LIC claim settlement ratio in 2020-21 was 98.62%. It is the oldest and largest life insurance providers in India. CSR is one of the most important factors to consider while taking a life insurance plan. IRDAI publishes CSR report every year for each insurers.
- 1 LIC Claim Settlement Ratio 2006 to 2022
- 2 What is a Claim Settlement Ratio?
- 3 How is a claim settlement ratio calculated?
- 4 What is the claim settlement process of LIC?
- 5 LIC Claim Settlement Ratio FAQs
LIC Claim Settlement Ratio 2006 to 2022
It is the most trusted insurance company on claim settlement. We have made a list of Individual death claim settlement ratios by amount of claims paid and by number of claims paid by LIC of India.
LIC Claim Settlement Ratio by Number of Claims 2006 to 2022
|Financial Year||Total Claims Registered||Total Claims|
|Claim Settlement Ratio in %||Claims Repudiated (Not paid)|
LIC Claim Settlement Ratio by Amount of Claims 2006 to 2022
|Financial Year||Total Claims Amount (₹ in Crore)||Total Claims|
Paid Amount (₹ in Crore)
|Claim Settlement Ratio in %||Claims Repudiated (Not paid) in Cr.|
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 LIC receives 1,000 claims within a year, out of which it settles 900 claims and rejects 100 claims.
So, the claim settlement ratio of LIC would be = (900/1000) X 100 = 90%
What is the claim settlement process of LIC?
LIC follows a quick and smooth claim settlement process.
Know more >
LIC Claim Settlement Ratio FAQs
It is the percentage of claims paid against the total number of claims filed in a financial year.
LIC has a CSR of 98.62 in 2021-22.
When a nominee makes a claim on the conditions which are not covered under policy contract, the claim gets repudiated by an insurer.
Up and above 95% CSR can be considered as a good insurer to go with.
It helps you to select the reliable insurer who can pay the sum assured to your nominee.
CSR is calculated by dividing the total number of claims settled by the total number of claims filed in a financial year.
Absolutely. You can intimate the claim online while claim payout will be made through NEFT.
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 LIC claim settlement ratio. In case you have any suggestions or questions, please write in the comment box and we will get back to you.