i agree its very difficult to get claim ratios in india,
but please avoid getting mislead by high closure or settlement ratios
it has nothing to do with denial or payout ratios
denials ratio = # denied / total claims
claim payout ratio = actual paid / total claimed
most [if not all] insurance companies in the country consider a denied claim as 'closed' or no longer pending so then can quote 90-95% ratios to mislead the public - the balance is usually the number of claims in process which will always be low
they will never disclose denials or payouts which is what directly impacts you during any claim
abroad its mandatory to disclose these 2 ratios on the application form itself!
irda will take another decade to implement these transparency norms...
mera bharat mahan!
The basic principle before choosing any term plan would be its claim settlement performance. Now, since aegon religare being new & with very small customer base, it is yet to prove itself on this front. Mere satisfactory performance upto policy issuance is not the true indicator.
So, as you can see on page no 50 of this public disclosure found here http://www.aegonreligare.com/download/file/fid/2041 the total death claims settled were hardly 79. On % basis, they did settle 79/79 claims that works out to 100% ratio for death claims. But, 79 is a very small number to judge.
I have seen ICICI, HDFC, Birla, Aviva with claim settlement ratio anywhere between 90-95% n settling thousands of claim in a year.
At the time of me buying Aviva, aegon was cheaper even then, but I did not wanted to go with new company specially when there were lot of rough patches in insurance industry.
That said, as long as you are disclosing every material fact in your proposal form, no company is going to reject your claims. Claims are denied most of the times due to wrong information given at th time of buying for ex.
1. Not disclosing smoking / drinking habits
2. Not disclosing previous policies
3. Any other important material disclosure
Most of the times, agents are the culprits for above points as they will never ask you these points and fill the form blindly for the sake of issuance n thereby commissions.
So, to sum up, go with any company that meets your requirements, but see that you read n answer each n every point in form correctly. If so, you need not worry...