Claim Settlement Ratio of LIC of India
Life is a journey filled with uncertainties, and it's only natural to seek reassurance along the way. This is where life insurance plays a pivotal role, offering a safety net for our loved ones in times of need. When it comes to life insurance in India, one name stands tall among more than 20 life insurance companies – the Life Insurance Corporation of India (LIC). LIC of India ensures life protection for customers with affordable and protective LIC life insurance policies.
But how does LIC of India continuously sustain this trust? What major factors do LIC prevail over as a life insurance company?
Multiple factors like claim settlement ratio, solvency ratio, and market share are some of the major factors a customer should consider before buying an insurance policy. This article discusses the claim settlement ratio of the Life Insurance Corporation of India (LIC of India).
Why is it Important to Measure the CSR of LIC of India?
LIC has been one of the first choices in the Indian insurance landscape, and its claim settlement ratio proves its commitment to policyholders. The CSR of LIC is consistently high, reflecting the dedication to fulfilling its promises promptly and providing policyholders with the financial security they seek. The following are the key reasons why measuring the claim settlement ratio of the LIC of India is important.
Reliability and Trust
A high CSR of a life insurance company (LIC of India) inject confidence among policyholders. The claim settlement ratio assures them that LIC is a trusted partner when it comes to safeguarding the lives of their loved ones in case of any uncertain event.
Customer Satisfaction
Getting financial help at the most needed time is what a customer seeks when buying a life insurance policy. Timely settled claims ensure customer satisfaction. LIC's commitment to promptly settling claims contributes to a positive customer experience, providing a sense of security to the policyholder.
Transparency and Accountability
A transparent claims settlement process is essential for the credibility of any insurance company. The high CSR of LIC of India reflects its commitment to a hassle-free and open process of handling claims, hence earning the trust of policyholders.
Claim Settlement Ratio of LIC of India
As per the list released by IRDAI, the following is the claim settlement ratio of LIC of India from the last 5 years.
| Annual Year | Claim Settlement Ratio |
|---|---|
| 2017-2018 | 98.04 % |
| 2018-2019 | 97.79 % |
| 2020-2021 | 98.62 % |
| 2021-2022 | 98.74% |
How to Make Claims at Life Insurance Corporation of India?
Life Insurance Corporation of India (LIC of India) ensures that customers settle their claims as easily as possible by connecting and filing them hassle-free in emergencies or maturity. Below are the easy steps for filing the claims at LIC of India.
Process to File a LIC Maturity Claim
- In the case of LIC endowment policies, the sum assured is payable at the end of the policy term. The LIC branch serving the policy sends a letter to the policyholder, mentioning the date and the policy money payable. The policyholder is entitled to return the discharge form fully completed with the policy document. After receiving the documents, the payment is processed to the receiver’s account.
Process to File a LIC Death Claim
The death benefits are payable in cases where the policy premiums are up-to-date or where the death occurs within the policy tenure. The first step is to intimate the LIC branch office about the death of the life assured. The LIC branch officer then asks for the documents. After receiving the supporting documents and duly filling out the death claim form, the officials start the verification process. After successful verification, the death claim amount is transferred to the beneficiary account.
Documents Required for Making Claims at LIC of India
The following documents are required to make claims at LIC of India.
- The Claim Form A.
- Original policy documents
- Certified extract from the death register
- Document of age proof (if age is not admitted)
- Proof of the title of the deceased’s estate (only in case the policy is not nominated, assigned or issued under M.W.P. Act.)
- The FIR report copy and post-mortem report (in case of accidental death) If the demise of the policyholder occurs within three years from the date of the revival, the following documents are required
- Claim Form B: Certificate of the medical attendant
- Claim Form B1: If the insured received treatment in a hospital
- Claim Form B2: Filled by the medical attendant who treated the last illness
- Claim Form C: Certificate of identity and burial or cremation, completed and signed by the person of known character
- Claim Form E: Employment certificate (in case the insured is employed)
- First Information Report
- Post Mortem Report and Police Investigation Report (in case of accident or unnatural death)
Final Words
In the world of uncertainties, the Claim Settlement Ratio becomes a major aspect guiding policyholders towards a trustworthy life insurer. LIC's consistently high CSR reflects its financial strength and, more importantly, its abiding commitment to policyholders. No matter what kind of LIC plan you buy, whether LIC term, LIC endowment, LIC whole-life, LIC child plan, LIC pension plan, or any LIC group plan, it is important that you review the claim settlement ratio of LIC. To get an update on the LIC claim, you can visit the nearest LIC branch or connect with LIC customer care support. For more details on LIC life insurance policies or life insurance company details, connect with RenewBuy POSP advisors and get assured and professional consultation. You can also search for a LIC life insurance agent nearby on RenewBuy Advisor Connect.
