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Four life insurers with best claim settlement ratio in India

Claim settlement ratio (CSR) is an indicator of the death claims settled by an insurance company in a financial year. It is calculated as the total number of claims the company received to the number of claims settled.

If an insurance provider has received 100 claims and settled 97 of them, the claim settlement ratio of that enterprise will be 97%.

Checking the CSR of any insurance company is the best way to judge the efficiency of their claim settlement process. The ratio is a measure of the reliability of the insurer. If you are looking to check the CSR of an insurer, you can see the Insurance Regulatory and Development Authority's annual report published on their website.

The report contains details on the performance of all insurance companies in India. It includes details such as:

  • Number of policies sold.
  • Amount of premium obtained.
  • The CSR of the previous year.

Here is a list of the foremost life insurance companies based on claim settlement ratio.

Top 4 Insurers by CSR

Max Life Insurance (98.26)

Well-known for resolving most of their customers' issues, Max Life Insurance is the leading insurance provider when it comes to claim settlement ratio. According to the IRDA annual report of 2017-18, the company has a CSR of 98.26, which surpasses that of LIC (A state-owned insurance group).

Moreover, the company is also a market leader when it comes to introducing customer-centric products and services. Its InstaClaim initiative is a program, under which Max Life promises to settle claims made on specific plans within 24 hours. The company also boasts of over 221 offices around the country with ₹53,237 crore worth assets under management.

Tata AIA Life (98.00)

TATA AIA Life is a joint venture between the TATA Group and the AIA Group. With a combination of TATA's trust and AIA's technology, the company is the fastest growing insurance enterprise in the country.

The company boasts a wide range of innovative and comprehensive products developed to meet the need of their customers.

HDFC Standard Life (97.80)

As the third largest private insurer based on volume of business, HDFC Standard Life is a leading provider when it comes to claim settlement ratio.

The company is well-known for a range of policies starting from term plans to ULIPs. With over 11,000 employees, the company promises its customers 24*7 assistance at every step of their claim settlement journey.

Bharti AXA Life (96.85)

A joint venture between AXA Group and Bharti Enterprises, Bharti AXA Life Insurance has a strong foothold in the Indian insurance sector. With strategies revolving around customers engagement and benefits, the company has a claim settlement ratio of 96.85 percent.

Moreover, the company is also well-known to provide dedicated claim handlers who assist claimants throughout the settlement process.

Well, there you have it, the list of leading insurers based on their claim settlement ratios for the FY 2017-18. Purchasing a plan from one of these insurance companies can help you avoid the hassle of running from pillar to pole for claim settlement.

However, while considering claim settlement ratio is essential, many other factors require proper consideration as well.

Some Other Factors to Consider


Insurance companies offer a bunch of add-ons with their insurance policies to increase the cover. If you want to buy a policy that provides comprehensive protection, make sure that you go for an insurer that gives benefits such as:

  • Premium waiver benefit.
  • Critical illness rider.
  • Accidental death benefit.

Pay-out Options

Before buying an insurance plan, check if the insurer is offering you different pay-out options. Most insurers today offer options starting from lump sums to monthly pay-outs.

Choose an insurance company that offers multiple options, so you can choose one according to your needs.

India is a country where there is no option of social security cover. Thus, buying a life insurance plan becomes the only choice when it comes to securing the financial future of your family.

When you select an insurance company with a good claim settlement ratio, you ensure that your family will get the money without any hassles.

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