city02 63 Report post Posted January 27, 2014 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! Dear Hiteshji, How is Aegon Religare? I am asking because there are many positive reviews about it on www.mouthshut.com Regards, Dr.Abhay Shah 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... 1 Share this post Link to post Share on other sites
luvrit 15 Report post Posted January 29, 2014 anyone working in govt/psu sector, remember to check the option of Postal Life Insurance also i second that... those who can get postal insurance SHOULD go for it..... the cheapest and most reliable Share this post Link to post Share on other sites
