IRDA has reported the Claim Settlement Ratio for 2015-2016 in Dec 2016. This is legitimate as latest till Dec 2017, when the following year's information will be distributed by the Regulator. In the event that you are searching for a term protection arrange, you MUST know the IRDA Claim Settlement Ratio (CSR) before settling on the choice.

Definition/Formula of Claim Settlement Ratio

Assert Settlement Ratio = Total Claims Approved (paid to chosen people) separated by Total Claims Received by the Company.

So Claim Settlement Ratio (or IRDA assert proportion) is the aggregate number of death cases endorsed by an insurance agency, isolated by the aggregate no. of death cases got by the insurance agency. It is by and large measured for a time of one budgetary year. It is measured for all results of the organization set up together (not term protection arranges alone).

To clarify this, if an insurance agency got 1000 passing cases between Apr 1, 2015 and Mar 31, 2016, out of which it

Paid 973 cases to the chosen people of those dead,

Rejected 16 claims, and

is yet to take a choice on the staying (1000-973-16=) 11 claims, at that point

The claim settlement proportion (or claims acknowledgment proportion or claims proportion) of the insurance agency = 973/1000 = 97.3%

The claim denial proportion (or claims dismissal proportion) of the organization = 16/1000 = 1.6%

The claim pending proportion of the organization = 11/1000 = 1.1%

Here is the IRDA assert settlement proportion 2016-17 for a couple term life coverage for which information is accessible.

HDFC Life has settled around 23006 claims in 2016-17 while dismissing just 123 cases giving it a claim settlement proportion of 98%

Max Life protection has settled around 4137 claims in 2016-17 while dismissing around 77 claims giving it a claim settlement proportion of 93%. Around 5% cases are pending.

SBI Life has settled around 19856 cases with claim settlement of 91.6% till Sep 30, 2016

Please find the file attached below for the Claim Settlement Ratio 2015-2016 Announced by IRDA

Claim Settlement Ratio 2015-2016 Announced by IRDA