LIC targets Rs 2 lakh cr premium

LIC targets Rs 2 lakh cr premium

The LIC today said the involvement of its housing subsidiary in loan-for-bribes scam will not affect its growth and is targetting premium income in excess of Rs 2,00,000 crore for the current fiscal.

"We are aiming for a total premium income in excess of Rs 2,00,000 crore for the current fiscal with the first premium income of Rs 54,000 crore. We hope to grow about 16-17 percent next year and there is

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Death Claim Settlement Ratio 2009-10

Wednesday, March 9, 2011

Death Claim Settlement Ratio 2009-10

Max New York Life—Max fall in claims settlement ratio

Source: Moneylife

The claims settlement ratio for Max New York Life (MNYL) has fallen from 90% (2008-09) to 65% (2009-10). As usual, LIC is the topper. Look out for key ratios of claims settlement, repudiation and pending cases before buying insurance


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The claims settlement ratio for Max New York Life (MNYL) has fallen from 90% (2008-09) to 65% (2009-10). The 'claims settlement ratio' is the number of claims settled with respect to claims received. 

MNYL has settled 3,943 claims out of the 6,019 claims it had received in 2009-10. 

The 'claims repudiated ratio' is the number of claims rejected with respect to claims received. MNYL has rejected 12% claims (741 out of 6,019). The 'claims pending ratio' is the number of claims pending (not settled, nor rejected) with respect to claims received. MNYL has 22% pending claims (1,335 out of 6,019).

Claims experience has to be one of the

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Bajaj Allianz indicted for unfair trade practices

Bajaj Allianz indicted for unfair trade practices

Source: The Times of India

Companies often lure consumers with attractive schemes, but later try to renege on their commitment. In a significant ruling, the Central Mumbai District Forum bench, comprising president Nalin Majithia and Bhavana Pisal, came down heavily on Bajaj Allianz and directed the insurance company to pay penal and deterrent compensation, which is rarely, if ever, done.

"The consumer forum noted that
Bajaj Allianz had misled the consumers
by offering an attractive policy,
but refusing to honour its commitment,
after collecting nearly Rs 30 lakh as premium"

'Bajaj Allianz informed the policyholder that 

the company had made a mistake

in stating the benefits under the policy'

Onkar Prasad Dixit, a senior official of Sahara Commercial Corporation, had taken a policy known as Bajaj Allianz Swarna Vishranti Pension Plan from Bajaj Allianz General Insurance. The policy was

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