State-owned Life Insurance Corporation of India (LIC) paid out more as settlements against claims from policy holders last fiscal year, while private sector peers improved their settlement ratio, reflecting improved customer service.
The claims-to-settlement ratio — the proportion of policies paid out for every 100 claims — for LIC was at 98.31 per cent, recording a marginal improvement. For private insurers, the settlement ratio rose 224 basis points to 93.72 per cent, data from ..
