Claim Settlement Ratio

IndiaFirst Life Insurance Claim Settlement Ratio
Updated till last published IRDAI Report for FY 2020-2021
IndiaFirst Life Insurance Claims Ratio - Last 6 years Trend
The information below shows the trend in IndiaFirst 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
71.87 %
2016-2017
82.65 %
2017-2018
89.83 %
2018-2019
92.82 %
2019-2020
96.65 %
2020-2021
95.81 %
IndiaFirst Life Insurance Claims Settlement Performance for 2020-2021
The information below shows how IndiaFirst Life Claims Settlement Ratio for IndiaFirst 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
50
New Claims made
1,691
TOTAL CLAIMS
1,741
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
1,439
82.65 %
CLAIMS REJECTED
273
15.68 %
CLAIMS PENDING
29
1.7 %
TOTAL CLAIMS
1,741
Total Claims Value Approved
( crores )
37.9
Avg. Value per Claim
( lakhs)
0.3
IndiaFirst 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 IndiaFirst Life Insurance
248 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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