Claim settlement ratio was recently released by the IRDA: Top leading insurance companies in 2019
According to the claims settlement ratio figures, we will be able to finalize the best insurance companies for the coming year 2019.
Claim settlement ratio
Average claim settlement amount
Normal case dismissal measure of life back up plans in 2018-19
Top Life Insurance Companies in 2019
Before selecting life insurance companies, some points should be considered.
1. Claim settlement ratio
It works as an indicator for life insurance companies, which tells them how much the claims of death have been resolved in the particular fiscal year.
You can calculate this by dividing the total number of claims received.
However, this claim settlement ratio is raw data. But we can assume how many death claims deals with life insurance companies.
IRDA Claim Settlement Ratio 2018-2019
In the given chart, the 2018-19 claim settlement ratio is shown as 31 March 2019.
In the chart, life insurance companies are differentiated by color codes.
90% -100% indicates blue color.
80% -89% indicates red color.
70% -79% is represented as green.
And finally, 60% -69% are indicated by purple color.
According to the chart given, there are 24 life insurance companies and 12 companies are above 90% in claim settlement ratio. And LIC comes first in the rank by providing 98% in the list.
Let's see that the amount claimed by each company to provide its best service:
Reliance Life has come up with a great increase in claims settlement ratio compared to the previous one. The previous data shows this 84% but this year it has become 94%.
This year Birla SunLife has declined. Previous data shows that its settlement ratio was 95%. But this year it decreased to 85%.
This year, Star Union is also facing losses. According to previous figures, its settlement ratio was 94% but this year it dropped to 81%.
PNB Met Life decreased from 93% to 85% this year.
Edelweiss Tokyo has made a huge increase in its settlement ratio this year. Earlier it was 60% and it reached 85%.
There was a 9% change in IDBI Federal Life. This increases from 76% to 85%.
In DHFL Pramerica, there has been a huge increase in claims settlement ratio of 57% to 84% this year.
There has been a slight increase in the settlement ratio in Aegon Religare Life. It increased from 90% to 95%.
As we can see above, most new companies are taking their position towards the highest peak. Very few of them dropped from the high position. So, how can it be decided which life insurance will give the highest claim settlement ratio in the coming future? This can be very difficult for you.
2. Average claim settlement amount
As the claim settlement ratio does not give us transparency of the types of products of insurance companies. Therefore, this average claim ratio will remove our doubts.
Here we can see that LIC was going on in the claim settlement ratio, Exclight, Aven, Reliance Life, and Future Generation (Green Color, "The price is given at the lowest bottom amount of the decline in the average claim by the insurance companies. The graph shows that even if the LIC had settled the highest number of claims, but the maximum claims are below 200,000 rupees, which tells that LIC claim disposal is in the group of most endomen plans, but do not have term insurance.
3. Normal case dismissal measure of life back up plans in 2018-2019
if we claim the claim disposal ratio about 20-16, then we can analyze how many claims insurance companies have to be analyzed.The graph shows that the LI re-claim rejection in the second position in the LED rejection amount only after the LIHHHHA is low because the amount of claims is high, which is high but the price is low.
According to Claim Settlement Ratio 2015-16 issued by the IRDA, I found these selected life insurance companies. But your thoughts may be different to me. I like:
ICICI, HDFC, Aviva etc.
● Some points should be considered before selecting life insurance companies.
The claim settlement ratio is a primary / raw data.
This means that it will not provide you transparency of the data i.e. the data will not be clear or even scratched.
Therefore, when choosing a life insurance company, do not rely solely on such data.
Focus on the product, not the company
Go for the product according to your requirement and the premium cost which you can afford. Do not hide any facts and content.
●Section 45 of the Insurance Act will help you
According to section 45 of the Insurance Act, "After the expiry of 3 years from the date of the policy, i.e. the date of issue of the policy or the date of expiry, any policy of life insurance will not be asked in any question on any basis." Or the date of revival of the policy or the date of the policy's rider, whichever is later.
● Fully disclose all the facts
When you decide to buy some life insurance products, you must fill out a proposal form yourself. Do not say or do not tell anyone else to fill it. And open all the facts that will help you anyway. And the insurers will not give a chance to reject your claim.
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