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1/29/2015 Private life insurers rejected one out of five claims in FY 14 Economic Times http://articles.economictimes.indiatimes.com/20150112/news/57983246_1_settlementratioprivatelifeinsurersindiafirstlifeinsurance 1/2 Tags: Shriram Life | Private life insurers | IndiaFirst Life Insurance | claims | Canara HSBC OBC Tweet 0 1 Recommend S S How a twoyearold firm is hitting a daily turnover of Rs 4,000 crore today 10 best taxsaving investments Top seven stocks Rakesh Jhunjhunwala is betting on Private life insurers rejected one out of five claims in FY 14 ET Bureau Jan 12, 2015, 04.00AM IST MUMBAI: Private insurers Shriram Life, IndiaFirst Life Insurance and Canara HSBC OBC rejected nearly one in five claims during 201314 while staterun Life Insurance Corporation improved its claims settlement ratio to 98.14% during the fiscal, according to the annual report released by Insurance Regulatory and Development Authority. Insurers say they are forced to reject — or repudiate, in industry parlance — a lot of claims due to suppression of relevant facts such as medical history. Mediclaim Rate Calculator mediclaimindia.co.in/Calculator Use Mediclaim Premium Calculator & Get Best Offers on Health Insurance Aviva™ i-Growth ULIP Plan avivaindia.com/ULIP-igrowth Investment Plus Life Insurance Plan Grow Your Savings With Life Cover. Term Life Insurance Plans bankbazaar.com/lifeinsurance Stay ahead of the Curve With the Best Life Insurance. Check Now! "Insurance nondisclosure is the biggest item, which is leading to repudiation. Customers should be willing to share more information proactively," said Girish Kulkarni, managing director and chief executive of Star Union DaiIchi, which settled 92.86% claims during the year. In 201314, insurers repudiated 18,423 claims for Rs 624 crore while 8,496 claims for a total of Rs 450 crore were pending. Life insurance companies settled 8.56 lakh claims on individual policies with a total payout of Rs 10,860 crore during the fiscal. The settlement ratio of private sector insurers dropped to 88.31% from 88.65% while the percentage of repudiations during the fiscal was 8.03%. Insurers closely investigate claims which are reported early on during the term of a policy. Insurance companies have been dealing with organised frauds in life insurance, as a result of which they have blacklisted certain areas. FEATURED ARTICLES RELATED ARTICLES IndiaFirst Life Insurance crosses 1 lakh policies landmark August 10, 2010 Don’t be lured by low premium, check co’s settlement... January 16, 2014 LIC lays claim to no.1 spot in settlements December 30, 2011 INDEPTH COVERAGE FOLLOW ET: Log In / Join News LATEST NEWS > 02:34 PM: Greece can't make changes 'detriment' of other Europe... 02:30 PM: PMK shocked over Centre's willingness for debate on P... 02:28 PM: Islamic State purportedly sets new deadline for hosta... MS Dhoni His biopic may rake in Rs 30 crore for producers < > News Analysis SENSEX 29,487.34 71.84 NIFTY 8,885.95 28.35 GOLD (MCX) (Rs/10g.) 27,702.00 57.00 USD/INR 61.52 0.11 LOGIN to Track your Investments 02:43 PM | 29 Jan MARKET STATS Live Home Wealth ET Wealth Fixed Deposits Insurance Art Loan Centre Credit Cards Real Estate Tax Savers Savings Centre Indiatimes The Times of India The Economic Times More You are here: Home > Collections > Life Insurance Companies (Life insurance companies…)
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1/29/2015 Private life insurers rejected one out of five claims in FY 14 Economic Times
http://articles.economictimes.indiatimes.com/20150112/news/57983246_1_settlementratioprivatelifeinsurersindiafirstlifeinsurance 1/2
Tags: Shriram Life | Private life insurers | IndiaFirst Life Insurance | claims | Canara HSBC OBC
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Private life insurers rejected one outof five claims in FY 14ET Bureau Jan 12, 2015, 04.00AM IST
MUMBAI: Private insurers Shriram Life, IndiaFirst LifeInsurance and Canara HSBC OBC rejected nearly one infive claims during 201314 while staterun Life InsuranceCorporation improved its claims settlement ratio to 98.14%during the fiscal, according to the annual report released byInsurance Regulatory and Development Authority. Insurerssay they are forced to reject — or repudiate, in industryparlance — a lot of claims due to suppression of relevantfacts such as medical history.
Mediclaim RateCalculatormediclaimindia.co.in/Calculator
Use Mediclaim PremiumCalculator & Get Best Offers onHealth Insurance
Aviva™ i-GrowthULIP Planavivaindia.com/ULIP-igrowth
Investment Plus Life Insurance PlanGrow Your Savings With Life Cover.
Term LifeInsurance Plansbankbazaar.com/lifeinsurance
Stay ahead of the Curve With theBest Life Insurance. Check Now!
"Insurance nondisclosure is the biggest item, which is leading to repudiation. Customers should be willing toshare more information proactively," said Girish Kulkarni, managing director and chief executive of StarUnion DaiIchi, which settled 92.86% claims during the year. In 201314, insurers repudiated 18,423 claimsfor Rs 624 crore while 8,496 claims for a total of Rs 450 crore were pending.
Life insurance companies settled 8.56 lakh claims on individual policies with a total payout of Rs 10,860crore during the fiscal. The settlement ratio of private sector insurers dropped to 88.31% from 88.65% whilethe percentage of repudiations during the fiscal was 8.03%. Insurers closely investigate claims which arereported early on during the term of a policy. Insurance companies have been dealing with organised fraudsin life insurance, as a result of which they have blacklisted certain areas.
FEATURED ARTICLESRELATED ARTICLES
IndiaFirst Life Insurance crosses 1 lakh policieslandmarkAugust 10, 2010
Don’t be lured by low premium, check co’ssettlement...January 16, 2014
LIC lays claim to no.1 spot in settlementsDecember 30, 2011
INDEPTH COVERAGE
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LATEST NEWS >02:34 PM: Greece can't make changes 'detriment' of other Europe...
02:30 PM: PMK shocked over Centre's willingness for debate on P...
02:28 PM: Islamic State purportedly sets new deadline for hosta...
02:26 PM: Online British grocer Ocado to set up 4th distributio...
MS Dhoni
His biopic may rake in Rs30 crore for producers
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NIFTY8,885.95 28.35
GOLD (MCX) (Rs/10g.)27,702.00 57.00
USD/INR61.52 0.11
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1/29/2015 Private life insurers rejected one out of five claims in FY 14 Economic Times
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Readers' opinions (9)
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20 Jan, 2015 06:05 PMMilan Jawani (Ahmedabad)
If you go with the actual number of claim settlement ration of LIC you will come to know the actual number ofcases rejected. (Always % are not important to measure LIC's performance)
12 Jan, 2015 01:01 PMnayan ()
what was the figure of 2013
12 Jan, 2015 12:42 PMStanley ()
Private Companies in which ever field they may be they know one thing for sure how to slit once throat painlessly
12 Jan, 2015 11:42 AMPayal Lakhwani (hyderabad)
why they reject, IRDA is puppet in hands of huge masters
12 Jan, 2015 11:11 AMMahtab (Hyderabad)
Life insurance remains a risky game! However the data in the article makes it clear that the LIC remains the safestbet with its further improvement in the already best claims settlement ecords. No other company is anywhere nearthe stanards set by LIC An unsusual feat for a PSU compan. Three cheers to the trend setter.
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