WayToInsurance.com

life Insurance plans reviews and all that you need to know about Life Insurance

SBI life insurance – Claim settlement Ratio Review

Sbi life insurance claim settlement ratio 2013-14

We are going to analyse the Sbi life insurance claim settlement ratio 2013-14 from the IRDA Annual report 2013-14. Here we are about to analyse the report on the improvements of claim ratio and the comparison of the Sbi life insurance claim settlement ratio 2013-14 with previous 5 years. Kindly go through the table and understand the charts provided. These charts are prepared from the data available from the IRDA report. This review is on the claim settlement of the life insurance division of the company. For the review on general insurance, please visit Sbi life insurance claim settlement ratio 2013-14 (General Insurance)

       1  

Sbi life insurance Life insurance CLAIM SETTLEMENT RATIO 2013-14
Claims settled91.06%
Claims Rejected5.23%
Claims pending at year end3.71%

 

 

The above picture and table says that out of 100 claims that come to Sbi life insurance Life insurance 91.06% are settled, 5.23% is rejected and 3.71% is pending.  At the end of the financial year 2013-14, the company has a pending claim for 528 policies. Out of these pending claims 364 claims are pending for less than 90 days and 61 claims are pending for more than 90 days to 180 days. Claims may be in pending list because of additional documentation, insufficient information, etc.

2

LAST 5 YEARS CLAIMS HISTORY
YEARCLAIMS SETTLED
2009-1083.27%
2010-1182.24%
2011-1295.48%
2012-1394.41%
2013-1491.06%

In the last 3 years, Claim settlement of Sbi life insurance Life insurance life insurance is maintained above 90%. You can note that the claim settlement ratio of Sbi life insurance for 2011-12 is the highest for the company in the last 5 years. The company is trying to maintain the claims settlement ratio above 90% which is a very good sign. There is a significant improvement from the 80% Zone to 90% Zone in the percentage of claim settled.


 

A comparison of Sbi life insurance Life insurance claim settlement ratio with previous 5 years relating to number of claims.

Sbi life insurance life insurance was started in the year 2000. We can see that the company is maintaining a good healthy claim settlement ratio. The company has the highest number of claims intimated and settled in the year 2013-14. The company has settled totally 12960 claims in the financial year 2013-14.

Since Sbi life insurance is having a solid retail business focus, the company is having more number of life insured. Inspite of the huge number of claims the company has maintained a healthy claim settlement ratio every year.

pic

TOTAL NUMBER OF CLAIMS LAST 5 YEARS
YEARNO OF CLAIMS         SETTLED
2009-10602283.27%
2010-11824982.24%
2011-121132895.48%
2012-131267694.41%
2013-141296091.06%

Review on Sbi life insurance claim settlement ratio 2013-14

If you had not hided any facts to the insurance company and if your claim is genuine no company can decline your claim. In the above tables we had learnt that the company has a very strong claim settlement ratio. Sbi life insurance claim settlement ratio 2013-14 will be surely among the top 10 insurance companies in India. The most important point to be noted is that the company has rejected about 6.30%. Waytoinsurance.com marks Sbi life insurance claim settlement ratio 2013-14 as strong.


 

Claim settlement process at Sbi life insurance Life insurance

Sbi life insurance Life insurance Claim process link  click here

To track your Sbi life insurance Life insurance Claim status online – NOT POSSIBLE ONLINE

Download Sbi life insurance Life insurance claim documents online – NOT AVAILABLE ONLINE

Sbi life insurance Life insurance Claim requirements list Click here


 

Sbi life insurance Customer Care:

1800-22-9090

1800-425-9010

 

E-mail: claims@sbilife.co.in


 

You can have a look at the complete list of claims settlement Ratio 2013-14 for all the companies

Leave a Reply

Your email address will not be published. Required fields are marked *

WayToInsurance.com © 2016 | Love Peace | Site Map |