Update- We have updated the claim settlement ratios of insurers for 2014-15 on our website. Compare now to view details. We have written about Max Life claim ratio for 2014-15 here.
Following is the statistics for IRDA Claim Settlement Ratio 2013-14 for individual death claims by insurance companies. I have tried to take some of the popular brands in the market.
|No of Claims Recd||Claim Amount||Claim paid|
|Bharti AXA||950||26.14 cr||88.13%|
|HDFC Life||6824||216.94 cr||94.01%|
|Bajaj Allianz||21658||440.98 cr||91.29%|
|Birla SunLife||8071||268 cr||87.76%|
|ICICI Pru Life||12608||278.6cr||94.1%|
|Max Life||8896||214.6 cr||93.86%|
- Among the private players Max Life, HDFC Life, ICICI Pru rank as the Top 3 when it comes to claim settlement ratio. Premium wise Max Life is the cheapest and ICICI PruLife is the most expensive
- Aegon, Axa, Aviva are cheap but don’t have great claim settlement ratio
- LIC has the best claim settlement ratio but their online term insurance is damn expensive.
You can compare online term insurance plan premiums and historical IRDA claim settlement ratio data from 2010 to 2014 using our term insurance premium calculator.