The life insurance industry is honouring more claims, helped by technology and better fraud management. The claims payout ratio has improved significantly, with private industry paying 95.2% of all claims in 2017-18, compared to 93.7% in the previous year, and 88.3% in 2014-15. LIC has long been paying over 98% of its claims. That continues, though it slipped marginally in 2017-18.
In fiscal 2018, 21 of 23 private life insurers paid more than 90% of claims, unlike in 2014-15, when only ..
