Mr. S.Sridharan, Founder, https://www.walletwealth.co.in/
9 Life Insurance Companies had a death claim settlement above 99%..!
A claim settlement ratio is a good indicator of determining how reliable your insurer is in honouring claims, i.e., how reliable they can be towards your clients.
Insurance Regulatory and Development Authority of India (IRDAI) data shows that the life insurance industry's claim settlement percentage for the 2022-2023 was 98.45%. This was a decline from 2021-2022, where the industry had a 98.64% claim settlement percentage. Despite the decline, nine insurers had a death claim settlement in the number of claims above 99% in the 2022-2023.
Settled claim of Rs.28,611 crore..!
In terms of benefit amount, the industry settled a claim of Rs.28,611 crore as against the request amount of Rs.30,200 crore, a settlement ratio of 94.69%.
Data released by the Insurance Brokers Associations of India (IBAI) shows that Axis Max Life has the highest claim settlement ratio of 99.51% in 2022-23. This was followed by HDFC Life and Aegon life at 99.41% and 99.37%, respectively.
Among other life insurers with over 99% claim settlement ratio are Edelweiss Tokio Life with 99.20%, Canara HSBC Life with 99.10% and Bharti Axa Life also with 99.10%.
Others in the top ten list are PNB Met Life, Bajaj Allianz Life, Tata Aia Life and Star Union Dai-ichi Life.
Let's look at the table showing the death claim settlement:
| Insurer | Death Claim Settlement (In number of claims) for 2022-2023 |
| Axis Max Life | 99.51% |
| HDFC Life | 99.41% |
| Aegon Life | 99.37% |
| Edelweiss Tokio Life | 99.20% |
| Canara HSBC Life | 99.10% |
| Bharti Axa Life | 99.10% |
| 99.07% | |
| Bajaj Allianz Life | 99.06% |
| Tata Aia Life | 99.01% |
| Star Union Dai-ichi Life | 98.83% |
| Pramerica Life | 98.80% |
| Aviva Life | 98.75% |
| Reliance Nippon Life | 98.60% |
| LIC India | 98.59% |
| Kotak Mahindra Life | 98.23% |
| Aditya Birla Sun Life | 98.12% |
| Shriram Life | 97.52% |
| SBI Life | 97.14% |
| India First Life | 97.35% |
| Ageas Federal Life | 96.86% |
| ICICI Prudential Life | 95.41% |
| Future Generali Life | 95.04% |
For more details and Policy taking
Mr. S.Sridharan, Founder, https://www.walletwealth.co.in/
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You can contact Mr.S.Sridharan for all types of investments including mutual fund investment, medical insurance, and life insurance.
Read articles written by Mr. S. Sridharan in Nanayam Vikatan, a leading personal financial management magazine.
https://www.vikatan.com/author/855-sridharan-s
