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