Insurance Claim

Insurance Claim (3)

We have received queries about what to do with insurance policies of Companies having high claim rejection ratios. We do not have any control over what the companies will do in future. But we suggest you the follow some dos’ and don’ts;

Second opinion on Insurance Policies

You may take second opinion on all your insurance policies from a professional Financial Planner who will provide his/her opinion in writing about the suitability of the policies to your needs.It may cover aspects of adequacy of cover,cashflow,return and tax exemptions.

Life Insurers claims paid, repudiated and pending(Amounts)

In % for the year 2012-13

Sr #

Insurer

Claims Paid (%)

Claims Repudiated (%)

Claims Pending (%)

1

Aegon Religare

57.60%

42.40%

Nil

2

Aviva

68.73%

30.23%

1.04%

3

Bajaj Allianz

78.74%

14.14%

7.11%

4

Bharati Axa

71.61%

23.20%

5.19%

5

Birla Sun Life

69.67%

20.11%

10.22%

6

Canara HSBC

87.23%

8.75%

4.01%

7

DLF Pramerica

22.91%

18.48%

58.52%

8

Edelweiss Tokio

15.73%

77.13%

7.14%

9

Future Generali

58.98%

31.08%

9.95%

10

HDFC Standard

87.80%

6.22%

5.98%

11

ICICI Prudential

90.71%

8.57%

0.73%

12

IDBI Federal

72.13%

21.82%

6.05%

13

India First

62.09%

30.79%

7.12%

14

ING Life

69.27%

19.05%

10.90%

15

Kotak Mahindra

79.28%

15.84%

4.88%

16

Max Life

88.43%

11.23%

0.33%

17

PNB Metlife

73.50%

18.85%

7.57%

18

Reliance

74.94%

15.74%

9.32%

19

Sahara

83.20%

8.57%

7.18%

20

SBI Life

92.30%

2.68%

5.02%

21

Shriram Life

50.87%

39.31%

9.82%

22

Star Union Daiichi

80.06%

2.15%

17.80%

23

Tata AIA

74.98%

18.24%

6.78%

24

LIC

95.66%

2.14%

1.96%

     

Source - IRDA Annual Report  2012-13

 

 

Life Insurers claims paid, repudiated and pending(Nos)

In %  for Year the 2012-13

Sr #

Insurer

Claims Paid (%)

Claims Repudiated (%)

Claims Pending (%)

1

Aegon Religare

66.82%

33.18%

Nil

2

Aviva

87.71%

11.96%

0.33%

3

Bajaj Allianz

88.67%

7.25%

4.07%

4

Bharati Axa

89.48%

9.66%

0.86%

5

Birla Sun Life

82.55%

12.95%

4.50%

6

Canara HSBC

88.44%

9.72%

1.84%

7

DLF Pramerica

27.04%

19.71%

52.93%

8

Edelweiss Tokio

45.45%

40.91%

13.64%

9

Future Generali

70.53%

25.86%

3.61%

10

HDFC Standard

95.76%

2.62%

1.62%

11

ICICI Prudential

96.29%

3.63%

0.08%

12

IDBI Federal

80.06%

16.16%

3.78%

13

India First

71.40%

26.31%

2.29%

14

ING Life

83.94%

10.05%

5.40%

15

Kotak Mahindra

92.04%

6.02%

1.94%

16

Max Life

94.25%

5.66%

0.09%

17

PNB Metlife

83.87%

13.18%

2.79%

18

Reliance

86.45%

7.22%

6.33%

19

Sahara

84.71%

6.70%

7.23%

20

SBI Life

94.41%

3.69%

1.89%

21

Shriram Life

67.35%

27.59%

5.06%

22

Star Union Daiichi

89.70%

2.71%

7.59%

23

Tata AIA

84.46%

12.12%

3.42%

24

LIC

97.73%

1.12%

1.04%

     

Source - IRDA Annual Report  2012-13

 

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