It is imperative when you take an insurance policy, to go to insurance companies that have the best claim settlement ratio. What this means is that insurance amounts are paid and rejections are very few. Take a look at 7 insurance companies that offer the best settlement of insurance money. This is purely for term plans.
According to data from the IRDA, Life Insurance Corporation had a claim settlement ratio of 98.16 per cent, which was the highest from among all insurance companies for term plans.
This is one reason why LIC continues to be the number one insurance company in India.
Max Life with a claim settlement ratio of slightly over 96 per cent was the second highest for the financial year 2014-15.
Max Life is a leading private sector insurance player. Its claims settlement ratio for the last year, makes it the second best to LIC.
Birla Sun Life another private insurance company had a claim settlement ratio of 95.30 per cent.
The company received death claims for 8,436 and paid 8055 of these last year.
ICICI Prudential Life
ICICI Prudential Life is one of the largest private sector insurance players.
The company had a very good claim settlement ratio of 94.80 per cent in 2015. This compares well to other private sector peers and in most cases is better.
Tata AIA also had a good track record when it came to claims settlement.
The company had a claim settlement ratio of 94.47 per cent. Remember, we are talking only of term insurance plans.
Star Union Dai-ichi Life Insurance
Star Union Dai-ichi Life Insurance Co. Ltd is a joint venture (JV) of Bank of India, Union Bank of India and Dai-ichi Life, a leading life Insurance company of Japan.
The company has had a claim settlement ratio of 94.08 per cent.
A joint venture of Punjab National Bank, PNB Metlife had a claim settlement ratio of 92.86 per cent. Not bad at all.