Claims Settlement Ratio - Comparison of all Life Insurance companies


Updated till last published IRDAI Report for FY 2018-2019
Valid till Dec 2020
Life Insurance
Company
Tatal Claim Received
Benefit Amount
Claim Paid
Benefit Amount
Average Value
of Claim*
Claim
Settlement
Ratio **
Details
LIC Rs. 13,503.20 crores Rs. 12,871.92 crores Rs. 1.75 lakhs 97.79%
Max Life Rs. 479.46 crores Rs. 452 crores Rs. 3.03 lakhs 98.74%
Tata AIA Life Rs. 150.72 crores Rs. 145 crores Rs. 5.42 lakhs 99.07%
ICICI Prudential Life Rs. 893.93 crores Rs. 827 crores Rs. 3.80 lakhs 97.79%
Aegon Life Rs. 79.18 crores Rs. 76 crores Rs. 15.54 lakhs 96.45%
HDFC Life Rs. 627.72 crores Rs. 577 crores Rs. 4.50 lakhs 99.04%
Reliance Life Rs. 164.97 crores Rs. 154 crores Rs. 1.88 lakhs 97.71%
SBI Life Rs. 163.73 crores Rs. 689 crores Rs. 3.64 lakhs 95.03%
Canara HSBC Life Rs. 83.42 crores Rs. 74 crores Rs. 7.82 lakhs 94.04%
Bajaj Allianz Life Rs. 390.49 crores Rs. 349 crores Rs. 2.87 lakhs 95.01%
Sahara Life Rs. 5.88 crores Rs. 5 crores Rs. 0.81 lakhs 90.16%
Future Generali Life Rs. 40.31 crores Rs. 35 crores Rs. 3.17 lakhs 95.16%
Exide Life Rs. 85.01 crores Rs. 76 crores Rs. 2.34 lakhs 97.03%
Kotak Life Rs. 148.42 crores Rs. 137 crores Rs. 4.62 lakhs 97.40%
Birla Sunlife Rs. 306.90 crores Rs. 276 crores Rs. 5.40 lakhs 97.15%
PNB Metlife Rs. 227.56 crores Rs. 204 crores Rs. 5.08 lakhs 96.21%
Edelweiss Tokio Life Rs. 14.21 crores Rs. 13 crores Rs. 5.76 lakhs 95.82%
IDBI Federal Life Rs. 57.15 crores Rs. 53 crores Rs. 4.70 lakhs 95.79%
DHFL Pramerica Rs. 29.73 crores Rs. 26 crores Rs. 4.09 lakhs 96.08%
Aviva Life Rs. 93.29 crores Rs. 89 crores Rs. 9.87 lakhs 96.06%
Star Union Dai-ichi Life Rs. 51.33 crores Rs. 47 crores Rs. 3.86 lakhs 96.74%
Bharti Axa Life Rs. 49.16 crores Rs. 47 crores Rs. 4.53 lakhs 97.28%
IndiaFirst Life Rs. 89.84 crores Rs. 75 crores Rs. 3.60 lakhs 92.82%
Shriram Life Rs. 87.92 crores Rs. 66 crores Rs. 2.73 lakhs 85.30%
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
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DATE OF BIRTH
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* for a healthy 25-yr old Non-smoker Male for 25 years.

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.
Claim Settlement Ratio
Aegon Life
Aviva Life
Bajaj Allianz Life
Bharti Axa Life
Birla Sun Life
Canara Hsbc Life
DHFL Pramerica Life
Edelweiss Tokio Life
Exide Life
Future Generali Life
HDFC Life
ICICI Prudential Life
IDBI Federal Life
IndiaFirst Life
Kotak Life
LIC of India
Max Life
PNB Metlife
Reliance Nippon Life
Sahara Life
SBI Life
Shriram Life
Star Union Dai-ichi Life
Tata AIA Life
Aviva Life Insurance Claims Ratio

Aviva Life Insurance Claim Settlement Ratio


Updated till last published IRDAI Report for FY 2019-2020


Aviva Life Insurance Claims Ratio - Last 6 years Trend

The information below shows the trend in Aviva Life Insurance Claims Settlement Ratio for the last 6 years. This is based solely on the information published by the Insurance Regulatory & Development Authority of India (IRDAI) and is measured on consistently used bases. You may use this information as a key parameter in your term insurance purchase decision.
2013-14
84 %
2015-2016
81.97 %
2016-2017
90.6 %
2017-2018
94.45 %
2018-2019
96.06 %
2019-2020
97.53 %


Sample Premium for Aviva Life
₹ 7,575 / year
for ₹ 1 crore cover for a 25-year old Non-Smoking Male for 25 years.
Calculate My Life Insurance Premium
DATE OF BIRTH
SMOKING / TOBACCO
GENDER
NAME*
EMAIL*
MOBILE*
* for a healthy 25-yr old Non-smoker Male for 25 years.


Aviva Life Insurance Claims Settlement Performance for 2019-2020

The information below shows how Aviva Life Claims Settlement Ratio for Aviva Life is arrived at. It starts with the opening balance (which is pending claims of the previous year), to which is added the new death claims made this year. This gives the Total Claims that have to be processed in the year.
Claims Op.Balance
10
 
New Claims made
1,235
 
TOTAL CLAIMS
1,245
Claims approved and claims rejected are shown below. Claims for which decision is pending or not made are shown as Claims Pending. These pending claims become the opening balance for the next year. Also show are the value (in Rs. crores) of all the claims that are approved, as well as the average value of each claim. Please note that here claims include death claims from all kinds of life insurance policies and not just term insurance. Since saving plans with low Sum Assured (which are a large share of business for all companies) are also included, the average death claim value may appear much lower than the Sum Assured you have in mind for the Term Insurance plan that you intend to buy.
CLAIMS APPROVED
1,128
91.6 %
CLAIMS REJECTED
110
8.84 %
CLAIMS PENDING
7
0.6 %
 
TOTAL CLAIMS
1,245
Total Claims Value Approved
( crores )
87.9
 
Avg. Value per Claim
( lakhs)
0.8



Aviva Life Insurance Claims Settlement Efficiency : 2019-2020

Especially when buying term insurance, we do not want our nominees to keep waiting for the claim amount. So claims efficiency is a key consideration before deciding on our term policy, especially the metric around average no. of days taken to settle a claim. This number shows the importance given by the company for processing claims. Lower the no. of days taken, higher is the efficiency and better is the confidence level when buying a policy from the company. A lower average claims processing time also tells us that the life insurance company is not solely focussed on getting sales but also ensures genuine service during the 'moment of truth', i.e. when there is a death claim.
Average age of Pending Claims for Aviva Life Insurance
61 days

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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





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