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.
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?
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.
| Insurance | Total | Claims | Claim |
| Company | Claims | Settled | Settlement |
| Ratio | |||
| Aegon Religare | 4 | 4 | 100% |
| Aviva | 2406 | 2389 | 99.29% |
| Bajaj Allianz | 46924 | 45922 | 97.86% |
| Bharati Axa | 75 | 70 | 93.33% |
| Birla Sunlife | 1538 | 1530 | 99.48% |
| Canara HSBC | 160 | 154 | 96.25% |
| DLF Pramerica | 46 | 34 | 73.91% |
| Edelweiss Tokio | 22 | 21 | 95.45% |
| Future Generali | 12542 | 107 | 0.85% |
| HDFC Standard | 1529 | 1526 | 99.80% |
| ICICI Prudential | 3650 | 3593 | 98.44% |
| IDBI Federal | 847 | 778 | 91.85% |
| India First | 2601 | 2440 | 93.81% |
| ING Life | 266 | 258 | 96.99% |
| Kotak Mahindra | 8783 | 8690 | 98.94% |
| Max Life | 14027 | 13898 | 99.08% |
| PNB Metlife | 2206 | 2115 | 95.87% |
| Reliance Life | 4648 | 4641 | 99.85% |
| Sahara | 3 | 3 | 100% |
| SBI Life | 11499 | 11187 | 97.29% |
| Sriram Life | 3746 | 3746 | 100% |
| Star Union Dai-Ichi | 737 | 697 | 94.57% |
| Tata AIA | 1711 | 1516 | 88.60% |
| LIC | 245467 | 244350 | 99.54% |
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?
