Associate Professor & Head-Business Law, Research Guide in Commerce & Management Science, Department of Commerce, K. R. M. Mahila Mahavidyalaya, Nanded, Maharashtra, India
Online published on 4 December, 2014.
The most important service that an insurance company gives to its customers is the claim settlement to its policyholders. The speed and promptness with which the claims are settled and paid within the frame work of stipulated rules and regulation of IRDA is an important. The efficient management of claims settlement operations also depends upon the percentage of outstanding claims payable during the year to total claims payable. The study tries to analyze the claims paid and claims unpaid by Indian life insurance companies. It is revealed from the analysis that LIC has been successful in maintaining low percentage of the unpaid claims. LIC has received maximum claims (750576). However, the percentage of the unpaid claims is 2.27% (17031) which is lowest in the Indian insurance industry. Private sector insurance companies received lesser claims compared to LIC; interestingly their proportion of the unpaid claims is higher. The present study is useful to insurance authorities in taking decisions and formulation of policies and also useful to common person in selecting insurance policies of correct insurance companies.
Life Insurance, Claim paid, Risk and Safety, Yogkshena, Premium, claim management, claim unpaid
