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IRDAI data shows that the life insurance industry settled over 98% of the total individual death claim requests received during FY 2022-23.
The data shows that the industry’s claim settlement ratio was 98.45%. However, the claim settlement ratio of life insurers for individual death claim declined marginally from 98.64% in FY 2021-22.
Both LIC India and private insurers settled over 98% of individual death claim requests.
The data shows that the industry received a total of 10.76 lakh individual death claims of which the insurers settled 10.60 requests.
In terms of benefit amount, the industry settled claim of Rs.28,611 crore as against the request amount of Rs.30,200 crore, indicating settlement ratio of 94.69%.
The claim settlement ratio indicates no. of claims that an insurer has settled compared to no. of requests received during a financial year.
Further, the number of claims repudiated was 10,822 for an amount of Rs.1,026 crore and the number of claims rejected was 4,340 for an amount of Rs.24 crore. The claims pending at the end of the year were 833 for Rs.350 crore.
Let’s have a look at the table showing claim settlements ratios for individual death claim requests:
|
Segment |
Particulars |
Total Claims |
Claims paid |
Claims Repudiated |
Claims rejected |
Claims Unclaimed |
Claims pending at end of FY |
|
|
Individual Business |
Number of Policies |
10,76,467 |
10,59,776 |
10,822 |
4,340 |
696 |
833 |
|
|
In per cent |
100 |
98.45 |
1.01 |
0.4 |
0.06 |
0.08 |
||
|
Amount Paid (Rs. crore) |
30,216 |
28,611 |
1,026 |
24 |
206 |
350 |
||
|
In per cent |
100 |
94.69 |
3.39 |
0.08 |
0.68 |
1.16 |
