TMI BlogSettlement of Insurance ClaimsX X X X Extracts X X X X X X X X Extracts X X X X ..... Settlement of Insurance Claims - News and Press Release Dated:- 11-8-2018 - News - The details of claims paid upon death of the insured person by the life insurance companies during the years 2015-16, 2016-17 and 2017-18, are given at Annexure A . The details of complaints against the said companies for denial/partial denial of claims upon death of insured person, during the years 2015-16, 2016-17 and 2017-18, is at Annexure B . As per Regulation 14 of Insurance Regulatory and Development Authority of India (Protection of Policyholders Interest) Regulations, 2017, certain procedures such as immediate processing upon receiving a death claim, adhering to timelines for settlement of a death claim, reasons to be stated on rejection or repudiation of the claim, interest to be paid due to delay on the part of insurer etc. are required to be followed by insurers for claim settlement in respect of a life insurance policy. Regulation 17 of the said Regulations states that every insurer shall have in place proper procedures and effective mechanism to expeditiously resolve complaints and grievances of policyholders and claimants efficiently. As per Insurance Regulatory and De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... velopment Authority of India (IRDAI), based on the analysis of claims data of life insurers, if any variation or abnormal discrepancies are noticed, the same are taken up with the insurers. These variations/ deviations/discrepancies noticed are also thoroughly checked by the Inspection Department of the Authority during regular onsite inspection. The Authority also conducts focussed online inspection. In case any grave irregularity is noticed in the claim settlement by the insurer, regulatory and corrective measures are initiated accordingly. Annexure A referred to in reply to Lok Sabha Unstarred Question No. 4097 for 10 th August, 2018 Number of claims paid upon death of the insured person by the life insurance companies Life Insurers FY 2015-16 FY 2016-17 FY 2017-18 Individual Group Individual Group Individual Group Aditya Birla Sun Life Insurance Company Limited 6372 2309 5727 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1948 5292 4593 Aegon Religare Life Insurance Company Limited 508 1 571 0 530 13 Aviva Life Insurance Company India Limited 1255 2068 1128 1206 1056 490 Bajaj Allianz Life Insurance Company Limited 16404 148840 14887 201422 13176 197425 Bharti Axa Life Insurance Company Limited 1009 175 811 205 860 291 Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited 531 525 620 141 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 797 928 DHFL Pramerica Life Insurance Company Limited 460 15733 428 27149 572 48236 Edelweiss Tokio Life Insurance Company Limited 120 1269 153 1429 180 2068 Exide Life Insurance Company Limited 2889 697 2866 1441 3250 1585 Future Generali India Life Insurance Company Limited 1381 198 1223 12746 1202 767 HDFC Standard Life Insurance Company Limited 11811 13742 12421 38025 12289 72946 ICICI Prudential Life Insurance Company Limited 10615 1876 1053 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 1774 11216 2665 IDBI Federal Life Insurance Company Limited 920 1753 962 2906 1068 1290 India First Life Insurance Company Limited 1359 6197 1439 7123 1626 8579 Kotak Mahindra Old Mutual Life Insurance Limited 2465 34501 2583 46049 2881 48572 Max Life Insurance Company Limited 8895 3688 9606 5531 10152 7932 PNB Met Life India Insurance Company Limited 2641 1915 3380 1749 3726 1264 Reliance Nippon Life Insurance Company Limited 13714 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6354 10473 12266 8553 7262 Sahara India Life Insurance Company Ltd. 717 67 654 88 556 7 SBI Life Insurance Company Limited 15037 19523 17027 23172 18274 32915 Shriram Life Insurance Company Limited 1512 14575 1859 32634 2524 32424 Star Union Dai-ichi Life Insurance Company Limited 1102 4740 1238 5456 1145 4448 Tata AIA Life Insurance Company Limited 3205 1147 2599 695 2793 576 Private Life Insurers- Total 104922 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 281893 103194 425155 103718 477276 Life Insurance Corporation of India 749249 246745 756399 290148 724596 284103 Life Insurers- Total 854171 528638 859593 715303 828314 761379 Source: Insurance Regulatory and Development Authority of India (IRDAI) Annexure B referred to in reply to Lok Sabha Unstarred Question No. 4097 for 10 th August, 2018 Number of complaints for denial/partial denial of claims upon death of insured person by life insurers 2015-16 2016-17 2017-18 Insurer Name In favour Partially in favour Reject ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total In favour Partially in favour Reject Total In favour Partially in favour Reject Total AEGON Religare Life Insurance Company Limited 2 1 3 1 1 2 2 Aviva Life Insurance Company India Limited 2 7 9 5 5 Bajaj Allianz Life Insurance Company Limited 4 5 9 18 4 6 10 5 1 4 10 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bharti-Axa Life Insurance Company Limited 2 2 10 10 1 1 6 8 Birla SunLife Insurance Company Limited 1 6 7 2 2 4 3 2 14 19 Canara HSBC Oriental Bank of Commerce Life Insurance 1 1 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 2 1 3 1 1 1 3 Company Limited DHFL Pramerica Life Insurance Company Limited 2 2 2 1 3 2 2 Exide Life Insurance Company Limited 2 1 5 8 1 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 2 6 8 Future Generali India Life Insurance Company Limited 3 5 10 18 4 8 12 1 2 3 HDFC Standard Life Insurance Company Limited 1 24 25 7 1 50 58 28 44 72 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ICICI Prudential Life Insurance Company Limited 10 6 80 96 5 5 38 48 4 9 47 60 IDBI Federal Life Insurance Company Limited 4 19 23 7 1 15 23 1 11 12 IndiaFirst Life Insurance Company Limited 4 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 20 24 4 66 94 49 88 137 Kotak Mahindra Old Mutual Life Insurance Limited 1 8 9 24 24 4 4 Max Life Insurance Company Limited 11 74 85 2 55 57 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 1 58 63 PNB MetLife India Insurance Company Limited 2 5 7 4 15 19 7 19 26 Reliance Nippon Life Insurance Company Limited 4 3 26 33 1 2 30 33 1 10 11 SBI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Life Insurance Co. Limited 6 5 29 40 2 1 11 14 3 5 17 25 Shriram Life Insurance Company Limited 2 2 5 5 10 10 Star Union Dai-ichi Life Insurance Company Limited 1 4 5 1 4 5 2 1 8 11 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tata AIA Life Insurance Company Limited 4 3 69 76 3 1 38 42 3 1 29 33 Private Life Insurers - Total 58 35 399 492 60 26 393 479 112 25 382 519 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Life Insurance Corporation of India 49 11 10 70 64 10 11 85 42 12 12 66 TOTAL 107 46 409 562 124 36 404 564 154 37 394 585 Source: Insurance Regulatory and Development Authority of India (IRDAI) This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in a Written reply to a question in Lok Sabha. - News - Press release - PIB Tax Management India - taxmanagementindia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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