Death Claim Analysis

of All Life Insurers for the Year 2018-19

Based on Average Claim Amount Repudiated Vs Paid per life
(Criteria: Minimum 100 Crores of Claim Amount Payable)
Total Claims
Total Claims Paid Total Claims Repudiated
Payable
Company Average Average
Amount Amount Amount
Number Number Amount Number Amount
in Crores in Crores in Crores
in Lakhs in Lakhs
HDFC Standard Life 12946 627.72 12822 577 4.50 67 33 49.25
ICICI Prudential Life 10826 893.93 10672 827 7.74 128 52 40.62
Tata AIA Life 2700 150.72 2675 145 5.42 25 6 24.00
Aditya Birla Sun Life 5260 306.90 5110 276 5.40 126 21 16.66
PNB Met Life 4170 227.56 4012 204 5.08 157 24 15.28
Max Life 15087 479.46 14897 452 3.03 187 26 13.90
Kotak Mahindra Life 3038 148.42 2959 137 4.62 67 8 11.94
Bajaj Allianz Life 12767 390.49 12130 349 2.87 445 34 7.64
SBI Life 19902 763.73 18913 689 3.64 889 66 7.42
Reliance Nippon Life 8371 164.97 8179 154 1.88 188 10 5.31

All Private Insurers 112287 4920.32 108519 4493 4.14 3173 346 10.90
Percentage 96.64% 91.32% 2.83% 7.03%
LIC of India 750950 13503.20 734328 12872 1.75 3199 193 6.03
Percentage 97.79% 95.32% 0.43% 1.43%
Source: IRDA's Annual Report 2018-2019, Page no 152/153, Available at www.irdai.gov.in

Notes:
1. Total Number of Claims Repudiated by Private Insurers are 2.83% Vs 0.43% of LIC of India.
2. Total Claim Amount Repudiated by Private Insurers is 7.03% Vs 1.43% of LIC of India.
3. Private Insurers are Repudiating High Sum Assured Cases as Average Amount of Claim
Repudiated per life is quite high as compared with Average Amount of Claim Paid per life.
HDFC Life: 49.25 Lakhs Vs 4.50 Lakhs, ICICI Prudential Life: 40.62 Lakhs Vs 7.74 Lakhs,
TATA AIA Life: 24.00 Lakhs Vs 5.42 Lakhs, Aditya Birla Sun Life: 16.66 Lakhs Vs 5.40 Lakhs,
PNB Met Life: 15.28 Lakhs Vs 5.08 Lakhs, Max Life: 13.90 Lakhs Vs 3.03 Lakhs

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