We analysed 12 years of IRDAI data on claims settlement, lapse rates, persistency, and solvency, and dug into 994 consumer court judgments across SCDRC, NCDRC, High Courts, and the Supreme Court, plus three years of ombudsman complaints. These are the stories that emerged.
Cheat sheet During COVID’s deadliest year (FY 2021-22), insurers rejected only 1.03% of death claims by count. That’s the lowest rejection rate in seven years. After COVID, rejections climbed to 1.68% in FY 2024-25, the highest rate since at least 2018-19. The industry now rejects 17,333 claims a year, up from 10,069 pre-COVID. By amount, … Read more
Cheat sheet LIC handles 84% of all death claims by count but only 62% by amount. Private insurers handle fewer claims but each one is worth 3.2x more on average. Private insurers now have a higher CSR by count (99.17%) than LIC (98.15%) as of FY 2024-25. This flipped in FY 2023-24 after decades of … Read more
Has your agent mis-sold you a policy? Spot the 7 red flags of insurance mis-selling in IRDAI data and learn how to file a complaint under IRDAI guidelines.
Cheat sheet IRDAI issued 10 penalty orders totalling ₹10.42 crore in FY 2024-25. Three were against life insurers: HDFC Life (₹2 crore), SBI Life (₹1 crore), and Aegon/Bandhan Life (₹1 crore). HDFC Life was fined for failing to process proposals efficiently, overpaying web aggregators, and unreported outsourcing. SBI Life got the same outsourcing and web … Read more
File and track a life insurance complaint on IRDAI’s Bima Bharosa portal, escalate to the Insurance Ombudsman, and see 12 years of insurer-wise grievance data.
3 years of ombudsman complaint data for all 23 life insurers. Bharti AXA leads with 18% of all cases. See win rates, complaint trends, and the worst backlogs.