As indicated in my earlier post, IRDA claim settlement ratio might be an important factor in determining the best term insurance plan in India. Following is the stats for 2011-12 for IRDA claim settlement ratio for individual death claims by insurance companies. I have tried to take some of the popular brands in the market. I have also included premium for a 1 crore/30 year old/30 year person in order to make some cost comparisons also.
|Premium(30Ys)||No of Claims Recd||Claim Amount||Claim paid||Rejected|
|Aegon Religare||8202||274||16.15 cr||66.00%||33%|
|Bharti AXA||8202||935||23.3 cr||87.70%||10.80%|
|HDFC Life||11911||5149||107.23 cr||96.17%||3.63%|
|Bajaj Allianz||14169||27200||423 cr||90.61%||6.28%|
|ICICI Pru Life||23993||14829||225cr||96.53%||3.16%|
|Max Life||26405||9031||216 cr||89.84%||8.58%|
- It is clear from the above table that guys like LIC and SBI have high claim payment ratios but LIC also has one of the highest premium in the market!
- Edelweiss Tokio’s stats are insignificant
- Bharti AXA, though cheap is still in its early days
- Among bigger private players, Aviva,HDFC Life and Bajaj Allianz look decent
We will continue to provide you with updated IRDA Claim Settlement Ratio of Life Insurance Companies every year. To compare all these details online and know exact premium for the required coverage, click here. Please visit www.trucompare.in to get an online premium quote delivered to your email.