#1
23rd December 2016, 03:10 PM
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IRDA Term Insurance
Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous apex statutory body tasked with the regulation and promotion of the insurance and Re-insurance industries in India.
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#2
23rd December 2016, 03:32 PM
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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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