Death Claim Settlement Ratio Of Life Insurers In Year 2014-2015
Insurance Regulatory and Development Authority of India (IRDAI)
have published its annual report of year 2014-2015 on 19/01/2016. Along with
all the other data related to life insurers, general insurers and health
insurer, IRDAI have also published the data related to individual death claim
settle by all the 24 Life Insurance companies in
year 2014-2015.
Individual
death Claim Settlement Ratio of Life Insurers
Death claim settlement ratio is the
percentage of claim settled by a life insurer out of the total claim
raised in a particular year. In year 2014-2015, the industry average of death
claim settlement ratio was 96.97% in numbers and 90.91% in amount. If we look
at the private life insurers the average was 89.40% for numbers of claim
settled, while 78.39% of claimed amount paid by private life insurers. Claim
settlement ratio of state owned insurer, Life Insurance Corporation of India
(LIC) was 98.19% of number of claim paid and 95.51% of claimed
amount paid in year 2014-2015.
In year 2014-2015, the industry average of death claim settlement
ratio was 96.97% in numbers and 90.91% in amount. On number basis only one
insurer ie LIC of India is above the industry average with 98.19% death claim
settlement ratio after that, in top five are Max Life (96.03%), Birla Sunlife
(95.30%), Tata AIA (94.47%) and Star Union (94.47%).
On the basis of amount of claim
settled, industry average was 90.91%, and among the all insurer top five are
LIC of India (95.51%), Max life (93.59%) and Star Union (91.54%) which are
above the industry average, while other two in top five are Sahara (89.86%) and
Tata AIA (89.54%)
How
does death claim ratio help policy holders?
Ultimate motive of buying a life
insurance by a customer is to provide a financial security to his/her dependent
after untimely demise of the life assured. Death claim ratio provide a view about
a insurers ability to pay the claim and its ratio of rejection of claim. Though
majority of claims which are repudiated are due to suppression of material
facts by life assured at the time of taking policy, but higher rejection ratio
reduces the credibility of insurer. A low rejection and outstanding in number
but higher in amount show that an insurer is not able to pay claims of higher
sum assured policy on time. This ratio help the policy holder to choose a good
life insurer for taking a life insurance policy.
Keep Visiting us for regular updates www.bimahelpline.com
Dont forget to follow us at Facebook Bima Helpline (Click Here)
Subscribe to:
Post Comments
(
Atom
)
No comments :
Post a comment