Life Insurance Corporation of India (LIC) has settled over 2.11 lakh claims during the 2009-10 fiscal amounting over Rs 53,954 crore.
LIC chairman T.S. Vijayan said at least 97.47% total maturity claims were settled on or before the date of maturity while 95.16 per cent of non-early death claims were settled within 15 days of intimation.
LIC is fastest in claims settlement. Outstanding claims – both maturity and survival benefit – ratio is just 1.13%. Similarly, outstanding death claims stands at 1.41%.
LIC has grown by leaps and bounds in the challenging and dynamic phase of the life insurance industry, the Total Premium Income (TPI) for the fisal 2009-2010 was Rs 1,85, 986 crore and gross total income stood at Rs 2,98,721 crore.
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