Claim Settlement Ratio
Individual death claims settled within 30 days — FY 2023-24, as per IRDAI's Handbook on Indian Insurance Statistics 2023-24.
Life insurers — FY 2023-24
| Insurer | Policies settled | CSR % (within 30 days) |
|---|---|---|
| LIC | 7,99,612 | 96.42 |
| SBI Life | 37,344 | 98.99 |
| HDFC Life | 19,333 | 99.97 |
| Axis Max Life | 19,529 | 99.79 |
| Bajaj Allianz Life | 14,662 | 99.78 |
| ICICI Prudential Life | 12,997 | 97.09 |
| Tata AIA Life | 6,348 | 99.58 |
| Aditya Birla Sun Life | 6,201 | 99.97 |
| PNB MetLife | 5,664 | 99.74 |
| Kotak Mahindra Life | 4,300 | 100.00 |
| Shriram Life | 3,752 | 98.76 |
| IndiaFirst Life | 3,298 | 99.94 |
| Canara HSBC Life | 2,444 | 100.00 |
| Reliance Nippon Life | 7,631 | 94.54 |
| Star Union Dai-ichi Life | 1,848 | 94.38 |
| Private insurers (total) | 1,51,770 | 99.00 |
| All insurers (LIC + private) | 9,51,382 | 96.82 |
Source: IRDAI Handbook on Indian Insurance Statistics 2023-24 (individual death claims settled within 30 days). For the latest figures, please check irdai.gov.in — ratios change every year.
Please read: indicative estimates only
This table reproduces IRDAI's published FY 2023-24 figures for reference only and is not a recommendation of any insurer. Past settlement ratios do not guarantee future claim outcomes. Please confirm current data on irdai.gov.in and consult an IRDAI-registered advisor before deciding.
What is claim settlement ratio?
Claim settlement ratio (CSR) is the percentage of claims an insurer settles out of the total claims it receives in a year. The table above uses IRDAI's "claims settled within 30 days" measure for individual death claims — it shows how quickly and reliably an insurer pays grieving families. A ratio above 95% is generally considered strong; below 90% deserves a closer look at why claims were delayed or rejected.
What is claim settlement ratio?
Claim settlement ratio is the percentage of claims an insurer settles out of the total claims it receives. The table here shows individual death claims settled within 30 days during FY 2023-24, as published in IRDAI's Handbook on Indian Insurance Statistics 2023-24.
Why does a ratio above 95% matter?
A ratio above 95% suggests the insurer pays the vast majority of claims promptly, which is the core promise of life insurance. Buyers use it as a trust signal alongside solvency ratio and service quality.
Can a 100% ratio be misleading?
Sometimes. Smaller insurers can show 100% because they handled very few claims. Always look at the number of policies settled alongside the percentage — volume plus ratio together tell the real story.