Which Life Insurers in India Have Settled the Most Claims?
The claim settlement ratio is a crucial data that helps in determining the reliability of a life insurance company. This ratio refers to the percentage of claims that an insurance company has successfully settled over a specific period. A high claim settlement ratio means the insurer has higher credibility and honours the majority of claims. A higher settlement ratio provides assurance and also instills confidence among the policyholders.
Another key data that is used to determine the reliability of a life insurer is the claim rejection ratio which offers insights into the possibility of a claim being denied. The rejection ratio is the converse of the settlement ratio and a lower rejection ratio means that fewer claims are disqualified.
Leading Life Insurers in Claim Settlement
ICICI Prudential Life is the leading insurer with an impressive 99.3 percent claim settlement ratio followed by Ageas Federal Life which also has an impressive 99.2 percent settlement ratio, according to the data for the period April-September 2024.
The other top performing life insurers include Edelweiss Life with a claim settlement ratio of 98.8 percent and HDFC Life with 98.4 percent settlement ratio. Bajaj Allianz Life and TATA AIA Life have the settlement ratio of 98.3 percent followed by SBI Life with the claim settlement ratio of 98.1 percent.
Life Insurers with Lowest Claim Rejection Ratios
HDFC Life is the leading insurer when it comes to claim rejection with an impressive rejection ratio of 0.2 percent, followed closely by Tata AIA Life which has the rejection ratio of 0.3 percent. Axis Max Life and Edelweiss Life have a rejection ratio of 0.4 percent while Bajaj Allianz Life and Aviva Life have a rejection ratio of 0.5 percent.
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