Claim Settlement Ratio 2024-25: Every Insurer, From IRDAI's Data
How many death claims each life insurer paid, by number and by amount, how fast, and how health and general insurers settled their claims.
In 2024-25 life insurers paid 97.82% of 10,34,455 individual death claims by number and 96.29% by amount, IRDAI's figures show. LIC paid 97.59% by number and 96.08% by amount. Among insurers with at least 500 claims, Axis Max Life paid the highest share (99.70%) and LIC the lowest (97.59%). 97.1% of paid claims were settled within 30 days of being reported.
The words on this page, explained simply
New to this? Here is what each term means, in plain English.
- Claim settlement ratio
- The share of claims an insurer pays out of all the claims it had to decide in a year. Check it by number and by amount: an insurer can pay most small claims and dispute the big ones.
- Repudiated claim
- A claim the insurer refuses to pay, most often because facts were not disclosed on the proposal form.
- Incurred claims ratio
- The share of the premium an insurer spent on claims in the year. Above 100% means it paid out more than it earned in premium.
The claim settlement ratio is the share of claims an insurer pays. It is the one number everyone quotes, and it hides a lot: an insurer can pay most small claims and dispute the big ones, so the share of the money paid matters as much. This page shows both for every life insurer, plus how quickly each one pays, all from IRDAI's own yearly statistics.
What each number means
Paid by number: claims paid out of all claims the insurer had to decide in the year (those pending at the start plus those reported). Paid by amount: the same, in rupees of benefit. A big gap between the two means larger claims were more often refused or delayed. Turned down: claims repudiated or rejected. Within 30 days: the share of paid claims settled within 30 days of being reported.
For health and general insurers IRDAI reports claims by number only, so the table shows claims paid, refused and still pending at the year's end out of all claims to be settled. The incurred claims ratio is how much of the health premium the insurer spent on claims: low means it kept more of the premium.
Reading the ratios fairly
Small insurers' ratios swing on a handful of claims; those with fewer than 500 death claims are marked. Ratios also depend on who buys from the insurer and how carefully it checked the proposal form: most refused claims rest on facts not disclosed when buying, so filling the proposal form truthfully protects your family more than picking the top insurer by a fraction of a percent.
Five largest life insurers by claims in 2024-25:
| Insurer | Death claims | Paid by number | Paid by amount | Paid within 30 days |
|---|---|---|---|---|
| LIC | 8,69,086 | 97.59% | 96.08% | 97.1% |
| SBI Life | 44,949 | 98.34% | 95.26% | 99.1% |
| Axis Max Life | 20,225 | 99.70% | 97.39% | 94.4% |
| HDFC Life | 19,729 | 99.68% | 97.96% | 100.0% |
| Bajaj Allianz | 14,094 | 99.29% | 93.04% | 93.9% |
Health insurers
Stand-alone health insurers, by share of claims paid:
| Insurer | Claims to settle | Paid | Refused | Incurred claims ratio |
|---|---|---|---|---|
| Care Health Insurance Ltd. | 15,08,929 | 95.2% | 3.1% | 65.1% |
| Aditya Birla Health insurance Co. Ltd. | 24,27,651 | 94.1% | 4.0% | 76.0% |
| ManipalCigna Health Insurance Co. Ltd. | 4,92,746 | 93.1% | 6.2% | 73.3% |
| Narayana Health Insurance Co. Ltd. * | 12 | 91.7% | 0.0% | 57.1% |
| Niva Bupa Health Insurance Co. Ltd. | 10,39,909 | 90.6% | 7.3% | 61.6% |
| Star Health and Allied Insurance Co. Ltd. | 25,75,862 | 78.5% | 12.3% | 70.5% |
| Galaxy Health Insurance Co. Ltd. * | 75 | 66.7% | 17.3% | 8.3% |
| Reliance Health Insurance Ltd. * | 18 | 61.1% | 0.0% | – |
* Fewer than 500 claims in the year.
Source
IRDAI, Handbook on Indian Insurance Statistics 2024-25, published 3 February 2026: tables 15 and 18 (individual death claims of life insurers), 53 (claims of general and health insurers) and 62 (health insurance incurred claims). The Handbook is on IRDAI's website. Ratios are worked out here from IRDAI's claim counts and amounts.
Key takeaways
- Life insurers paid 97.82% of death claims by number and 96.29% by amount in 2024-25.
- Check the share paid by amount, not just by number.
- Most refused claims come from facts not disclosed on the proposal form.
Frequently asked questions
What is the claim settlement ratio of LIC?
In 2024-25, LIC paid 97.59% of 8,69,086 individual death claims by number and 96.08% by amount (IRDAI).
Which life insurer has the highest claim settlement ratio?
Among insurers with at least 500 death claims in 2024-25, Axis Max Life, at 99.70% by number. Compare the share paid by amount and the speed too; the table on this page has all three.
What is a good claim settlement ratio?
The industry paid 97.82% by number in 2024-25. Most large insurers are within a point or two of each other, so the share paid by amount and how fast claims are paid tell you more.
What is incurred claims ratio in health insurance?
The share of the health premium an insurer spent on claims in the year. A very low ratio can mean it kept much of the premium; above 100% means it paid out more than it earned in premium.