LIC Claim Settlement Ratio for Individual Death by Count of Claims Given...
LIC Claim Settlement Ratio for Individual Death Claims by Sum Assured
Given below is a table of LIC’s Death Claim Settlement Ratio for Individual Policies - it does not include group policies. This is as per the Annual Report published by IRDAI every year.
The claims ratio is calculated basis the Sum Assured of the claims which have been made and the Sum Assured of claims which have been honoured. You can understand how this has been calculated with this example for the financial year 2017-2018.
Claims by benefit amount made in the year = 11,379.40 crores (A)
Number of Claims paid in the year = 10,747.53 crores (B)
So the Individual Death Claim Settlement Ratio for the year 2017-2018 = (B) / (A)
= 10,747.53 / 11,379.40 = 94.45%
This measure is one of the indicators one should use while selecting the life insurance company for buying a policy.
You can also check the Death Claim Settlement Ratio by Number of Claims for each year. You can click on the link below to check those details.
|LIC Claim Settlement Ratio - Individual Death Claims by Sum Assured|
In case you wish to check the ratio by number of policies - LIC Claim Settlement Ratio by Number of Claims.