Update: Please check updated data for 2016-17( till March 31, 2017) here.
Here is the IRDA claim settlement ratio 2016-17 for a few term life insurance for which data is available .
- HDFC Life has settled about 23006 claims in 2016-17 while rejecting only 123 claims giving it a claim settlement ratio of 98%
- Max Life insurance has settled about 4137 claims in 2016-17 while rejecting about 77 claims giving it a claim settlement ratio of 93%. About 5% claims are pending.
- SBI Life has settled about 19856 claims with claim settlement of 91.6% till Sep 30, 2016
Hdfc Life has also given some statistics on why claims are getting rejected. This is for the first time we are seeing insurers giving reasons for claim rejection:
“Out of 53 repudiated claims,45% were repudiated due to non disclosure of existing health conditions, 19% were repudiated due to misrepresentation of age, 17% were repudiated due to income misrepresentation, 9% were repudiated due to non- disclosure of insurance with other insurance companies prior to our policy, 6% due to misrepresentation of occupation and 4% due to other misrepresentation.”
This information should help you avoid these mistakes while buying a term insurance policy.
To see the latest premiums and claim settlement ratio of term insurance , compare now.