Private insurance companies fared poorly in term of settlement of death claims in 2012-13 as compared to LIC says insurance regulatory development authority(IRDA). as per IRDA annual report, LIC is the no 1 insurance company for settlement.life insurance corporation posted claim settlement ratio of 97.73 percent last year as compared to 97.42 percent in 2011-2012. LIC 733545 cases completed its death claim settlement in 2013. but if u see in private insurance company's settlement ICICI Prudential has done only 14393, HDFC Life 5988, SBI Life 12676, MAX Life 8531 and KOTAK Life 2843. now everyone can see the difference, why LIC settlement better than private insurer.The Life Insurance industries recorded a premium income of over 2.87 lakh crore during 2012-13 up 0.05% over the previous year. while private sector insurers posted 6.87 percent decline in premium income . LIC recorded 2.92 percent growth in 2012-13 compared to the previous year.
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