great information form you. many thanks much appriciated…
do you have Claim Settlement Ratio for FY 2010-11 from IRDA…
would like to talk to you on phone if you don’t mind to share your contact number
Hello Ramakant,
The Claim Settlement Ratio numbers for 2010-11 have been released by IRDA few days back. A detailed article on that will be uploaded in the next few days.
Hello Mr. Baghel,
The claim settlement ratio given by IRDA is overall for a company and not for specific plans of a company. Also we dont have a plan wise break of claim settlement ratio of a company. So Claim Settlement Ratio is the indicator of how many claims the company is settling for every 100 claims received by it.
Also Claim Settlement Ratio should not be the only criteria to choose a plan. It is one of the criteria. The features of the product and how much they suit the requirement of the end user also come into play.
Dear Gopal,
I am planning to buy a term insurance of 30 lacs from Indiafirst life insurance, but its claim settlement ratio is only 53.85% which has got me worried. Should i go forward with it or consider other options.
Hello Lengdon,
Every life insurance company has a lower claim settlement ratio in the initial years of its operations because claims that arise in the first 2-3 years are classified as early death claims by life insurance companies. Insurance companies go into much deeper investigations for these early claims. So claim settlement takes much more time than time taken by an insurance company which is much older and the claims that have come are from policies that are more than 3 years old. So due to this reason the claim settlement ratio in the first few years is lower. But that does not mean the insurance company is bad or there is some problem with their products.
I personally see no problem at all with IndiaFirst Life Insurance Company and you can go with their AnyTime Term Insurance Plan.
You can choose between online term plans of IndiaFirst Life Insurance (AnyTime term plan), Aegon Religare (iTerm Plan), Metlife (MetProtect Plan), Kotak Life Insurance (ePreferred Term Plan) and Aviva (iLife). All these plans are online term plans and the premiums are much lower than other offline term insurance plans
my friend want to purchase trem plan for 30 years his birth date is 23/12/1968 which is relible and garrented for preumim not to be changed till the 30th year and donot stop in the middel of the term also and no hassal when at the time of payment
You can choose from
Click2Protect from HDFC Life or
AnyTime Plan from IndiaFirst Life or
ePreferred term from Kotak.
Likewise Aegon Religare (iTerm), Aviva (i-life), Metlife (MetProtect) are some other companies which have online term plans which are cheaper than other offline term plans. No company changes the premium in between the tenure of the plan.
With regards to claim settlement ratio, from the above mentioned companies, HDFC Life has the highest claim settlement ratio
As per the claim settlement ratio numbers for 2010-11, LIC tops the chart with claim settlement ratio of 97.03% followed by HDFC Life at second place with claim settlement ratio of 95.41%. You can go for Click2Protect Plan of HDFC Life. It is an online term plan with very competitive premium rates
I need a term plan .How is ICICI Prudential (ICICI Pru iCare) Term Plan?Should i take this plan ?Please suggest me.What is positive point and what is negative point of this plan?
Dear Gopalji,
I am thinking of taking up the term plan of Aegon-Religare. Please advice me about the reliability of the company & settlement simplicity if needed in future.Advice other if better.
With Regards,
Dibakar
Hello Dibakar,
I will suggest that you go for Click2Protect plan from HDFC Life. They have a good claim settlement ratio (95%) for 2010-11. Their premiums are also very competitive. Make sure you disclose every thing honestly and correctly in the application form
{ 20 comments… read them below or add one }
Very good data, please update this time to time.
do u have same for fy 2010-11
The Claim Settlement Ratio for FY 2010-11 has still not been released by IRDA
Hi Gopal..
great information form you. many thanks much appriciated…
do you have Claim Settlement Ratio for FY 2010-11 from IRDA…
would like to talk to you on phone if you don’t mind to share your contact number
Hello Ramakant,
The Claim Settlement Ratio numbers for 2010-11 have been released by IRDA few days back. A detailed article on that will be uploaded in the next few days.
could a company be believed for ‘term insurance’ on the basis of claim settlement ratio.
Hello Mr. Baghel,
The claim settlement ratio given by IRDA is overall for a company and not for specific plans of a company. Also we dont have a plan wise break of claim settlement ratio of a company. So Claim Settlement Ratio is the indicator of how many claims the company is settling for every 100 claims received by it.
Also Claim Settlement Ratio should not be the only criteria to choose a plan. It is one of the criteria. The features of the product and how much they suit the requirement of the end user also come into play.
can i access claim settlement ratio issued by IRDA for F.A.2010-11?
Hello Mr. Pritpal,
IRDA has still not released the claim settlement ratio numbers for FY 2010-11
Dear Gopal,
I am planning to buy a term insurance of 30 lacs from Indiafirst life insurance, but its claim settlement ratio is only 53.85% which has got me worried. Should i go forward with it or consider other options.
Hello Lengdon,
Every life insurance company has a lower claim settlement ratio in the initial years of its operations because claims that arise in the first 2-3 years are classified as early death claims by life insurance companies. Insurance companies go into much deeper investigations for these early claims. So claim settlement takes much more time than time taken by an insurance company which is much older and the claims that have come are from policies that are more than 3 years old. So due to this reason the claim settlement ratio in the first few years is lower. But that does not mean the insurance company is bad or there is some problem with their products.
I personally see no problem at all with IndiaFirst Life Insurance Company and you can go with their AnyTime Term Insurance Plan.
which term insurance plan is reliable & whoud u sugest for Aviva i life term plan
You can choose between online term plans of IndiaFirst Life Insurance (AnyTime term plan), Aegon Religare (iTerm Plan), Metlife (MetProtect Plan), Kotak Life Insurance (ePreferred Term Plan) and Aviva (iLife). All these plans are online term plans and the premiums are much lower than other offline term insurance plans
my friend want to purchase trem plan for 30 years his birth date is 23/12/1968 which is relible and garrented for preumim not to be changed till the 30th year and donot stop in the middel of the term also and no hassal when at the time of payment
Hello Riyaz,
You can choose from
Click2Protect from HDFC Life or
AnyTime Plan from IndiaFirst Life or
ePreferred term from Kotak.
Likewise Aegon Religare (iTerm), Aviva (i-life), Metlife (MetProtect) are some other companies which have online term plans which are cheaper than other offline term plans. No company changes the premium in between the tenure of the plan.
With regards to claim settlement ratio, from the above mentioned companies, HDFC Life has the highest claim settlement ratio
i m 22. i want a term plan of 50 lacs for 35 years. looking at the claim ratio n other benefits, which plan should i go for. suggestions required.
Hello Harsh,
As per the claim settlement ratio numbers for 2010-11, LIC tops the chart with claim settlement ratio of 97.03% followed by HDFC Life at second place with claim settlement ratio of 95.41%. You can go for Click2Protect Plan of HDFC Life. It is an online term plan with very competitive premium rates
I need a term plan .How is ICICI Prudential (ICICI Pru iCare) Term Plan?Should i take this plan ?Please suggest me.What is positive point and what is negative point of this plan?
Dear Gopalji,
I am thinking of taking up the term plan of Aegon-Religare. Please advice me about the reliability of the company & settlement simplicity if needed in future.Advice other if better.
With Regards,
Dibakar
Hello Dibakar,
I will suggest that you go for Click2Protect plan from HDFC Life. They have a good claim settlement ratio (95%) for 2010-11. Their premiums are also very competitive. Make sure you disclose every thing honestly and correctly in the application form