Private life insurers improved upon their individual death claim settlement ratio from 93.72% in 2016-2017 to 95.24% in 2017-2018, an Insurance Regulatory and Development Authority of India (Irdai) report has said.
Moreover, for the first time, a private life insurer – Max Life – edged ahead of public sector behemoth LIC, clocking a settlement ratio of 98.26%, against the latter’s 98.04%. Also, 20 out of 23 private life insurance companies paid out over 90% of individual death claims received during 2017-18. Claim settlement ratio is a key parameter while identifying a life insurance policy, particularly when you are looking for a pure protection term cover.
Source: Economic Times
Date: 21st January 2019