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Claim settlement ratio analysis by count and amount, rejection patterns, and COVID-era claims data from IRDAI handbooks.
4,999 death claims pending at end of FY 2024-25, up from 458 a year earlier. LIC holds 95.8% of them. Plus ₹38.69 crore in claims went completely uncollected.
The average death claim paid by LIC is ₹2.45 lakh (FY 2024-25). At HDFC Life it’s ₹10.48 lakh. At ICICI Prudential, ₹14.73 lakh. Same event, same country, wildly different payouts. LIC’s low average reflects its product mix: mostly endowment and money-back policies bought decades ago with ₹1-5 lakh sum assured. Private insurers sell … Read more
During COVID’s deadliest year (FY 2021-22), insurers rejected only 1.03% of death claims by count. That’s the lowest rejection rate in seven years. After COVID, rejections climbed to 1.68% in FY 2024-25, the highest rate since at least 2018-19. The industry now rejects 17,333 claims a year, up from 10,069 pre-COVID. By amount, … Read more
Death claims jumped 84% during COVID and payouts surged 147%. The surprise: rejection rates hit a 12-year low, then climbed back. Full IRDAI data inside.
