Most Number of Claims Paid by LIC

LIC has the best record of paying out death claims, compared to private insurers - according to a report by IRDA as in their annual account of 2011 - 2012 claims.

LIC has the best record of paying out death claims, compared to private insurers – according to a report by IRDA (Insurance Regulatory and Development Authority) as in their annual account of 2011 – 2012 claims.

LIC has settled 97.42% cases of death claims in 2011 -12 as compared to 89.34% by the private sector.

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According to IRDA "Settlement ratio of LIC increased to 97.42 per cent during the year 2011-12 when compared to 97.03 per cent during the previous year." Though private sectors repudiated higher claims compared to LIC.

Private insurers did improve this year with 89.34% from 83.04%. LIC boasts of 70% of the market share while 23 private insurers share the rest.

Source: PTI 24th Dec 2012

Insurance Concepts and IRDA [Insurance Regulatory and Development Authority]
Insurance is a federal subject in India. It is a subject matter of solicitation. The legislations that deal with insurance business in India are Insurance Act, 1938 and Insurance Regulatory & Development Authority Act (IRDA), 1999.

Source-Medindia

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Fraudulent Health Insurance Claims
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