Claim settllement of life insurance companies

POSTED BY MoneySavingsHelp ON December 21, 2010 1:15 pm COMMENTS (3)

On number of occasions on this forum, readers have mentioned that claim ratio of private life insurance companies are low. IRDA webiste just gives claim ratio percentage. They did NOT mention the reasons of same. The reason can be from customer side also on giving wrong information in application form e.g. pre-existing disease like Cancer, AIDS etc.

So, is there any authentic source where we can FIND out why life insurance companies including LIC are rejecting claim even if it is 2% of total claims.

Thanks

3 replies on this article “Claim settllement of life insurance companies”

  1. bharat shah says:
    December 21, 2010 at 6:59 pm

    can RIGHT OF INFORMATION act be a help in the matter? it may not be easy and pracicable., time consuming, expensive.

    Reply
    1. MoneySavingsHelp says:
      December 22, 2010 at 8:33 am

      I think RTI is not applicable to private companies. It’s only for Govt. companies. So, one can only ask LIC under that but not other pvt. life insurance companies.

      Any comment?

      Reply
  2. Manish Chauhan says:
    December 21, 2010 at 1:22 pm

    I dont think so if there is any place which categorises the claim rejections reasons and give % for them .

    Reply

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