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      News and Press Release

      Settlement of Insurance Claims

      August 11, 2018

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      The details of claims paid upon death of the insured person by the life insurance companies during the years 2015-16, 2016-17 and 2017-18, are given at ‘Annexure A’.

      The details of complaints against the said companies for denial/partial denial of claims upon death of insured person, during the years 2015-16, 2016-17 and 2017-18, is at ‘Annexure B’.

      As per Regulation 14 of Insurance Regulatory and Development Authority of India (Protection of Policyholders’ Interest) Regulations, 2017, certain procedures such as immediate processing upon receiving a death claim, adhering to timelines for settlement of a death claim, reasons to be stated on rejection or repudiation of the claim, interest to be paid due to delay on the part of insurer etc. are required to be followed by insurers for claim settlement in respect of a life insurance policy.

      Regulation 17 of the said Regulations states that every insurer shall have in place proper procedures and effective mechanism to expeditiously resolve complaints and grievances of policyholders and claimants efficiently.

      As per Insurance Regulatory and Development Authority of India (IRDAI), based on the analysis of claims data of life insurers, if any variation or abnormal discrepancies are noticed, the same are taken up with the insurers. These variations/ deviations/discrepancies noticed are also thoroughly checked by the Inspection Department of the Authority during regular onsite inspection. The Authority also conducts focussed online inspection. In case any grave irregularity is noticed in the claim settlement by the insurer, regulatory and corrective measures are initiated accordingly. 

      Annexure A referred to in reply to Lok Sabha Unstarred Question No. 4097 for 10th August, 2018

      Number of claims paid upon death of the insured person by the life insurance companies

      Life Insurers

      FY 2015-16

      FY 2016-17

      FY 2017-18

       

      Individual

      Group

      Individual

      Group

      Individual

      Group

       

      Aditya Birla Sun Life Insurance Company Limited

      6372

      2309

      5727

      1948

      5292

      4593

       

      Aegon Religare Life Insurance Company Limited

      508

      1

      571

      0

      530

      13

       

      Aviva Life Insurance Company India Limited

      1255

      2068

      1128

      1206

      1056

      490

       

      Bajaj Allianz Life Insurance Company Limited

      16404

      148840

      14887

      201422

      13176

      197425

       

      Bharti Axa Life Insurance Company Limited

      1009

      175

      811

      205

      860

      291

       

      Canara HSBC Oriental Bank of Commerce Life Insurance

       

       

       

       

       

       

       

      Company Limited

      531

      525

      620

      141

      797

      928

       

      DHFL Pramerica Life Insurance Company Limited

      460

      15733

      428

      27149

      572

      48236

       

      Edelweiss Tokio Life Insurance Company Limited

      120

      1269

      153

      1429

      180

      2068

       

      Exide Life Insurance Company Limited

      2889

      697

      2866

      1441

      3250

      1585

       

      Future Generali India Life Insurance Company Limited

      1381

      198

      1223

      12746

      1202

      767

       

      HDFC Standard Life Insurance Company Limited

      11811

      13742

      12421

      38025

      12289

      72946

       

      ICICI Prudential Life Insurance Company Limited

      10615

      1876

      10539

      1774

      11216

      2665

       

      IDBI Federal Life Insurance Company Limited

      920

      1753

      962

      2906

      1068

      1290

       

      India First Life Insurance Company Limited

      1359

      6197

      1439

      7123

      1626

      8579

       

      Kotak Mahindra Old Mutual Life Insurance Limited

      2465

      34501

      2583

      46049

      2881

      48572

       

      Max Life Insurance Company Limited

      8895

      3688

      9606

      5531

      10152

      7932

       

      PNB Met Life India Insurance Company Limited

      2641

      1915

      3380

      1749

      3726

      1264

       

      Reliance Nippon Life Insurance Company Limited

      13714

      6354

      10473

      12266

      8553

      7262

       

      Sahara India Life Insurance Company Ltd.

      717

      67

      654

      88

      556

      7

       

      SBI Life Insurance Company Limited

      15037

      19523

      17027

      23172

      18274

      32915

       

      Shriram Life Insurance Company Limited

      1512

      14575

      1859

      32634

      2524

      32424

       

      Star Union Dai-ichi Life Insurance Company Limited

      1102

      4740

      1238

      5456

      1145

      4448

       

      Tata AIA Life Insurance Company Limited

      3205

      1147

      2599

      695

      2793

      576

       

      Private Life Insurers- Total

      104922

      281893

      103194

      425155

      103718

      477276

       

      Life Insurance Corporation of India

      749249

      246745

      756399

      290148

      724596

      284103

       

      Life Insurers- Total

      854171

      528638

      859593

      715303

      828314

      761379

       

      Source: Insurance Regulatory and Development Authority of India (IRDAI)

      Annexure B referred to in reply to Lok Sabha Unstarred Question No. 4097 for 10th August, 2018

      Number of complaints for denial/partial denial of claims upon death of insured person by life insurers

       

       

      2015-16

       

       

      2016-17

       

       

      2017-18

       

       

      Insurer Name

      In favour

      Partially in favour

      Reject

      Total

      In favour

      Partially in favour

      Reject

      Total

      In favour

      Partially in favour

      Reject

      Total

       

       

       

      AEGON Religare Life Insurance Company Limited

       

      2

      1

      3

       

       

      1

      1

       

       

      2

      2

       

      Aviva Life Insurance Company India Limited

       

      2

      7

      9

       

       

      5

      5

       

       

       

       

       

      Bajaj Allianz Life Insurance Company Limited

      4

      5

      9

      18

      4

       

      6

      10

      5

      1

      4

      10

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Bharti-Axa Life Insurance Company Limited

       

       

      2

      2

       

       

      10

      10

      1

      1

      6

      8

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Birla SunLife Insurance Company Limited

      1

       

      6

      7

       

      2

      2

      4

      3

      2

      14

      19

       

      Canara HSBC Oriental Bank of Commerce Life Insurance

      1

      1

      2

      4

       

      2

      1

      3

      1

      1

      1

      3

       

      Company Limited

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      DHFL Pramerica Life Insurance Company Limited

       

       

      2

      2

       

      2

      1

      3

       

       

      2

      2

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Exide Life Insurance Company Limited

      2

      1

      5

      8

       

      1

      8

      9

       

      2

      6

      8

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Future Generali India Life Insurance Company Limited

      3

      5

      10

      18

       

      4

      8

      12

       

      1

      2

      3

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      HDFC Standard Life Insurance Company Limited

       

      1

      24

      25

      7

      1

      50

      58

      28

       

      44

      72

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      ICICI Prudential Life Insurance Company Limited

      10

      6

      80

      96

      5

      5

      38

      48

      4

      9

      47

      60

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      IDBI Federal Life Insurance Company Limited

      4

       

      19

      23

      7

      1

      15

      23

      1

       

      11

      12

       

      IndiaFirst Life Insurance Company Limited

      4

      1

      15

      20

      24

      4

      66

      94

      49

       

      88

      137

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Kotak Mahindra Old Mutual Life Insurance Limited

      1

       

      8

      9

       

       

      24

      24

       

       

      4

      4

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Max Life Insurance Company Limited

      11

       

      74

      85

      2

       

      55

      57

      4

      1

      58

      63

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      PNB MetLife India Insurance Company Limited

      2

       

      5

      7

      4

       

      15

      19

      7

       

      19

      26

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Reliance Nippon Life Insurance Company Limited

      4

      3

      26

      33

      1

      2

      30

      33

      1

       

      10

      11

       

      SBI Life Insurance Co. Limited

      6

      5

      29

      40

      2

      1

      11

      14

      3

      5

      17

      25

       

      Shriram Life Insurance Company Limited

       

       

      2

      2

       

       

      5

      5

       

       

      10

      10

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Star Union Dai-ichi Life Insurance Company Limited

      1

       

      4

      5

      1

       

      4

      5

      2

      1

      8

      11

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Tata AIA Life Insurance Company Limited

      4

      3

      69

      76

      3

      1

      38

      42

      3

      1

      29

      33

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Private Life Insurers - Total

      58

      35

      399

      492

      60

      26

      393

      479

      112

      25

      382

      519

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      Life Insurance Corporation of India

      49

      11

      10

      70

      64

      10

      11

      85

      42

      12

      12

      66

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      TOTAL

      107

      46

      409

      562

      124

      36

      404

      564

      154

      37

      394

      585

       

      Source: Insurance Regulatory and Development Authority of India (IRDAI)

      This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a Written reply to a question in Lok Sabha.

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