LIC better than private cos at settling claims: IRDA
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State-owned Life Insurance Corporation of India (LIC) has better record of paying death claims than that of private life insurers, said regulator IRDA in its latest report.
"The claim settlement ratio of LIC appeared to be better than that of the private life insurers", said Insurance Regulatory and Development Authority (IRDA) in its Annual Report 2011-12.
While LIC is the only public sector life insurer, there are about two dozen private insurers that provide life cover.
According to the report, LIC has settled 97.42 per cent cases relating to death claims during 2011-12 compared to 89.34 per cent by private sector companies. The industry average worked out to be 96.26 per cent.