Are you searching for the latest IRDA Claim Settlement Ratio of last year, than you are at right page. Here we have summarized and latest claim settlement ration from all the brands of India who are providing you term insurance. Insurance Regulatory and Development Authority (IRDA) do publish ratio of how much claim was maid and passed by the insurance providers. Claim settlement ratio is being said one of the important factor while choosing new term insurance plan.
Why Claim Settlement Ratio is So much important?
Well, assume you are buying something, you must be wanted to know what happen to the previous buyers, what was the effect of this product on their life and were they benefited after using it or not. The Claim settlement ratio does the same, it is a ratio of how many people claim their term insurance, how many gets paid, how many customer’s claim was rejected.
Yes, there are many cases when the claim gets rejected for various reasons like impersonation, misrepresentation of case or can be any other reason. But such cases are very less. So to insure the security of customer, IRDA publishes claim settlement ratio every year. And below is claim settlement ratio of 2016-2017 year.
|Sr.No||Company||No. of Policies||Amount Paid (in cr.)||Claims Approved||Claims Pending|
|#2||ICICI Pru Life||10901||547.11||10539 (96.68%)||0.33%|
|#3||HDFC Life||12724||443.34||12421 (97.62%)||0.46%|
|#5||Max Life||9821||301.34||9606 (97.81%)||0.03%|
|#6||Kotak Life||2831||112.77||2583 (91.24%)||0.67%|
|#15||PNB Net Life||3879||233.5||3380(87.14%)||2.78%|
As you can see in the above table, the claim settlement ratios of different insurance companies are mentioned. LIC (life insurance Company) tops the list. Followed by ICICI, HDFC, Max Life and Aegon are some of the best insurance companies of India.
Does the settlement Ratio only consider Term insurance?
Well not, IRDA puts all products of insurance companies provide like health insurance, life insurance or term insurance and vehicle insurance and decide the claim settlement ratio for all in one for every insurance company. So, no they don’t just consider term insurance but all other products of insurance company are considered for claim ratio. Claim settlement ratio is for choosing the best life insurance company of India (not for best term plan provider).
What if I am cheated with wrong information by executive?
Well, in such case insurance companies cannot be blamed. And the reason, IRDA always recommended the customers to read the policy documents carefully before signing. Because, for the mistake of customers, authority cannot blame insurance company and for someone’s fraud promise, insurance company cannot pay interest rate.
What we should do to avoid being cheated?
If you want to save yourself from being cheated and get your term plan claim get rejected, we highly recommended you to buy it from genuine source only. It’s better to buy term plan online after verifying all the detail by yourself. So, always prefer to buy term plan online from the official website of the insurance company.
These are the information about claim settlement ration of 2016-2017 year, how to not get cheated with fraud and much more.