IndiaFirst Life Claim Settlement Ratio Trend 2009 to 2023

IndiaFirst life insurance claim settlement ratio in 2021-22 was 96.92%. CSR helps you to decide the trustworthiness and competence of an insurer. Every year IRDAI publishes a claim settlement ratio for all the insurers in their annual report.

IndiaFirst Life Insurance Claim Settlement Ratio Trend - 2009 to 2023
IndiaFirst Life Insurance Claim Settlement Ratio Trend – 2009 to 2023

IndiaFirst Life Claim Settlement Ratio 2009 to 2023

It follows the “Customer First” with transparent and hassle free claim settlement process. We have made a list of Individual death claim settlement ratios by amount of claims paid and by number of claims paid by IndiaFirst life insurance.

IndiaFirst Life Claim Settlement Ratio by Number of Claims 2009 to 2023

Financial YearTotal Claims RegisteredTotal Claims PaidClaim Settlement Ratio in %Claims Repudiated (Not paid)
2021-224,9374,78596.92%143 (2.90%)
2020-212,9812,88696.81%80 (2.68%)
2019-202,2412,16696.65%66 (2.95%)
2018-192,2422,08192.82%144 (6.42%)
2017-181,8101,62689.83%181 (10.0%)
2016-171,7411,43982.65%273 (15.68%)
2015-161,8911,35971.87%482 (25.49%)
2014-151,6551,19572.21%378 (22.84%)
2013-141,25892073.13%289 (22.97%)
2012-1391665471.40%241 (26.31%)
2011-1254644982.23%97 (17.77%)
2010-1118915582.01%34 (17.99%)
2009-1013753.85%1 (7.69%)
Source : IRDAI Annual Report

IndiaFirst Life Claim Settlement Ratio by Amount of Claims 2009 to 2023

Financial YearTotal Claims Amount (₹ in Crore)Total Claims Paid Amount (₹ in Crore)Claim Settlement Ratio in %Claims Repudiated (Not paid) in Cr.
2021-22249.53227.3191.10%18.18 (7.29%)
2020-21120.27109.6491.16%6.67 (5.55%)
2019-2078.9570.1788.88%6.25 (7.92%)
2018-1989.847583.43%13 (14.58%)
2017-1857.6245.9779.78%8.06 (13.99%)
2016-1751.4937.9473.68%11.46 (22.25%)
2015-1665.7441.3562.90%20.75 (31.56%)
2014-1549.3529.8260.43%13.78 (27.92%)
2013-1437.7320.9055.39%14.20 (37.64%)
2012-1322.9414.2462.09%7.06 (30.79%)
2011-129.557.1574.83%2.40 (25.17%)
2010-112.642.2384.45%0.41 (15.55%)
2009-100.0739.54%0.01 (5.77%)
Source : IRDAI Annual Report

What is a Claim Settlement Ratio?

  • Claim Settlement Ratio (CSR) is the percentage (%) of claims paid by an insurer out of the total number of claims filed in a year. Higher the CSR, the more reliable the insurance company is.
  • Every year IRDAI publishes their annual reports which contain CSR of all the 25 life insurance companies.

How is a claim settlement ratio calculated?

Claim settlement ratio is calculated by the following formula:

Claim settlement ratio (CSR) = (Total number of claims paid in a year / Total number of claims filed in a year) X 100

Let’s understand this with the help of an example,

Suppose an insurance company A receives 1,000 claims within a year, out of which it settles 900 claims and rejects 100 claims.

So, the claim settlement ratio of company A would be = (900/1000) X 100 = 90%

What is the claim settlement process of IndiaFirst Life insurance?

IndiaFirst life follows a customer first with transparent and hassle free claim settlement process.
Know more >

IndiaFirst Life Claim Settlement Ratio FAQs

What is the claim settlement ratio?

It is the percentage of claims paid against the total number of claims filed in a financial year.

What is claim settlement ratio of IndiaFirst Life in 2021-22

IndiaFirst life insurance has a CSR of 96.92 in 2021-22.

What is Claim Repudiated?

When a nominee makes a claim on the conditions which are not covered under policy contract, the claim gets repudiated by an insurer.

What is a Good Claim Settlement Ratio?

Up and above 95% CSR can be considered as a good insurer to go with.

Why is claim settlement ratio important?

It helps you to select the reliable insurer who can pay the sum assured to your nominee.

How is the claim settlement ratio of IndiaFirst Life calculated?

It is calculated by dividing the total number of claims settled by the total number of claims filed in a financial year by IndiaFirst life insurance.

Can the claim intimation and payout be made online?

Absolutely. You can intimate the claim online while claim payout will be made through NEFT.

What is the time frame within which the claim has to be reported in IndiaFirst Life?

The claim has to be reported as soon as possible so as to get the claim amount on time.

This covers all the points on IndiaFirst life insurance claim settlement ratio. In case you have any suggestions or questions, please write in the comment box and we will get back to you.

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