Claim Settlement Ratio
LIC outperforms private insurers in claim settlement ratio (2012-2013)
The claim settlement ratio of LIC has increased to 97.93% during 2012-13 as compared to 97.42 in 2011-12.
During the year 2012-13, LIC repudiated only 1.12% if claims as compared to 1.30% in the previous year.
Overall claim settlement ratio of private insurers decreased to 88.65% during the financial year 2012-13 as compared to 89.34% in the previous year.
LIC CLAIM SETTLEMENT Ratio (2010-2011)
1. Total claims settled—Over 183 lakh claims, amounting over Rs. 52160 crores.
2. 96.21% of Total Maturity Claims settled on or before the date of maturity.
3. 95.78% of Non-early Death claims settled within 15 days of intimation.
4. Outstanding Claims Ratio—(Maturity + Survival Benefit): 0.37%
5. Outstanding Claims Ratio—(Death Claims) : 1.47%
IRDA Claim Settlement ratio for 2009-10
LIC comes out better than private insurers in this regard.LIC is in a strong financial position and does not worry about the bottom-line when genuine claims have to be paid. Private insurers are struggling to break even and will surely be scrutinizing claims to a greater extent.
- LIC on (an) average 77,000 claims in a day.
Below is the Claim Settlement Ratio for 2008-2009