24/02/2014
IRDA Claim Settlement Ratio from 1-4-2012 to 31-3-13.
When anyone buying insurance product then their major concern is what was the claim settlement ratio of Insurance Company. It is just one indication about how the company is treating it’s customer. You must look into this data, because insurance is a long term contract between insurance company and insured. But do remember that this must not be the deciding factor while choosing your insurance plan.
In below report, First colour (green) is for the companies whose claim settlement ratio stands more than 90%, second colour (yellow) for 90% to 80% and third colour (red) for companies whose claim settlement ratio stands below 80%.
To identify How fast they settled the claims the claims are divided into three categories, first for less than 30 days, second for more than 31 to less than 90 days and finally claims settled after 90 days. This data indicates how fast is your insurance company when actually resolving the death claims.
As it can clearly be seen LIC has the Largest Percentage of Claims Settled. You can also notice the stark difference between the volume of claims LIC handles in one year compared to other companies and still be on top.
