Life Insurance Companies with best Claim Settlement Record
Claim settlement is considered to be an important parameter as far as choosing a term insurance cover is concerned. Claim settlement record implies the number of death claims settled by an insurance company as compared to number of claims it received in that year. Which are the top 5 life insurance companies that has best claim settlement record as per latest IRDA data? Why claims actually gets rejected?
5 Life Insurance Companies with best Claim Settlement Record
Life insurance companies with impressive claim settlement record are the ones which are preferred more than others. Especially while purchasing term plan, claim settlement ratio plays a vital role in decision making. There is no denying the fact that stiff competition and counterclaims have become common among the life insurance companies. However, it’s logical to consider the annual report of Insurance Regulatory and Development Authority (IRDA) which gives a better picture of claim settlement records of different insurers.
As far as data obtained from IRDA’s annual report for 2016-17, top 5 insurance firms in India are the ones upon which individuals can rely upon. The top 5 names on the basis of claim settlement ratio are:
1. Max Life
2. HDFC Life
3. Aegon Life
4. ICICI Pru Life
5. Exide Life
IRDA Claim Settlement Ratio 2016-17
The figures of Max Life insurance are the most commanding one, giving 97.81% claims, which is truly a milestone considering the hugely competitive domain of insurance companies. Other insurance companies like HDFC Life, Aegon Life, ICICI Prudential come next, and Exide Life stands at later position.
1) Max Life Insurance
With multi-channel distribution partner and comprehensive long-term protection, this insurer offers an exciting bouquet of term, savings, child, investment and retirement schemes. It has a strong track record, offering superb investment expertise.
2) HDFC Life
This company provides an array of group and individual insurance solutions like savings plan, pension plan, health plan, child plan, protection plan, and women plan. With over 414 branches spread over 900 cities and towns, it offers customised solutions to fulfil the requirements of the customer.
3) AEGON Life
Started in the year 2008, this insurance company is focused on providing customer-centric solutions to help individuals to plan their lives in a much better way. The plans offered include endowment plan, term plan, group plan, ULIPs, pension plan, etc.
4) ICICI Prudential Life
Started in the year 2000, this insurer provides an array of products to enable the buyers to achieve their long-term goals. Their product portfolio includes ULIP plan, term plan, child plan, investment plan and pension plan.
5) Exide Life
This company has over 35,000 advisors and a network of 200 offices across the country. The life insurance plans offered are customised to fulfil the requirements of buyers at an affordable rate. Plans offered include saving, investment, protection, and retirement plans.
Also Read: HDFC Life Click 2 Protect Health Plan Review
Why Claims Get Rejected?
Many a time, individuals complain about their claim being rejected. In most cases, people often misjudge the proceedings.
1) First and foremost, it is vital to put correct details in health declaration. There is no point in putting up forged or fraud details
2) It is advisable to fill up forms on own and not to rely on anyone else like agent. Discussing regarding the term policy with the nominee is also a must.
3) Lastly, in case of claims, there is no point in relying upon insurance agent. A realistic understanding of claims is necessary for every individual who invests in an insurance plan.
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