Can you provide me the details of the CSR or Claim Settlement Ratio 2014 – 2015 as provided by IRDA or Insurance Regulatory and Development Authority?

Claim Settlement Ratio or Claim Clearance Ratio is defined as the ratio of claims paid to nominees by the insurance company and total claims received from customers.

The balance claims are either rejected for impersonation, misrepresentation, fraud, etc. or pending for decision by the life insurance companies.

It is a great idea to use Claim Settlement Ratio for Term Insurance buying. IRDAI, the Insurance Regulator of India, publishes this annually.

Summary of Insurer Data

 Many insurers have improved upon the claim settlement ratios for 2014-15 from 2013-14.

 Some of the insurers like Aegon Religare have shown marked improvement for 2014-15 and 2015-16.

 Many good insurers like Max Life, ICICI Prulife, Birla Sunlife, Tata AIA etc. continue to improve their claim settlement ratios and are now around 95% mark which consider as the gold standard.

 Based on latest 2015-16 data, Max Life continues to settle most of its claims within 30 days.

 LIC continues to rule the roost with a claim settlement ratio of closer to 99%.

 It is a pity that LIC still continues to sell online term plans at such an expensive rate.

 HDFC Life, SBI Life and Bharti Axa have shown a decline in their claim settlement ratios for 2014-15 and are now closer to or below 90%.

 For HDFC Life the decline has come primarily because of a lot of pending cases at the end of financial year.

IRDA Claim Settlement Ratio 2014-15