Which Life Insurers in India Have Settled the Most Claims?

A key factor in assessing the reliability of a life insurer is its claim settlement ratio. This ratio indicates the percentage of claims an insurer has successfully settled over a specific period. A high claim settlement ratio suggests that the insurer honours the majority of claims, instilling confidence among policyholders.

For example, an insurer with a 99% claim settlement ratio has successfully settled 99 out of 100 claims received. Thus, the higher the ratio, the greater the assurance for policyholders and their families.

Leading Life Insurers in Claim Settlement

As per the data up to September 2024, ICICI Prudential Life has emerged as the leader in individual death claim settlements, boasting an impressive 99.3% settlement ratio. Close behind is Ageas Federal Life with a 99.2% settlement ratio.

Other top-performing insurers include:

*Data for ICICI Prudential Life and Ageas Federal Life is for the period from April to September 2024.

These figures indicate the insurers with the highest reliability in claim settlements, ensuring timely financial support for policyholders’ families.

The Role of Claim Rejection Ratio

While the claim settlement ratio highlights an insurer’s reliability, the claim rejection ratio offers insights into the likelihood of a claim being denied. A lower rejection ratio signifies that fewer claims are turned down, which is a positive indicator for policyholders.

For example, an insurer with a 5% claim rejection ratio would have denied 5 out of every 100 claims received. The lower the rejection ratio, the better it is for policyholders.

Life Insurers with the Lowest Claim Rejection Ratios

As per available data, HDFC Life exhibits the lowest claim rejection ratio at just 0.2%, followed closely by Tata AIA Life at 0.3%. Axis Max Life and Edelweiss Life share the third position, each with a rejection ratio of 0.4%.

The above data underscores the importance of choosing insurers with a low rejection ratio, as it reflects their commitment to honouring claims efficiently.

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