Will you please get the details about Insurance Regulatory and Development Authority, Claim Settlement Ratio for the year 2014-15?

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Reasons for claim settlement

The ratio is for all life insurance products put together and not just term insurance plans. So claim settlement ratio works in favor of life insurance companies with large non-term product customer base since such customers had bought a life insurance policy mainly with the aim of getting returns rather than as a protection tool in case of death.

Frauds committed by customers cannot be blamed on the life insurance company. In such cases, it is only correct on the company’s part to deny the claim.

Most of the claim denials happen in the first 2 years after issuance of the insurance policy. In life insurance industry parlance, they are called ‘early claims’. Newer companies will have many more early claims as a % compared to older companies.

Some insurance companies which aggressively sell term insurance plans investigate all the suspicious and most of the large value claims before payout.

Here is the Claim Settlement Ratio

IRDA Claim Settlement Ratio 2014-15


Address:-
Insurance Regulatory and Development Authority
3rd Floor, Parisrama Bhavan, Basheer Bagh HYDERABAD 500 004
Telangana State (INDIA )

Phone:-
(040) 23381100