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IRDAI data · FY2024-25 · published by IRDAI on 3 February 2026

Claim Settlement Ratio of Insurance Companies in India, FY2024-25

In FY2024-25, the latest year IRDAI has published, Bandhan Life (formerly Aegon Life) settled the highest share of individual death claims among life insurers, 99.73%, and LIC of India settled 97.59% of 869,086 claims. Among standalone health insurers Care Health Insurance paid the highest share of the claims it decided, 96.85%; among general insurers it was New India Assurance, 98.44%. A high ratio is a signal, not a guarantee.

Every life, general and standalone health insurer in the regulator's tables, with the study period attached to every figure. We publish only numbers we can trace to IRDAI's own returns, and we show the arithmetic.

Written by Parul Bhargava · Founder and Principal Advisor, advising since 2004

On this page: Life insurers · By amount · Health insurers · General insurers · How it is calculated · Questions

Claim settlement ratio of life insurance companies, FY2024-25

Individual death claims. Ratio = claims paid ÷ total claims (pending at the start of the year plus those intimated in it), by number of policies; the amount ratio is the same by benefit amount. Ranked on FY2024-25, by number.

Not ranked, with fewer than 100 individual death claims in FY2024-25 or none reported: Acko Life, Credit Access Life, Godigit Life, Sahara India Life.

Amount settlement ratio of life insurance companies, FY2024-25

The same death claims, measured by the money paid against the money claimed, and ranked on that instead.

Gap = ratio by number minus ratio by amount. A wide gap means the claims an insurer did not pay were larger than its average claim.

Claim settlement ratio of health insurance companies, FY2024-25

Standalone health insurers. Claims paid ÷ claims decided (paid, repudiated, or closed without payment), by number of claims.

Not ranked, with fewer than 100 claims decided in FY2024-25 or none reported: Galaxy Health Insurance, Narayana Health Insurance, Reliance Health Insurance.

Claim settlement ratio of general insurance companies, FY2024-25

Public and private general insurers, across every line they write: motor, health, property and the rest. Same measure as health. “Paid within 3 months” is IRDAI's own age analysis of the claims that were paid.

Not ranked, with fewer than 100 claims decided in FY2024-25 or none reported: Bharti AXA General Insurance.

Specialist insurers are shown apart, because crop and export-credit claims are settled on different terms and would distort a comparison with motor, health and property: Kshema General Insurance (crop: 39.48% of 379,068 claims decided were paid); Agriculture Insurance Co. of India (crop: 49.42% of 22,847,222 claims decided were paid); ECGC (export credit: 48.41% of 973 claims decided were paid).

How the claim settlement ratio is calculated

For a life insurer IRDAI counts every individual death claim it had to deal with in the year: those pending at the start plus those intimated during it. The claim settlement ratio is the share of those it paid, counted by number of policies. The amount settlement ratio is the same calculation by the money involved, so a gap between the two means the claims left unpaid were larger than average.

As a worked example from the table above: LIC of India had 869,086 individual death claims to deal with in FY2024-25 and paid 848,141 of them, a ratio of 97.59%. By benefit amount it paid 96.08%.

General and health insurers report claims differently, so their figure here is the share of the claims they decided that were paid. A decided claim is one that was paid, repudiated, or closed without payment during the year; claims still open are left out. Both measures are computed from the counts IRDAI publishes, never from a rounded percentage, and both columns of working are in the tables.

What a claim settlement ratio actually measures

A claim settlement ratio is the share of claims an insurer settled out of those it dealt with in a stated period. It is the closest thing India has to an official record of whether an insurer pays.

The life and the general figures are not the same measure and cannot be compared with each other. A life insurer and a health insurer with the same headline number have not achieved the same thing, which is why they sit in separate tables.

Why the highest ratio is not automatically the best insurer

A ratio counts claims, not rupees, and not difficulty. An insurer settling a large volume of small, simple claims will show better than one carrying complex commercial risks where a single claim takes a year to adjust. Neither number tells you how the harder claim was handled. Watch the size of the base too: a ratio on a few hundred claims moves far more from year to year than one on hundreds of thousands.

It also says nothing about what was paid against what was asked. A claim settled for a fraction of the amount claimed counts as settled. This is why we read the ratio alongside the complaint data, which records how often policyholders disputed the outcome, and why we would rather place a risk with an insurer whose wording fits it than with whoever leads the table this year.

The ratio is a filter, not a decision. It is useful for ruling an insurer out and weak evidence for ruling one in.

Reading the study period

IRDAI publishes the Handbook once a year, on a lag. The 2024-25 edition, published on 3 February 2026, is the most recent, so its figures describe the year to 31 March 2025. Figures circulating online are frequently several years stale while being presented as current; every figure on this page carries the period it belongs to.

If you are comparing insurers from another source, check that all the numbers come from the same year and the same measure before drawing any conclusion from the gap between them.

What decides your claim, rather than the average

The ratio describes an insurer's population of claims. Yours is one claim, and it is settled on the policy wording, the facts of the loss, and how the file is documented and presented.

In our experience the three things that actually decide a commercial claim are whether the sum insured was adequate, whether the risk was disclosed accurately at proposal, and whether the notification and evidence arrived in the form the policy requires. An insurer at the top of these tables will still decline a claim on any of those, and one lower down will pay a well-documented claim on a wording that fits.

Frequently asked questions

A settlement ratio says whether an insurer pays. Whether it could still pay after a very bad year is a different question: insurer solvency ratios. How often policyholders end up arguing is a third: complaint rates by insurer. How much of its premium a health insurer pays out in claims: incurred claim ratios; and who writes the most of each line: market share by insurer. And if the insurer still says no: what the Ombudsman actually does, and what to do about a refused or short-settled claim. A ratio is a population; a dispute is a file, and claims decided in public shows how these end when somebody argues them. How we source and check figures: editorial standards. How the industry got here: the history of insurance in India.