Please note: a)
The claim settlement ratio data for respective years has been taken from the IRDA Annual Reports for respective years b) The claim settlement ratio is overall for the company for all products taken together and not just for term plans.
Read: Latest IRDA's
claim settlement ratio data.
But if you analyse
this Claim Settlement Ratio data you will find that LIC is mostly selling Endowment policies only.
Claim Settlement Ration: Before reaching that decision you should check out the current
claim settlement ratio data as well.
Anyway, I will talk about more on insurance in my upcoming posts, let's see the current
claim settlement ratio data.
Latest
Claim Settlement Ratio Data.
Let's have a look at the top ten term insurance plans as per
the claim settlement ratio data 2015 - 16 available in the market that a working woman can consider.
As per recent
claim settlement ratio data SBILife has maintained 91.06 % which is good.
Read: IRDA latest
Claim settlement ratio data 2015.
The claim settlement ratio data for respective years has been taken from the IRDAI Annual Reports for respective years
Not exact matches
IRDA's
claim settlement ratio latest
data.
According to
data released by the Insurance Regulatory and Development Authority of India (IRDAI), the
claim settlement ratio of LIC improved to 98.14 % during the year 2013 - 14 compared to 97.73 % during the previous year.
As per
data Top 5 companies with a consistent
claim settlement ratio of more than 90 % are highlighted with red color.
Let's check out some more
data for each term insurance policies with
claim settlement ratio and min sum assured value.
A huge amount of
data, like the maximum and minimum tenure for different policies, their riders, maximum age of the person till which he can have insurance coverage,
claim settlement ratio are required to be considered on different term insurance plan and more often than not you might also require some professional help.
Regarding
Claim settlement ratio, kindly read: Latest
Claims data 2015.
According to IRDA's latest
data for 2015 - 16, ETLI ranked 17th among the 24 Life Insurers on CSR for individual death
claims, with a
settlement ratio of 85.11 per cent.
So, as per the
data LIC
claim settlement ratio become 97.74 % for FY 2016 - 17.
But, we need more
data like what is the
claim settlement ratio for term plans alone..
It tries to settle maximum
claims within the stipulated time frame and its
claim settlement ratio for the year 2016 - 17 was 98.14 as per
data of IRDA annual report, which was the highest in the insurance sector.
ETLI's
Claim Settlement Ratio - a concern IRDA publishes «
Claim Settlement Ratio» (CSR)
data on their portal every year.
If you look at the
data from IRDAI for 2016 - 17, the average
claim settlement ratio for private insurance companies has been at 93.72 %.
The
claim settlement ratio is expressed in percentage which is helpful for comparing the
claim settlement data by the customer across insurers.
If there is a vast discrepancy between
claim settlement ratios by the number of policies and benefit amount for a particular insurer, you need to review the
data for previous years too.
Below is the latest
data of
Claim Settlement Ratio for the year 2013 - 14 for Star Union Dia - Ichi Life Insurance Company.
IRDAI publishes
data related to the various facts and figures of these insurance companies and
claims settlement ratio is a part of these
data.
Detailed analysis of annual
claim settlement ratio for individual companies
Data as shown in the chart is obtained from IRDA website as published in their annual report 2009 - 10.
I calculated the
claim settlement ratios based on
claims data available in IRDA Annual report for FY 2015 - 2016.