What is LIC claim settlement ratio?

Life Insurance Corporation of India's claim settlement ratio is 98.62% for FY 2023-24, sourced from IRDAI annual reports.

Is LIC reliable for claim settlement?

Yes. Life Insurance Corporation of India has a 98.62% CSR (FY 2023-24), well above the industry average of ~90%.

How to file a claim with LIC?

To file a claim with Life Insurance Corporation of India: (1) Notify the insurer within the stipulated time frame, (2) Submit claim form with required documents, (3) The insurer must settle within 30 days per IRDAI guidelines. Contact the insurer's toll-free number or visit their branch for assistance.

ClaimRatioβCompare Insurers

Max Life Insurance·99.5%HDFC Life Insurance·99.4%Bajaj Allianz Life Insurance·99.1%Kotak Mahindra Life Insurance·98.8%LIC India·98.6%Tata AIA Life Insurance·98.5%ICICI Prudential Life Insurance·97.9%Aditya Birla Sun Life Insurance·97.5%PNB MetLife India Insurance·97.4%SBI Life Insurance·95.7%HDFC ERGO Health Insurance·100.0%Aditya Birla Health Insurance·95.5%ManipalCigna Health Insurance·91.8%Star Health and Allied Insurance·91.3%Niva Bupa Health Insurance·91.2%New India Assurance Company·91.1%Care Health Insurance·90.3%United India Insurance·90.2%Tata AIG General Insurance·89.4%Reliance General Insurance·88.7%ICICI Lombard General Insurance·88.2%Bajaj Allianz General Insurance·87.9%Future Generali India Insurance·86.3%Go Digit General Insurance·85.4%Acko General Insurance·84.1%Max Life Insurance·99.5%HDFC Life Insurance·99.4%Bajaj Allianz Life Insurance·99.1%Kotak Mahindra Life Insurance·98.8%LIC India·98.6%Tata AIA Life Insurance·98.5%ICICI Prudential Life Insurance·97.9%Aditya Birla Sun Life Insurance·97.5%PNB MetLife India Insurance·97.4%SBI Life Insurance·95.7%HDFC ERGO Health Insurance·100.0%Aditya Birla Health Insurance·95.5%ManipalCigna Health Insurance·91.8%Star Health and Allied Insurance·91.3%Niva Bupa Health Insurance·91.2%New India Assurance Company·91.1%Care Health Insurance·90.3%United India Insurance·90.2%Tata AIG General Insurance·89.4%Reliance General Insurance·88.7%ICICI Lombard General Insurance·88.2%Bajaj Allianz General Insurance·87.9%Future Generali India Insurance·86.3%Go Digit General Insurance·85.4%Acko General Insurance·84.1%

Life Insurance · IRDAI Data

Life Insurance Corporation of India

India's largest insurer by market share, backed by sovereign guarantee. LIC has paid claims for over 65 years and holds the highest claim corpus of any insurer in the country.

LIFECSR 98.62% · FY2023-24Mumbai

CSR FY2023-24

98.6%

1,74,543 settled

CSR History

Year	CSR %	Claims Settled	Source
FY2023-24 LATEST	98.62%	1,74,543	IRDAI Annual Report 2023-24
FY2022-23	98.04%	1,69,234	IRDAI Annual Report 2022-23

Pros & Cons

Pros

✓Sovereign government backing
✓Largest branch network in India
✓98.62% claim settlement ratio (2023-24)
✓Pays claims on schedule without delays

Cons

✕Policy portal is slow and outdated
✕Premium rates are slightly higher than private players for the same cover

Complaint Data

Complaints / 10K

2.98

FY2022-23

Grievance Disposal

99.2%

How does LIC compare?

Side-by-side CSR, complaints, and grievance data.

Compare LIC →