Latest IRDA Claim Settlement Ratio 2022 was released on 22nd December 2021. Which is the best Life Insurance Company in 2022 (based on claim settlement ratio)? The majority of Life Insurance Companies nowadays lure buyers based on the IRDA Life Insurance Claim Settlement Ratio. However, is it the right data to look into?
What is the meaning of Claim Settlement Ratio?
Claim Settlement Ratio is the indicator of how many death claims Life Insurance Company settled in any financial year. It is calculated as the total number of claims received against the total number of claims settled. Let us say, Life Insurance Company received 100 claims and among those, it settled 98, then the claim settlement ratio is said to be 98%. The remaining 2% claims the Life Insurance Company rejected.
Based on this, we can easily assume how customer-friendly they are in dealing with death claims. However, I warn you that this claim settlement ratio is raw data.
It will not give you a…