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LIC outperforms private life insurers in most parameters

LIC had fewer lapses, higher claim settlement and no penalties from the Insurance Regulatory and Development Authority

January 02, 2014 4:37 IST | India Infoline News Service
Life Insurance Corporation of India has outperform private life insurance companies in most parameters used for measuring consumer friendliness.

LIC had fewer lapses, higher claim settlement and no penalties from the Insurance Regulatory and Development Authority (IRDA).

The claim settlement ratio of LIC was better than that of private life insurers. Its settlement ratio increased to 97.73% in FY13 from 97.42% in the previous year. And the percentage of rejections was only 1.12% compared to 1.30% earlier.

Private insurers reported a declined in settlement ratio to 88.65% from 89.34% in FY12.

"Private insurers had repudiated more number of claims when compared to LIC. The percentage of repudiations (by private insurers) was 7.85%, almost unchanged from previous years 7.82% in FY12," the Insurance Regulatory and Development Authority said in its annual report for FY13 released on Wednesday.

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