Claims Settlement Ratio - Comparison of all Life Insurance companies

Updated till last published IRDAI Report for FY 2016-2017
Valid till Dec 2018
Life Insurance
Annual New
Business Premium
Total Value of
Claims Settled
Average Value
of Claim*
Ratio **
LIC Rs. 3,00,487 crores Rs. 11,058 crores Rs. 14.62 lakhs 98%
Max Life Rs. 1,078 crores Rs. 301 crores Rs. 3.13 lakhs 98%
HDFC Life Rs. 19,445 crores Rs. 443 crores Rs. 3.56 lakhs 98%
ICICI Prudential Life Rs. 22,354 crores Rs. 547 crores Rs. 5.19 lakhs 97%
Aegon Life Rs. 450 crores Rs. 60 crores Rs. 10.54 lakhs 97%
SBI Life Rs. 21,015 crores Rs. 560 crores Rs. 3.28 lakhs 97%
Tata AIA Life Rs. 3,171 crores Rs. 84 crores Rs. 3.26 lakhs 96%
Exide Life Rs. 2,408 crores Rs. 65 crores Rs. 2.29 lakhs 96%
Canara HSBC Life Rs. 2,294 crores Rs. 39 crores Rs. 6.44 lakhs 95%
Birla Sunlife Rs. 5,723 crores Rs. 299 crores Rs. 5.23 lakhs 95%
Reliance Life Rs. 4,026 crores Rs. 213 crores Rs. 2.03 lakhs 95%
Edelweiss Tokio Life Rs. 441 crores Rs. 15 crores Rs. 9.96 lakhs 93%
Bajaj Allianz Life Rs. 6,183 crores Rs. 425 crores Rs. 2.85 lakhs 92%
Bharti Axa Life Rs. 1,396 crores Rs. 45 crores Rs. 5.59 lakhs 92%
Kotak Life Rs. 5,139 crores Rs. 112 crores Rs. 4.36 lakhs 91%
DHFL Pramerica Rs. 1,142 crores Rs. 17 crores Rs. 4.19 lakhs 91%
Aviva Life Rs. 1,336 crores Rs. 104 crores Rs. 9.23 lakhs 91%
Sahara Life Rs. 153 crores Rs. 6 crores Rs. 0.96 lakhs 90%
Future Generali Life Rs. 739 crores Rs. 32 crores Rs. 2.67 lakhs 90%
IDBI Federal Life Rs. 1,565 crores Rs. 49 crores Rs. 5.13 lakhs 90%
PNB Metlife Rs. 3,236 crores Rs. 233 crores Rs. 6.90 lakhs 87%
Star Union Dai-ichi Life Rs. 1,510 crores Rs. 57 crores Rs. 4.63 lakhs 84%
IndiaFirst Life Rs. 2,265 crores Rs. 51 crores Rs. 3.57 lakhs 83%
Shriram Life Rs. 1,207 crores Rs. 97 crores Rs. 5.23 lakhs 64%
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.
Max Life Insurance Claims Ratio

Max Life Insurance Claim Settlement Ratio

Updated till last published IRDAI Report for FY 2016-2017

Sample Premium for Max Life
₹ 6,254 / year
for ₹ 1 crore cover for a 25-year old Non-Smoking Male for 25 years.
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Max Life Insurance Claims Ratio - Last 6 years Trend

The information below shows the trend in Max 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.
90 %
94 %
94 %
96 %
97 %
98.26 %

Max Life Insurance Claims Settlement Performance for 2016-2017

The information below shows how Max Life Claims Settlement Ratio for Max 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
New Claims made
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.
97.81 %
0.97 %
0 %
Total Claims Value Approved
( crores )
Avg. Value per Claim
( lakhs)

Max Life Insurance Claims Settlement Efficiency : 2016-2017

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 Max Life Insurance
55 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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