Claim settlement ratio of LIC slips
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Last Updated: Feb 10, 2021, 09:39 PM IST
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The life insurance industry in total paid 8.46 lakh claims on individual policies, with a total payout of Rs 18042 crore in the FY20, data from the latest Insurance Regulatory and Development Authority of India’s annual report showed. Claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives in the period.
Agencies
In the group life business, out of 10.26 lakhs total number of the group claims payable during FY20, life insurance industry paid a total of 9.98 lakh claims which is 97.27 per cent.
The life insurance industry in total paid 8.46 lakh claims on individual policies, with a total payout of Rs 18042 crore in the FY20, data from the latest Insurance Regulatory and Development Authority of Indias annual report showed. Claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives in the period.
Feb 09, 2021, 23:20 PM IST
New Delhi: In a huge relief for vehicle users, third party motor insurance is not likely to increase from April 1. According to sources, this will be the second consecutive year when the third party motor insurance will not be increased.
Sources claimed that the suggestions for proposed rate hikes have not been sought yet and the Insurance Regulatory and Development Authority (IRDAI) is not thinking to put further burden on the users, keeping in view the high fuel prices.
This will be a relief for the people who are planning to buy a new vehicle, as the effect of a long term premium is very high.
Challans to make car cover costlier, trial soon in Delhi-NCR
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Such extra premiums would be anywhere between Rs 100 and Rs 750 for two-wheelers, and for four-wheelers and commercial vehicles, it would be in the range of Rs 300 to Rs 1,500, according to the insurance regulator.
Agencies
(This story originally appeared in on Jan 21, 2021)NEW DELHI: With the insurance regulator planning a “traffic violation premium” to rein in errant drivers, a year-long pilot project would be launched soon in Delhi linking vehicle insurance premiums to traffic violations committed in the last two years. To begin with, the vehicle owners of Delhi and adjoining areas in the NCR would be the first ones to pay the additional premium while renewing their vehicle insurance for violating motor vehicle and traffic rules.