LIC has the best record of paying out death claims, compared to private insurers - according to a report by IRDA (Insurance Regulatory and Development Authority) as in their annual account of 2011 - 2012 claims.
LIC has settled 97.42% cases of death claims in 2011 -12 as compared to 89.34% by the private sector.
AdvertisementAccording to IRDA "Settlement ratio of LIC increased to 97.42 per cent during the year 2011-12 when compared to 97.03 per cent during the previous year." Though private sectors repudiated higher claims compared to LIC.
Private insurers did improve this year with 89.34% from 83.04%. LIC boasts of 70% of the market share while 23 private insurers share the rest.
Source: PTI 24th Dec 2012
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