Claims Settlement Ratio is not measured separately for term insurance plans but it is calculated for all kinds of life insurance products put together, i.e. saving products such as traditional endowment products, anticipated endowments (money-back), term insurance products, child insurance products, etc. Also, it is not measured separately for offline and online term insurance plans. So it is a little difficult to judge claims settlement ratio of a company based on a single number for a year, or sometimes even based on a trend.
What is also important to understand is that it is not always entirely reliable. There are reasons we say this, and they are clearly listed in this article here. Factors such as age of the company, the kind of products that are dominantly sold, the size of the book, etc., working individually or at times together, have very high impact on claim settlement ratio. So when buying a term insurance pla, we would advise you to avoid going by claim settlement ratio alone and give other criteria such as product fitment and servicability a lot of importance before you choose a particular brand. We would also encourage you to look at metrics such as avg. time to settle a claim, no. of pending cases, etc.
Mon - Sat: 10 AM TO 7 PM
Email Us
Mon - Sat: 10 AM TO 7 PM
WhatsApp 24 x 7