Mr. A.K . Dasgupta, MD, LIC said, “People trust LIC because of our strong claims settlement record. They know we have the ability because of our balance sheet and intention. People need insurance for two reasons - uncertainty and good return.”
Highlights of IRDA Report..!
# The claims settlement ratio of LIC was better than that of the private life insurers.
# Settlement ratio of LIC increased to 97.03% during the year 2010-11 when compared to 96.54% during the previous year.
# Claims rejected by LIC stood at 0.01%. The ratio of claim rejections to total reported claims declined from 1.21% in the previous year to 1% in 2010-11.
# Compared to LIC, private insurers rejected a large number of claims. The claims rejections increased to 8.90% in 2010-11 from 7.61% in 2009-10.
# Overall, the life insurance industry's settlement ratio has improved slightly to 95.58% in 2010-11 from 95.24% in 2009-10, and the claims rejection ratio has also gone up to 2.04% in 2010-11 from 1.93% in 2009-10.
# Indian Life insurers settled over 50 lakh maturity claims in 2010-11, paying a total of Rs. 32,345 crore and the number of survival benefits paid in the year was over 1.35 crore for an amount of Rs. 19,816 crore.
# In 2010-11, life insurance companies settled 8.13 lakh claims on individual policies, with a total payout of Rs. 7,595 crore. As many as 17,350 claims amounting to Rs. 336 crore were repudiated.
# For the private sector, where the premia on policies are lower than for LIC, the claims-to settlement ratio was 86.04%, up from 84.87% in 2009-10.
Term Plan - How Much Premium ? *
Company | Premium Rs |
LIC | 14,600 |
ICICI Pru. Life | 9,690 |
Max New York Life | 9,400 |
Kotak lLfe | 7,250 |
* Annuaul Premium For Rs. 50 lakh, 25 years Term Plan (30 year old healthy, non- smoker male)
Life Insurance Claim Ratio (2010-11)
LIC | 97.03 |
Private | 86.04 |
Average | 95.58 |
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