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Group Term Life Insurance

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Claim settlement ratio 2022 - group term life insurance

Claim settlement ratio means the number of claims settled as compared to the number of claims received. This is an important metric used to choose group term life insurance. When you choose an insurer with a higher claim settlement ratio, then your employees are more likely to have a good claim experience. 

Claim settlement means when a claim is raised by a policyholder, the insurer accepts or rejects the claim. This accounts for the settlement of the claim. In group term life insurance, when an employee dies, the nominee submits a filled claim form to receive the death benefit. The insurer will verify the details of the employee, beneficiary and regarding the fatal incident. They will also vet the original documents submitted to process the claim in order to see your group term life insurance claim status. After that, the insurer will settle the claim. 

Claim settlement ratio of top life insurers

TATA AIA Life Insurance 99.07%
SBI Life Insurance Company 95.03%
Edelweiss Tokio Life Insurance Company 95.82%
ICICI Prudential Life Insurance Company 98.58%
Reliance Nippon Life Insurance Company 97.71%
HDFC Life Insurance Company 99.04%
Bajaj Allianz Life Insurance Company 95.01%
Max Life Insurance Company 99.20%
Aditya Birla Sun Life Insurance Company 97.15%

Frequently asked questions

Who can make a claim under a term life insurance policy?

The nominee/nominees can make a claim under term life insurance policy.

Which are the top three term life insurance companies in terms of the Claim Settlement Ratio?

Max Life Insurance Company - 99.20

TATA AIA Life Insurance - 99.07 

HDFC Life Insurance Company - 99.04

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