Showing posts with the label claim settlement ratio

IRDA Claim settlement ratio 2018

IRDA Claim settlement ratio 2018 The Second Wednesday of this month (09-01-2019), Insurance Regulatory and Development Authority of India (IRDAI) declared its annual report for the year 2018 (2017-18) in the official website. Again the LIC India (Life Insurance Corporation of India) leads in the top on Individual Death Claim Settlement section. The Only Public Life Insurance and the largest insurance company in India is LIC India, it has an estimated asset value of more than US$ 350 Billion. LIC India had a value of 98.04 Percent in the Individual Death Claim Settlement Ratio. From the all private insurance companies, the individual death claim settlement ratio stood at 95.24 percent. The Total Insurance rate for all insurers is 97.68 percent on Claim Settlement. LIC Stands with a net profit of Rs. 2446 Crore in the year of 2017-18. Previously it was seen in the year 2016-17, with net profit of Rs. 2231 Crore. The Company's (LIC India) revenue has increased in the last year, but it

IRDA Claim settlement ratio 2017

  IRDA Claim settlement ratio 2017   IRDA (Insurance Regulatory and Development authority of India) declared the annual report for 2017 (2016-17) in their website recently (Jan 4, 2018), LIC India tops in the list of insurance companies on claim settlement ratio and related information for 2017.   In the Annual report, LIC India 's claim settlement ratio stands with 98.31 % for the year 2016-17 as listed in the top by IRDA.   The pending complaints of LIC is almost went to zero and the claims repudiated or rejected status at 0.97 %   The unclaimed of LIC reports with 0.31 %  out of total claims. on the other hand, private insurance companies dealt with 0.58 %           Private companies claim settlement ratio at 93.72 % is the lowest as compared with the LIC India and the claim rejected for private at 4.85 % out of the total claims.   These reports are based on the Individual death claims of life insurers and not with the group insurance.   While LIC India hits