Term Insurance Claim Ratio
Although IRDA is yet to publish, the official claim settlement ratios for term insurance companies in 2014-15, we can still get a decent idea about the same from company data. Here is some data for Max Life insurance claim settlement data for 2014-15 (ending March 31, 2015). This is for individual death claims.
No. of Claims received- 9152
No. of Claims Settled- 8788
Claim Settlement Ratio- 96.02%
Claims Rejected within first 2 years – 225
Claims Rejected Post 2 years- 75
This means that over 75% of claim rejections or MaxLife happenned during first 2 years of taking the policy! You can check the historical claim data for Max Life by doing a detailed comparison.