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.