The Life Insurance Corporation of India (LIC) has reported a claim settlement ratio of 98.5% as of March 31, 2023, according to the Insurance Regulatory and Development Authority (IRDA) annual report. This is slightly lower than the previous year’s 98.7%, yet higher than most private sector insurers, which averaged around 98%.
For group life insurance, LIC settled almost 99% of claims, while private insurers averaged 99.4%. During FY 2022-23, LIC issued 204.3 lakh policies, accounting for 71.8% of new individual life insurance policies, with private insurers issuing 80.4 lakh policies.
The total benefit disbursed by LIC and other life insurers reached ₹28,611 crore, highlighting the corporation’s robust claim settlement performance.
Key Highlights:
- Paid claims: 98.45%
- Rejected: 0.4%
- Repudiated: 1.01%
- Pending: 0.08%
- Unclaimed: 0.06%
LIC continues to lead in claim settlements, reinforcing trust among policyholders and maintaining its reputation in the insurance sector.
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