LIC settlement rate higher than peers’

LIC had a claim settlement ratio of 98.5% as of March 31, 2023, according to data released by the Insurance Regulatory and Development Authority in its annual report. The ratio showed a slight decrease from the 98.7% reported a year earlier. In contrast, private sector counterparts had a claim settlement ratio of about 98% — slightly down from previous year’s 98.1%. Regarding individual life insurance business for the year 2022-23, of the total 10.8 lakh death claims, life insurance companies settled 10.6 lakh — disbursing a total benefit amount of Rs 28,611 crore.

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