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Are individual insurance policy holders being discriminated against?

Some time back I had shared with you the data on the claim settlement record of various life insurance companies [See 'Does the claim settlement record of your insurer inspire confidence?'].

This was pertaining to the death claims lodged by individual policy holders during the financial year 2012-13. As you would have noted, out of 24 insurers
... 6 companies had a claim settlement ratio exceeding 90%
... 12 insurers featured in the 80-90% band
... and 6 had a settlement ratio less than 80%.



I  now share with you the data on death claims lodged under group insurance policies for the same period.

InsuranceTotalClaimsClaim 
CompanyClaimsSettledSettlement 



Ratio
Aegon Religare44100%
Aviva   2406238999.29%
Bajaj Allianz469244592297.86%
Bharati Axa757093.33%
Birla Sunlife1538153099.48%
Canara HSBC16015496.25%
DLF Pramerica463473.91%
Edelweiss Tokio222195.45%
Future Generali125421070.85%
HDFC Standard1529152699.80%
ICICI Prudential3650359398.44%
IDBI Federal84777891.85%
India First2601244093.81%
ING Life26625896.99%
Kotak Mahindra8783869098.94%
Max Life140271389899.08%
PNB Metlife2206211595.87%
Reliance Life4648464199.85%
Sahara33100%
SBI Life114991118797.29%
Sriram Life37463746100%
Star Union Dai-Ichi73769794.57%
Tata AIA1711151688.60%
LIC24546724435099.54%

 

As you would observe
... only 2 companies record less than 80% claim settlement ratio
... one is in the high 80s at 88.6%
... and all others exceed the 90% level; in fact 98-99% is quite common and 3 hit 100% mark.

This vast difference between the experiences of the individual and group policy holders makes me wonder...
... Whether the group insurers are getting a better deal due to their financial muscle?
... Does the aam policy holder has to suffer just because he is aam?

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