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
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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.
IDBI Federal Life Insurance Claims Ratio

IDBI Federal Life Insurance Claim Settlement Ratio


Updated till last published IRDAI Report for FY 2020-2021


IDBI Federal Life Insurance Claims Ratio - Last 6 years Trend

The information below shows the trend in IDBI Federal 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.
2015-2016
84.79 %
2016-2017
90.33 %
2017-2018
91.99 %
2018-2019
95.79 %
2019-2020
96.47 %
2020-2021
95.07 %


Sample Premium for IDBI Federal Life
₹ 5,916 / year
for ₹ 1 crore cover for a 25-year old Non-Smoking Male for 25 years.
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DATE OF BIRTH
SMOKING / TOBACCO
GENDER
NAME*
EMAIL*
MOBILE*


IDBI Federal Life Insurance Claims Settlement Performance for 2020-2021

The information below shows how IDBI Federal Life Claims Settlement Ratio for IDBI Federal 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
20
 
New Claims made
1,045
 
TOTAL CLAIMS
1,065
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
962
90.33 %
CLAIMS REJECTED
96
9.01 %
CLAIMS PENDING
7
0.7 %
 
TOTAL CLAIMS
1,065
Total Claims Value Approved
( crores )
43.2
 
Avg. Value per Claim
( lakhs)
4.5



IDBI Federal Life Insurance Claims Settlement Efficiency : 2020-2021

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 IDBI Federal Life Insurance
45 days

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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