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Insurance Claim Settlement, Life Insurance Company in India

Life Insurance Company Claim Settlement Ratio



Currently there are 24 life insurance companies in India. Life Insurance Corporation of India (LIC) is biggest and only one public sector insurance company. All others are private sector insurance companies having joint ventures between public/ private sector banks and National/ International Insurance or Financial Companies.

Private life insurance companies started working in the year 2000 in India

List if 24 Life Insurance Companies with their Insurance Claim Settlement Ratio (2015-16)

List of Life Insurance Companies Claim Settlement Ratio
AEGON Life Insurance 95.30%
Aviva Life Insurance 82.00%
Bajaj Allianz Life Insurance 98.10%
Bharti AXA Life Insurance 80.00%
Birla Sun Life Insurance 88.45%
Canara HSBC OBC Life Insurance 92.99%
DHFL Pramerica Life Insurance 22.14%
Edelweiss Tokio Life Insurance 85.10%
Exide Life Insurance 83.16%
Future Generali India Life Insurance 90.61%
HDFC Standard Life Insurance 95.02%
ICICI Prudential Life Insurance 96.20%
IDBI Federal Life Insurance 84.79%
IndiaFirst Life Insurance Company Ltd - India First 73.13%
Kotak Life Insurance 90.69%
Life Insurance Corporation of India 98.14%
Max Newyork Life Insurance 96.23%
PNB MetLife Insurance 92.90%
Reliance Nippon Life Insurance 95.01%
Sahara Life Insurance 90.19%
SBI Life Insurance 95.70%
Shriram Life Insurance 67.69%
Star Union Dai-ichi Life Insurance 92.86%
Tata AIA Life Insurance 89.68%

List of Life Insurance Companies with Average Claim Settlement Time

Insurance Company No. of Death Claims Received No. of Death claims Paid Average Value per Claim Paid Claim Settlement Ratio Average Claim Settlement Time (in days)
LIC 7,55,901 7,42,243 1,20,654 98% 26
Bajaj Allianz 20,661 18,978 1,83,291 91% 28
Reliance Life 18,142 15,211 1,50,726 95% 38
SBI Life 14,876 13,303 2,29,572 95% 22
ICICI Pru Life 12,309 11,546 3,05,612 96% 20
HDFC Standard 12,189 11,031 2,38,890 95% 25
Max Life 9,223 8,804 2,78,816 96% 26
Birla Sunlife 8,436 8,055 3,45,214 88% 29
Tata AIA Life 3,873 3,659 2,41,241 95% 30
Exide Life 3,432 2,955 2,03,519 86% 33
Kotak Mahindra 2,686 2,437 2,96,143 91% 28
PNB Metlife 2,466 2,290 4,48,821 93% 15
Future Generali 2,160 1,808 17,128 90% 50
Shriram Life 1,960 1,307 2,53,481 67% 172
Aviva Life 1,690 1,396 7,68,266 82% 26
India First Life 1,655 1,195 2,49,540 72% 46
Start Union Daichi 1,266 1,191 2,85,306 94% 19
Bharti AXA Life 1,112 900 3,94,667 80% 33
IDBI Federal Life 1,017 736 4,26,902 85% 33
DHFL Pramerica 953 545 2,74,128 57% 207
Sahara Life 778 700 91,143 90% 27
Canara HSBC 576 516 5,58,333 93.65% 57
Aegon Religare 460 413 7,44,068 95% 38
Edelweiss Tokio 119 68 10,64,706 85% 77
Life Insurance Total 8,77,940 8,51,287 1,37,338 97% 26

**Claim Settlement Ratios for Finance Year 2015-2016 by IRDA