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23rd December 2016, 03:32 PM
Super Moderator
 
Join Date: Aug 2012
Re: IRDA Term Insurance

Insurance Regulatory and Development Authority of India (IRDAI) was constituted with the aim to standardize and regulate the insurance segment in India. The regulatory body has put forth regulations and guidelines for all types of insurance, including whole life and term insurance plans. A key part of the IRDA’s role is to protect the rights and interests of policyholders.

Its new guidelines urge customers to look at insurance products for long term gains. To this end, the minimum period for which premium is payable for non-linked variable products has been set at five years.

Variable insurance products will come with a certain rate of guaranteed return. This is decided when the customer chooses their plan.

Claim settlement ratio of term insurance providers according to IRDA in the year 2015-2016.

Insurance Provider


Death claims received


Claim settlement ratio


Death claims paid


Claims pending


Per claim average value (Rs)

LIC


755,901


98.19%


742,243


0.5%


120,654

Max Life


9,223


96.23%


8,804


0.1%


278,816

Birla Sunlife


8,436


88.45%


8,055


1.7%


345,241

Tata AIA Life


3,873


94.47%


3,659


1.0%


241,241

Star Union Daichi


1,266


94.08%


1,191


0.3%


285,306

ICICI Prulife


12,309


96.20%


11,546


0.8%


305,612

PNB MetLife


2,466


92.90%


2,290


1.5%


448,821

Bajaj Allianz


20,661


91.30%


18,978


3.0%


183,291

Kotak Mahindra Life


2,686


90.73%


2,437


3.2%


296,143

HDFC Std


12,189


95.02%


11,031


2.3%


238,890

SBI Life


14,876


95.70%


13,303


3.2%


229,572

Sahara Life


778


89.97%


700


3.6%


91,143

AegonReligare


460


95.30%


413


0.2%


744,068

Canara HSBC


576


92.99%


516


3.1%


558,333

Exide Life


3,432


86.10%


2,955


1.6%


203,519

Reliance Life


18,142


95.01%


15,211


5.8%


150,726

Future Generali


2,160


90.61%


1,808


1.8%


171,128

Aviva Life


1,690


82.00%


1,396


0.5%


768,266

Bharti AXA Life


1,112


80.00%


900


2.9%


394,667

IDBI Federal Life


1,017


84.79%


736


4.3%


426,902

India First Life


1,655


72.21%


1,195


5.0%


249,540

Shriram Life


1,960


65.66%


1,307


11.2%


253,481

DHFL Pramerica


953


57.19%


545


6.5%


274,128

Edelweiss Tokio


119


85.10%


68


5.0%


1,064,706


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