IRDA has recently displayed 2016-17 Annual report. The IRDA settlement report is very important for people who wants to know about a specific insurance company. So from this ratio you can also know where to invest money in case of insurance company. So here let us take a look at IRDA claim settlement ratio of 2016-17 FY and the best life insurance company of 2018.
What is Claim Settlement Ratio?
Claim settlement ratio is a process to know the number of insurance company settled as death claims in any FY. On the basis of number of claims asked against claims settled is calculated. Let us take for example an insurance company has settled 98 claims against 100 then their ratio is 98% and the other 2% remains unsettled or rejected.
By going through this ratio one can know that how much a company is accurate about settling death claims. I want to remind you that the settlement ratio is just some raw data.
You will not get a in details report of the cases that are settled. There may be Term Insurance Plans, or ULIPs and endowment plans. It is not the only way for knowing the working capacity of any life insurance company.
IRDA Claim Settlement Ratio 2016-17 FY :-
Here are the ratio of IRDA claim settlement for the FY 2016-17. Here i have point out the difference by using color codes.
Among the listed 24 insurance companies eight of the companies are green, 11 yellow, 5 are red. And as always LIC has became the tops companies to settle all their claims.
Best Company for Life Insurance in 2018:
Based on the ratio of IRDA claim settlement in the year 2016-17, the top best life insurance companies are as follows. I have come up wit 5 best by minutely going through the data available.
- Max Life
Few things that one should keep in mind before selecting life Insurance company in 2018:
- The claim settlement ratio is only raw data. It will not provide you with clear picture of the insurance company. So do not depend up any sole data before investing in any insurance company.
- Only chose the plan which is affordable and meets your all requirements. Don’t try to hide any important fact. If you do everything correctly then company have have to accept the claim that was made.
- According to the section 45 of insurance act no policy of insurance can be questioned on any grounds after the expiry of the policy. I.e. from the date of the insurance policy to the date or the date of commencement of risk.
For more information, please visit IRDA website.