In the last post I wrote about the Claim Settlement rate for Indian life insurance companies. This time I wanted to check how much time Life Insurance companies take to settle a claim!
Claim settlement time also becomes an important factor in choosing any life insurance as you don’t want your survivors to wait indefinitely or run pillar to post to claim the insurance money, but obviously I would place time taken to settlement of claim second to actual claim settlement ratio.
Below is the table showing the percentage claim settled in terms of number and value in 30 days, 60 days and so on.
The winner here is Reliance Life with more than 90% of claims settled within a month of claims made, which is awesome considering other companies. On the other hand LIC is able to settle only 60% of claims within a month which needs improvement.
| Within 30 Days of intimation | 31 – 90 Days | 91 – 180 Days | 181 Days – 1 Year | More than a Year | Total Settlement | |||||||
| # of Policies | Benefit Amount | # of Policies | Benefit Amount | # of Policies | Benefit Amount | # of Policies | Benefit Amount | # of Policies | Benefit Amount | # of Policies | Benefit Amount | |
| Reliance Life | 96% | 92% | 2% | 5% | 1% | 2% | 0% | 1% | 0% | 1% | 3,204 | 35 |
| Canara HSBC | 60% | 70% | 40% | 30% | 0% | 0% | 0% | 0% | 0% | 0% | 5 | 0 |
| Aviva | 66% | 63% | 18% | 20% | 10% | 11% | 4% | 4% | 2% | 1% | 1,032 | 22 |
| ICICI Pru | 78% | 62% | 14% | 22% | 6% | 13% | 2% | 3% | 0% | 0% | 9,298 | 102 |
| LIC | 60% | 60% | 20% | 20% | 12% | 12% | 7% | 7% | 1% | 1% | 5,64,389 | 4,165 |
| Birla Sunlife | 71% | 58% | 26% | 37% | 3% | 3% | 0% | 1% | 0% | 1% | 2,457 | 59 |
| Bajaj Allianz | 53% | 46% | 37% | 42% | 8% | 10% | 1% | 1% | 1% | 0% | 10,484 | 174 |
| SBI Life | 54% | 45% | 30% | 34% | 12% | 16% | 3% | 4% | 1% | 1% | 3,262 | 47 |
| Metlife | 43% | 38% | 31% | 30% | 19% | 20% | 5% | 11% | 2% | 1% | 422 | 17 |
| Kotak Mahindra | 39% | 35% | 32% | 36% | 25% | 25% | 3% | 3% | 1% | 1% | 1,002 | 16 |
| Tata AIG | 49% | 34% | 45% | 53% | 5% | 12% | 0% | 0% | 1% | 0% | 1,652 | 28 |
| IDBI Fortis | 25% | 32% | 58% | 42% | 17% | 26% | 0% | 0% | 0% | 0% | 12 | 0 |
| HDFC Std | 48% | 23% | 30% | 38% | 14% | 22% | 7% | 13% | 2% | 3% | 2,549 | 38 |
| Shriram | 22% | 19% | 44% | 42% | 24% | 22% | 8% | 15% | 1% | 2% | 312 | 4 |
| ING Vysya | 18% | 15% | 36% | 42% | 29% | 33% | 14% | 9% | 3% | 0% | 1,180 | 17 |
| Bharti AXA | 22% | 15% | 51% | 54% | 26% | 31% | 1% | 1% | 0% | 0% | 108 | 3 |
| Max new York Life | 9% | 13% | 59% | 58% | 22% | 22% | 8% | 6% | 1% | 1% | 3,545 | 67 |
| Future Generalli | 12% | 11% | 65% | 56% | 24% | 32% | 0% | 0% | 0% | 0% | 17 | 1 |
| Sahara | 1% | 1% | 6% | 11% | 15% | 13% | 44% | 41% | 34% | 35% | 198 | 2 |
| Aegon Religare | No Claim settlement in 2008 – 09 | |||||||||||
| DLF Pramerica | Not Available in 2008 – 09 | |||||||||||
| Star Union | Not Available in 2008 – 09 | |||||||||||
| All Private | 57% | 46% | 29% | 37% | 10% | 13% | 3% | 4% | 1% | 1% | 40,739 | 633 |
| Industry Total | 60% | 58% | 20% | 22% | 12% | 12% | 7% | 7% | 1% | 1% | 6,05,128 | 4,798 |
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