While deciding on a term plan, the biggest point which a person looks at is the Claim settlement ratio. Term insurance is not about money but it’s about peace of mind that our loved ones are safe and secure incase we are not here to look after them, hence while taking term plan one want to be 100% confirm that their claim does not get rejected under any worst scenario. According to claim settlement ratio published by IRDA we can see LIC in the top of the list.
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| Claim Settlement Ratio Data from IRDA report 2010-11 |
Not necessary - IRDA report with its claim settlement ratio part, no where mentions it to be DEATH CLAIM SETTLEMENT RATIO. Almost 90% of the LIC policies are endowment / moneyback policies which are settled very nicely by LIC. In some of the cases, final amount post dated cheque reaches the client even before the last date of policy. Most of these endowment and moneyback policies are running for last so many years so they get settled very smoothly. So this factor should also be kept in mind that its not DEATH CLAIM SETTLEMENT ratio but just claim settlement ratio.
Can I buy term plan from other insurance providers?
Yes you can - if you have filled your form properly and provided accurate information / documentation while applying for the insurance, and later on the claim is GENUINE, then there is no way on earth that claim will not be settled, Irrespective of the claim settlement ratio.
You don’t have to worry for taking term insurance from LIC or any private companies because all are regulated by IRDA. Just be honest and provide all information’s correctly. Go for any company that you trust, more or less all are same.
Good one! A lot of people have this question about Claim Settlement Ratio in their minds. This will clear their doubts. I am going to share it with as many people as possible because it is very much general and is needed before opting for any company’s plan.
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