Explore raw data taken from IRDAI annual reports and insurer public disclosures, processed to help you pick the best term insurance company, without the sales pitch.
All metrics discussed here use a 3-year average because quarterly or yearly data can be distorted by temporary factors. By looking at the average, we smooth out short-term fluctuations and provide a more reliable view of long-term performance and trends.
The current data reflect figures up to FY 2025–2026.
The metrics discussed below, such as the Claim Settlement Ratio (CSR), Amount Settlement Ratio (ASR), complaints volume (per 10,000 claims), 30-Day CSR, annual business volumes/Gross Written Premiums (GWP), annual death claims paid, and solvency ratio, reflect the life insurer’s overall performance and are not limited to its term insurance portfolio.
Wherever applicable, we’ve included our calculation methodology for transparency.
To provide a more balanced long-term view, we also rely on individual policy data wherever available and exclude group business figures.
Note: Acko and Digit Life are newly established insurers with limited operational data available. It would be premature to rank them above established players until they demonstrate consistent performance over a sustained, long-term period.
The Claim Settlement Ratio represents the total number of claims successfully settled out of the total claims available for settlement during a given period. Higher is better.
Ditto's Benchmark↑ 97%+
Formula
[Claims Paid during the period / (Claims outstanding at the beginning of the period + Claims intimated during the period
- Unclaimed cases - Claims outstanding at end of the period)] x 100
Source
Calculated from the Insurer Public Disclosures Form L40 for Q4 (for the year)
Name of the Insurer
Average CSR (FY 2024-2026) (%)
FY 2025-2026 (%)
FY 2024-2025 (%)
FY 2023-2024 (%)
FY 2022-2023 (%)
FY 2021-2022 (%)
Life Insurance Corporation of India
98.16
98.1
98.15
98.24
98.66
98.74
Axis Max Life Insurance Co. Ltd.
99.71
99.78
99.7
99.65
99.51
99.34
Aditya Birla Sun Life Insurance Co. Ltd.
98.7
98.86
98.74
98.49
98.12
99.34
Tata AIA Life Insurance Co. Ltd.
99.36
99.48
99.43
99.16
99.03
98.53
ICICI Prudential Life Insurance Co. Ltd.
99.3
99.36
99.34
99.2
95.54
97.82
Bajaj Life Insurance Co. Ltd.
99.32
99.38
99.32
99.26
99.06
99.02
SBI Life Insurance Co. Ltd.
98.76
98.83
98.83
98.62
97.26
97.05
Kotak Mahindra Life Insurance Co. Ltd.
98.88
99.52
98.67
98.44
98.5
98.82
HDFC Life Insurance Co. Ltd.
99.66
99.72
99.71
99.54
99.41
98.8
PNB MetLife India Insurance Co. Ltd.
99.53
99.81
99.57
99.2
99.09
97.33
IndusInd Nippon Life (Formerly Reliance Nippon)
98.95
98.97
98.95
98.92
98.61
98.67
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
98.82
99.09
98.92
98.44
96.23
97.42
Canara HSBC Life Insurance Co. Ltd.
99.42
99.52
99.43
99.31
99.1
98.44
IndiaFirst Life Insurance Co. Ltd.
98.46
98.78
98.35
98.24
97.35
96.92
Bharti AXA Life Insurance Co. Ltd.
99.13
99.21
99.18
99.01
99.1
99.09
Bandhan Life (Formerly Aegon Life)
99.18
98.15
99.73
99.66
99.37
99.03
Pramerica Life Insurance Co. Ltd.
99.3
99.41
99.31
99.19
98.8
98.3
Aviva Life Insurance Co. Ltd.
99.08
99.18
99.07
98.98
98.75
98.39
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
NA
99.09
Shriram Life Insurance Co. Ltd.
98.48
98.76
98.45
98.24
97.52
82.39
Generali Central Life (Formerly Future Generali)
97.94
99.57
98.08
96.18
95.04
96.15
Edelweiss Tokio Life Insurance Co. Ltd.
99.28
99.31
99.29
99.23
99.2
98.09
Ageas Federal Life Insurance Co. Ltd.
98.52
99.91
98.77
96.89
96.86
97.03
Acko Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Go Digit Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
CreditAccess Life Insurance Ltd.
NA
NA
NA
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
99
Median
99.1
Amount Settlement Ratio (ASR)
The Amount Settlement Ratio (ASR) represents the total financial value of claims paid out against the total amount claimed within a single financial year. As death claims are either settled in full or rejected completely, leaving no room for partial payments, this metric is crucial. It highlights whether an insurer handles large-value and small-value death claims fairly.
A high Claim Settlement Ratio (CSR) combined with a low ASR often indicates that an insurer frequently settles small-value claims but systematically rejects larger ones. Higher is better.
Ditto's Benchmark↑ 90%+
Source: Derived directly from the IRDAI Statistics Handbook, published annually around February.
Name of the Insurer
Average ASR (FY 2023-2025) (%)
FY 2024-2025 (%)
FY 2023-2024 (%)
FY 2022-2023 (%)
FY 2021-2022 (%)
FY 2020-2021 (%)
Life Insurance Corporation of India
95.48
96.07
95.18
95.19
96.02
95.76
Axis Max Life Insurance Co. Ltd.
96.37
97.38
97.1
94.64
96.71
95.42
Aditya Birla Sun Life Insurance Co. Ltd.
94.31
96.22
94.47
92.23
96.15
93.15
Tata AIA Life Insurance Co. Ltd.
96.31
98.39
96.02
94.52
94.65
87.57
ICICI Prudential Life Insurance Co. Ltd.
95.94
98.05
98.75
91.01
95.49
89.2
Bajaj Life Insurance Co. Ltd.
93.42
93.09
92.91
94.25
93.45
91.97
SBI Life Insurance Co. Ltd.
95.42
95.27
96.04
94.94
94.55
86.22
Kotak Mahindra Life Insurance Co. Ltd.
94.78
95.88
94.59
93.88
95.53
95.47
HDFC Life Insurance Co. Ltd.
96.72
97.95
95.7
96.51
89.38
80.06
PNB MetLife India Insurance Co. Ltd.
97.5
99.3
97.44
95.77
93.35
93.92
IndusInd Nippon Life (Formerly Reliance Nippon)
93.17
92.04
94.4
93.07
95.39
95.03
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
95.8
96.93
96.97
93.51
91.41
92.79
Canara HSBC Life Insurance Co. Ltd.
97.68
99.08
97.88
96.09
96.42
92.61
IndiaFirst Life Insurance Co. Ltd.
93.99
95.98
93.82
92.17
91.1
91.16
Bharti AXA Life Insurance Co. Ltd.
97.66
98.41
96.48
98.09
96.36
98.55
Bandhan Life (Formerly Aegon Life)
97.77
99.8
94.14
99.37
98.76
98.64
Pramerica Life Insurance Co. Ltd.
97.48
97.87
97.07
97.5
96.8
97.01
Aviva Life Insurance Co. Ltd.
98.82
98.46
99.25
98.74
98.43
95.24
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
96.29
93.28
Shriram Life Insurance Co. Ltd.
79.82
81.66
80.17
77.63
82.39
77.48
Generali Central Life (Formerly Future Generali)
89.36
96.25
91.88
79.94
89.6
86.24
Edelweiss Tokio Life Insurance Co. Ltd.
96.69
98.34
98.11
93.61
95.12
87.98
Ageas Federal Life Insurance Co. Ltd.
91.78
95.83
89.04
90.48
91.02
83.63
Acko Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Go Digit Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
CreditAccess Life Insurance Ltd.
NA
NA
NA
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
94.83
Median
95.87
Complaints Volume per 10,000 Claims
This metric serves as a key indicator of customer satisfaction and overall service quality, tracking the number of formal consumer grievances filed per 10,000 claims an insurer processes. Lower is always better.
A lower complaint ratio indicates a seamless, user-friendly claim settlement experience with minimal operational friction.
Ditto's Benchmark↓ Less than 20
Sources: Directly sourced from the insurers' public disclosures form L41 for Q4 (for the year).
Name of the Insurer
Average Complaints per 10,000 Claims (FY 2024-2026)
FY 2025-2026
FY 2024-2025
FY 2023-2024
FY 2022-2023
FY 2021-2022
Life Insurance Corporation of India
4.34
4.20
4.61
4.22
4.88
12.78
Axis Max Life Insurance Co. Ltd.
3.00
2.00
3.00
4.00
10.00
8.00
Aditya Birla Sun Life Insurance Co. Ltd.
1.33
1.00
2.00
1.00
4.00
6.19
Tata AIA Life Insurance Co. Ltd.
3.00
3.00
3.00
3.00
3.00
3.00
ICICI Prudential Life Insurance Co. Ltd.
8.00
7.00
7.00
10.00
16.00
17.00
Bajaj Life Insurance Co. Ltd.
2.77
2.00
2.54
3.77
5.55
3.87
SBI Life Insurance Co. Ltd.
6.67
9.00
5.32
5.68
5.85
3.01
Kotak Mahindra Life Insurance Co. Ltd.
5.62
4.24
5.70
6.92
7.74
5.41
HDFC Life Insurance Co. Ltd.
1.00
1.00
1.00
1.00
2.00
3.00
PNB MetLife India Insurance Co. Ltd.
24.33
4.00
4.00
65.00
64.00
36.00
IndusInd Nippon Life (Formerly Reliance Nippon)
2.54
2.55
2.71
2.35
3.60
3.70
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
17.67
16.00
18.00
19.00
16.00
12.00
Canara HSBC Life Insurance Co. Ltd.
13.33
14.00
12.00
14.00
27.00
30.00
IndiaFirst Life Insurance Co. Ltd.
71.39
79.17
66.00
69.00
47.64
27.22
Bharti AXA Life Insurance Co. Ltd.
63.33
54.00
70.00
66.00
151.00
196.00
Bandhan Life (Formerly Aegon Life)
22.00
8.00
29.00
29.00
61.00
46.00
Pramerica Life Insurance Co. Ltd.
28.00
22.00
24.00
38.00
93.00
36.00
Aviva Life Insurance Co. Ltd.
82.88
54.64
66.00
128.00
87.00
233.00
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
NA
54.00
Shriram Life Insurance Co. Ltd.
12.86
10.28
12.00
16.30
11.95
10.78
Generali Central Life (Formerly Future Generali)
82.95
69.74
71.38
107.73
323.89
451.39
Edelweiss Tokio Life Insurance Co. Ltd.
109.67
48.00
12.00
269.00
221.00
82.00
Ageas Federal Life Insurance Co. Ltd.
45.00
4.00
13.00
118.00
529.00
479.00
Acko Life Insurance Co Ltd.
NA
0.00
0.00
NA
NA
NA
Go Digit Life Insurance Co Ltd.
NA
20.00
NA
NA
NA
NA
CreditAccess Life Insurance Ltd.
NA
NA
NA
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
27.80
Median
13.09
Claims Settled Within 30 Days of Claim Receipt (30-Day CSR)
While the overall CSR tells you how many claims get approved, the 30-Day CSR tells you how fast they get paid. This metric measures the percentage of total claims an insurer successfully settles within one month of registration. Higher is always better.
A high 30-day settlement rate indicates highly efficient operational pipelines, minimal administrative red tape, and an organizational commitment to supporting families when they need it most.
Formula
(Number of claims paid within 1 month / Total number of claims paid) x 100
Source
Public Disclosure L39, Q4 (for the year)
Name of the Insurer
Average 30-Day CSR (FY 2024-2026) (%)
FY 2025-2026 (%)
FY 2024-2025 (%)
FY 2023-2024 (%)
FY 2022-2023 (%)
FY 2021-2022 (%)
Life Insurance Corporation of India
97.00
97.00
97.00
96.00
95.00
96.00
Axis Max Life Insurance Co. Ltd.
100.00
100.00
100.00
100.00
100.00
100.00
Aditya Birla Sun Life Insurance Co. Ltd.
100.00
100.00
100.00
100.00
100.00
100.00
Tata AIA Life Insurance Co. Ltd.
99.00
99.00
99.00
100.00
98.00
99.00
ICICI Prudential Life Insurance Co. Ltd.
98.00
100.00
98.00
97.00
97.00
97.00
Bajaj Life Insurance Co. Ltd.
96.00
94.00
94.00
100.00
98.00
100.00
SBI Life Insurance Co. Ltd.
99.00
99.00
99.00
99.00
99.00
86.00
Kotak Mahindra Life Insurance Co. Ltd.
100.00
100.00
100.00
100.00
100.00
100.00
HDFC Life Insurance Co. Ltd.
100.00
100.00
100.00
100.00
98.00
100.00
PNB MetLife India Insurance Co. Ltd.
100.00
100.00
100.00
100.00
100.00
100.00
IndusInd Nippon Life (Formerly Reliance Nippon)
96.00
98.00
95.00
95.00
91.00
95.00
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
96.00
95.00
99.00
94.00
87.00
94.00
Canara HSBC Life Insurance Co. Ltd.
96.00
88.00
100.00
100.00
100.00
100.00
IndiaFirst Life Insurance Co. Ltd.
100.00
100.00
100.00
100.00
100.00
100.00
Bharti AXA Life Insurance Co. Ltd.
95.00
90.00
94.00
100.00
96.00
100.00
Bandhan Life (Formerly Aegon Life)
100.00
100.00
100.00
100.00
100.00
100.00
Pramerica Life Insurance Co. Ltd.
97.00
98.00
95.00
98.00
94.00
96.00
Aviva Life Insurance Co. Ltd.
97.00
92.00
100.00
99.00
100.00
100.00
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
NA
NA
Shriram Life Insurance Co. Ltd.
100.00
100.00
100.00
99.00
99.00
99.00
Generali Central Life (Formerly Future Generali)
98.00
100.00
98.00
97.00
100.00
100.00
Edelweiss Tokio Life Insurance Co. Ltd.
100.00
100.00
100.00
100.00
NA
100.00
Ageas Federal Life Insurance Co. Ltd.
99.00
96.00
100.00
100.00
100.00
100.00
Acko Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Go Digit Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
CreditAccess Life Insurance Ltd.
NA
NA
NA
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
98.00
Median
99.00
Annual Business Volumes/Gross Written Premium (New Business)
An insurer's scale and business volume can be good indicators of its financial strength and operational stability. Imagine buying a ₹5 crore term plan, for an insurer that collects over ₹10,000 crore in new business premiums each year, paying such a claim is a relatively small obligation. But for an insurer with only ₹100 crore in new business, the same claim could have a much bigger financial impact.
For this metric, we only consider new business premiums and exclude renewal premiums, as they better reflect an insurer's ability to attract new customers and grow its business.
Ditto's Benchmark↑ ₹5,000 Crore+
Formula
Take ('First year premiums' + 'Single premiums') for the financial year, and convert the number from lakhs to crores
Source
Insurer Public Disclosure L4, Q4 (for the year.)
Name of the Insurer
Average Annual Business Volume (FY 2024-2026) (₹)
FY 2025-2026 (₹)
FY 2024-2025 (₹)
FY 2023-2024 (₹)
FY 2022-2023 (₹)
FY 2021-2022 (₹)
Life Insurance Corporation of India
2,36,689.82
2,60,612.97
226,785.49
2,22,671.00
2,32,050.60
1,98,932.18
Axis Max Life Insurance Co. Ltd.
12,566.66
14,503.29
12,173.58
11,023.10
8,959.60
7,904.92
Aditya Birla Sun Life Insurance Co. Ltd.
10,303.08
12,589.77
10,219.81
8,099.67
7,672.75
5,664.95
Tata AIA Life Insurance Co. Ltd.
10,504.08
12,292.14
10,321.74
8,898.37
8,539.97
5,358.50
ICICI Prudential Life Insurance Co. Ltd.
22,239.48
24,809.08
23,230.55
18,678.82
17,412.52
15,502.25
Bajaj Life Insurance Co. Ltd.
12,791.02
14,586.40
12,292.85
11,493.80
10,737.79
9,136.44
SBI Life Insurance Co. Ltd.
38,788.83
42,551.33
35,576.84
38,238.31
29,588.60
25,457.35
Kotak Mahindra Life Insurance Co. Ltd.
9,018.48
10,184.22
8,214.38
8,656.85
7,668.67
6,142.76
HDFC Life Insurance Co. Ltd.
33,030.87
36,095.94
33,365.30
29,631.36
28,683.13
24,154.82
PNB MetLife India Insurance Co. Ltd.
4,490.27
5,365.76
4,695.04
3,410.00
3,219.42
2,468.10
IndusInd Nippon Life (Formerly Reliance Nippon)
1,316.56
1,474.65
1,244.64
1,230.39
151.94
190.89
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
4,243.99
5,118.87
4,296.51
3,316.60
3,118.01
1,926.31
Canara HSBC Life Insurance Co. Ltd.
3,313.17
3,916.89
3,121.53
2,901.08
3,716.64
2,795.73
IndiaFirst Life Insurance Co. Ltd.
3,152.17
3,508.21
2,973.31
2,975.00
2,958.68
2,766.21
Bharti AXA Life Insurance Co. Ltd.
863.66
1,068.60
741.66
780.73
1,016.29
935.23
Bandhan Life (Formerly Aegon Life)
279.12
487.05
232.68
117.63
11.45
16.67
Pramerica Life Insurance Co. Ltd.
1,269.94
1,471.24
1,232.76
1,105.81
698.41
304.87
Aviva Life Insurance Co. Ltd.
331.13
330.87
304.67
357.85
339.06
292.67
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
NA
1,002.09
Shriram Life Insurance Co. Ltd.
2,190.88
2,424.83
2,277.25
1,870.57
1,152.68
1,069.59
Generali Central Life (Formerly Future Generali)
1,094.79
1,482.56
1,192.61
609.19
699.45
456.97
Edelweiss Tokio Life Insurance Co. Ltd.
608.17
639.05
607.08
578.38
543.59
480.45
Ageas Federal Life Insurance Co. Ltd.
1,373.28
1,581.01
1,338.26
1,200.58
911.39
816.44
Acko Life Insurance Co Ltd.
NA
184.44
63.64
NA
NA
NA
Go Digit Life Insurance Co Ltd.
NA
1,472.50
1,068.81
NA
NA
NA
CreditAccess Life Insurance Ltd.
NA
NA
192.97
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
18,657.25
Median
3,778.58
Annual Amount Paid in Death Claims
While the percentage of claims approved is a vital metric, tracking the actual capital given to families provides the ultimate measure of an insurer's scale. This metric evaluates the absolute financial volume an insurance company handles annually, specifically for death claims.
When it comes to financial reliability, scale matters. A higher annual payout indicates a robust, deeply capitalized operation capable of managing substantial financial obligations smoothly.
Ditto's Benchmark↑ ₹200 Crore+
Formula
Take total amount of death claims and convert from lakhs to crores
Source
Public Disclosure L39, Q4 (for the year.)
Name of the Insurer
Average Amount Paid on Death Claims (FY 2024-2026) (₹)
FY 2025-2026 (₹)
FY 2024-2025 (₹)
FY 2023-2024 (₹)
FY 2022-2023 (₹)
FY 2021-2022 (₹)
Life Insurance Corporation of India
19,224.97
19,019.79
20,793.37
17,861.76
18,397.76
28,408.38
Axis Max Life Insurance Co. Ltd.
1,449.18
1,641.04
1,452.11
1,254.39
1,242.15
2,008.94
Aditya Birla Sun Life Insurance Co. Ltd.
581.30
642.79
604.58
496.52
458.32
846.43
Tata AIA Life Insurance Co. Ltd.
1,247.51
1,429.66
1,226.74
1,086.14
776.69
1,518.17
ICICI Prudential Life Insurance Co. Ltd.
1,853.11
1,878.58
1,813.95
1,866.80
1,949.60
2,977.50
Bajaj Life Insurance Co. Ltd.
828.11
1,006.37
862.79
615.18
603.30
771.88
SBI Life Insurance Co. Ltd.
2,409.93
2,782.94
2,497.94
1,948.91
1,676.95
2,751.53
Kotak Mahindra Life Insurance Co. Ltd.
377.15
419.35
376.39
335.71
320.92
586.15
HDFC Life Insurance Co. Ltd.
1,901.70
2,060.82
2,060.27
1,584.00
1,389.90
2,608.22
PNB MetLife India Insurance Co. Ltd.
473.39
526.62
431.35
462.20
407.12
669.69
IndusInd Nippon Life (Formerly Reliance Nippon)
226.27
239.34
226.95
212.53
204.06
344.14
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
142.27
165.35
140.74
120.71
113.46
156.60
Canara HSBC Life Insurance Co. Ltd.
248.21
279.76
257.94
206.93
222.40
277.79
IndiaFirst Life Insurance Co. Ltd.
192.24
209.80
188.64
178.29
159.81
227.31
Bharti AXA Life Insurance Co. Ltd.
153.19
158.56
163.39
137.62
148.49
234.72
Bandhan Life (Formerly Aegon Life)
111.19
130.15
123.49
79.92
86.68
273.04
Pramerica Life Insurance Co. Ltd.
35.72
41.09
34.58
31.49
29.73
51.34
Aviva Life Insurance Co. Ltd.
106.14
107.00
106.16
105.25
97.60
266.70
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
NA
306.81
Shriram Life Insurance Co. Ltd.
100.99
171.85
14.75
116.38
109.49
167.39
Generali Central Life (Formerly Future Generali)
40.76
44.68
41.46
36.14
32.81
77.67
Edelweiss Tokio Life Insurance Co. Ltd.
68.06
72.24
69.03
62.90
NA
152.06
Ageas Federal Life Insurance Co. Ltd.
70.02
66.05
77.37
66.64
21.46
122.63
Acko Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Go Digit Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
CreditAccess Life Insurance Ltd.
NA
NA
NA
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
1,447.34
Median
237.24
Solvency Ratio
An insurer’s promises are only as good as its financial backing. The solvency ratio acts as a critical measure of long-term financial stability, evaluating an insurance company's ability to meet its absolute liabilities and pay out future claims during severe economic stress.
To safeguard policyholders, the IRDAI mandates that every insurer operating in the industry must maintain a minimum solvency ratio of 1.5x. When assessing a company's financial health, a higher ratio indicates a more robust capital buffer.
IRDAI MandateMinimum 1.5x
Ditto's BenchmarkMinimum 1.8x
Source: Direct number fetched from insurers' disclosure Form L-22 (Consolidated Analytical Ratios) (for the year)
Name of the Insurer
Average Solvency Ratio (FY 2024-2026)
FY 2025-2026
FY 2024-2025
FY 2023-2024
FY 2022-2023
FY 2021-2022
Life Insurance Corporation of India
2.15x
2.35x
2.11x
1.98x
1.9x
1.9x
Axis Max Life Insurance Co. Ltd.
1.89x
1.94x
2.01x
1.72x
1.9x
2x
Aditya Birla Sun Life Insurance Co. Ltd.
1.82x
1.78x
1.88x
1.8x
1.7x
1.9x
Tata AIA Life Insurance Co. Ltd.
1.84x
1.97x
1.8x
1.75x
1.9x
2x
ICICI Prudential Life Insurance Co. Ltd.
2.1x
2.27x
2.12x
1.92x
2.1x
2x
Bajaj Life Insurance Co. Ltd.
3.52x
2.66x
3.59x
4.32x
5.2x
5.8x
SBI Life Insurance Co. Ltd.
1.94x
1.9x
1.96x
1.96x
2.2x
2.1x
Kotak Mahindra Life Insurance Co. Ltd.
2.41x
2.21x
2.45x
2.56x
2.8x
2.7x
HDFC Life Insurance Co. Ltd.
1.86x
1.77x
1.94x
1.87x
2x
1.76x
PNB MetLife India Insurance Co. Ltd.
1.77x
1.87x
1.72x
1.71x
1.9x
2.1x
IndusInd Nippon Life (Formerly Reliance Nippon)
2.27x
2.18x
2.35x
2.27x
2.3x
2.4x
Star Union Dai-ichi Life Insurance Co. Ltd (SUD LIFE)
2x
1.67x
2.3x
2.03x
2.2x
2x
Canara HSBC Life Insurance Co. Ltd.
2.03x
1.9x
2.06x
2.13x
2.5x
2.8x
IndiaFirst Life Insurance Co. Ltd.
1.9x
1.68x
2x
2.01x
2.2x
1.7x
Bharti AXA Life Insurance Co. Ltd.
1.73x
1.91x
1.67x
1.62x
1.6x
1.6x
Bandhan Life (Formerly Aegon Life)
2.24x
1.55x
2.69x
2.48x
2.8x
3.3x
Pramerica Life Insurance Co. Ltd.
2.28x
1.89x
2.33x
2.62x
3.7x
4x
Aviva Life Insurance Co. Ltd.
1.88x
1.88x
1.93x
1.83x
1.8x
1.8x
Exide Life Insurance Co. Ltd.
NA
NA
NA
NA
NA
NA
Shriram Life Insurance Co. Ltd.
1.81x
1.58x
1.79x
2.06x
2.1x
2.1x
Generali Central Life (Formerly Future Generali)
1.72x
1.62x
1.7x
1.83x
1.96x
1.8x
Edelweiss Tokio Life Insurance Co. Ltd.
1.79x
1.76x
1.81x
1.79x
2.2x
2.1x
Ageas Federal Life Insurance Co. Ltd.
2.53x
1.91x
2.7x
2.97x
3.2x
3.1x
Acko Life Insurance Co Ltd.
2.04x
1.8x
1.96x
2.36x
NA
NA
Go Digit Life Insurance Co Ltd.
2.85x
1.84x
3.85x
NA
NA
NA
CreditAccess Life Insurance Ltd.
3.59x
NA
3.59x
NA
NA
NA
Sahara India Life Insurance Co Ltd.
NA
NA
NA
NA
NA
NA
Mean
2.16x
Median
2x
Corrections & Feedback
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Frequently Asked Questions
What is a good claim settlement ratio for life insurance in India?
At Ditto, we recommend a Claim Settlement Ratio (CSR) above 97% when choosing a life insurer. CSR shows the percentage of claims an insurer settles out of the total claims it had to deal with in a year, including pending cases. Based on a 3-year average of IRDAI public disclosures (Form L40, FY 2024-26), the industry average is 99.00%, while Axis Max Life leads at 99.71%. Anything below 95% should raise questions. A higher CSR usually means an insurer settles claims consistently across multiple years, not just in one good year.
What is the difference between claim settlement ratio and amount settlement ratio?
The Claim Settlement Ratio (CSR) measures the number of claims an insurer settles out of the total claims it received in a year, while the Amount Settlement Ratio (ASR) tracks the total claim value paid out. Since death claims are usually settled in full or rejected outright, ASR matters because it shows whether large-sum assured claims are honored as readily as smaller ones. At Ditto, we recommend an ASR of 90% or higher. Industry data (average of FY 2023-25) show HDFC Life at 96.72% and Axis Max Life at 96.37%, both comfortably ahead of the industry average of 94.83%.
Which life insurance company has the highest claim settlement ratio in India?
Based on the 3-year average (FY 2024-26) of IRDAI public disclosures, Axis Max Life posts the highest claim settlement ratio among established life insurers at 99.71%, with HDFC Life and PNB Metlife close behind at 99.66% and 99.53%. LIC, the country's largest insurer by volume, settles 98.16% of claims on average. At Ditto, we recommend pairing CSR with business scale, since a small insurer with very few claims can still maintain a high CSR that isn't tested the way a large insurer's track record is.
What does complaints volume per 10,000 claims mean, and why does it matter?
This metric tracks how many formal complaints an insurer receives for every 10,000 claims it processes, sourced from insurers’ public disclosure Form L-41. Lower is better since fewer complaints usually mean a smoother, less frustrating claims experience. At Ditto, we recommend insurers with fewer than 20 complaints per 10,000 claims. HDFC Life reports just 1.00 on a 3-year average (FY 2024-26), the lowest among major insurers, while the industry median stands at 13.10. A high CSR paired with a high complaint ratio can be a red flag worth investigating before you buy a policy.
What is the IRDAI minimum solvency ratio for life insurance companies?
IRDAI mandates that every life insurer in India maintain a solvency ratio of at least 1.5x, as confirmed in Form L-22 (Consolidated Analytical Ratios) filings. This ratio measures whether an insurer holds enough capital to cover its liabilities, even under financial stress. The 3-year industry average (FY 2024-26) is 2.00x, well above the floor. Bajaj Life posts the highest among large insurers at 3.52x, while LIC stands at 2.15x. However, at Ditto, we recommend treating anything close to the 1.5x minimum with caution, since it leaves a thinner buffer for future claims.
What is the 30-day claim settlement ratio and why does it matter?
The 30-Day Claim Settlement Ratio (CSR) measures the percentage of claims an insurer pays within one month of registration, as reported in insurers’ public disclosure Form L39. While the overall CSR tells you how many claims get approved, this metric tells you how fast you actually get paid. The 3-year average (FY 2024-26) for the industry is 98.29%, with insurers like Edelweiss Tokio Life (100%) and IndiaFirst Life (99.99%) settling almost every claim within a month. A high 30-Day CSR signals efficient internal processes and less paperwork delay for grieving families who need funds quickly.
Why does annual business volume matter when picking a life insurer?
Annual business volume measures how much new premium an insurer collects in a year, calculated from the insurers’ public disclosure Form L-4 by adding first-year and single premiums. At Ditto, we recommend insurers doing more than ₹5,000 crore in new business each year. Scale matters because a ₹1 crore claim is a rounding error for an insurer collecting ₹30,000 crore annually, but it can strain a smaller player. LIC leads with an average of ₹236,690 crore, with SBI Life and HDFC Life following at ₹38,789 crore and ₹33,031 crore over the same 3-year period (FY 2024-26).
How much do life insurers in India pay out every year in death claims?
According to insurers’ public disclosure Form L-39, LIC paid an average of ₹19,225 crore annually in death claims over FY 2024-26, by far the largest payout in the industry given its massive policyholder base. Among private insurers, SBI Life paid the most at ₹2,410 crore, followed by HDFC Life at ₹1,902 crore. At Ditto, we recommend reading this figure alongside the Claim Settlement Ratio (CSR), since a high payout combined with a strong CSR indicates that an insurer is both financially capable and consistent in honoring claims at scale.
Where does this claim settlement ratio and insurer data come from?
At Ditto, every metric here is sourced directly from regulatory filings, primarily IRDAI's Annual Reports, the IRDAI Statistics Handbook, and insurer-specific public disclosures such as Forms L39, L40, and L41. We use a 3-year average (FY 2024-26) across each metric to smooth out one-off fluctuations and build a more reliable, longer-term picture. We also rely on individual policyholder data wherever available, excluding group business numbers, since individual buyers are the ones comparing insurers for personal term or life cover decisions.
Should I avoid newer insurers like Acko Life or Go Digit Life?
Not necessarily, but at Ditto, we recommend taking caution. Acko Life and Go Digit Life are newly established insurers with limited multi-year claims data, so metrics like CSR and ASR aren't available yet for a meaningful 3-year average. It would be too early to rank them above insurers with a decade or more of consistent settlement history. That said, both already meet the IRDAI-mandated 1.5x solvency floor, with Go Digit Life reporting 2.85x. Give newer insurers a few more years before comparing them directly with established players like HDFC Life or LIC.
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