How claim settlement ratio is calculated for a particular year

[Sameer Kapoor]

I am interested in taking up term insurance plan from LIC. I would like to add accident death benefit rider to the basic policy. But before purchasing the policy, I am keen on knowing the procedure of how a claim settlement ratio for a particular company in a year is calculated. Anyone please reply

[Sameer Kapoor]

Let us say during the year, LIC has applications for 100 claims, out of which LIC accepted claims for 92 policies and rejected rest of the claims due to one or the other reasons. Now, for that year, LIC has a claim settlement ratio of 92%.

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