Aditya Birla Sun Life Insurance (ABSLI) is a 51:49 joint venture between the Aditya Birla Group and Sun Life Financial Inc., a Canadian financial services organization. Incorporated on August 4, 2000, it commenced operations on January 17, 2001. ABSLI offers a wide array of life insurance products, including Protection Plans like ABSLI DigiShield Plan and ABSLI Life Shield Plan, providing financial security to the family in case of the policyholder’s death with options for tailored coverage and predictable payouts, and some plans like Return of Premium plans that may return premiums if the policyholder survives the term. Wealth with Protection Plans include Unit Linked Insurance Plans (ULIPs) such as ABSLI Wealth Max Plan and ABSLI Fortune Elite Plan, combining investment and insurance. Savings Plans like ABSLI Nishchit Aayush Plan and ABSLI Assured Savings Plan offer guaranteed income or additions along with life cover. They also provide Retirement and Pension Solutions designed for post-retirement income, Children’s Future Plans to secure financial futures, Health Plans covering hospitalization and critical illnesses, and Traditional Term Plans. ABSLI has a nationwide presence through a multi-channel distribution network including branches, bancassurance partners, direct selling agents, corporate agents, brokers, and its website. As of June 2022, it had over 340 branches, 8 bancassurance partners, and over 49,000 direct selling agents. As of June 2022, the total Assets Under Management (AUM) of ABSLI stood at around ₹606,604 million. In Q1 FY 2022-23, it recorded a gross premium income of ₹26,197 million, showing significant year-on-year growth. ABSLI serves over 1.6 million active customers and has a large employee base. The company boasts a high claim settlement ratio, indicating its commitment to honoring claims promptly; for individual business, the claim settlement ratio was reported as 98.40% in a recent report.
Aditya Birla Health Insurance (ABHICL) is a joint venture between Aditya Birla Group and MMI Holdings of South Africa. Incorporated in 2015, it commenced operations in October 2016. ABHICL focuses on offering a range of health insurance products with unique offerings, including chronic care and incentivized wellness programs. Their offerings include individual and family health insurance plans, critical illness insurance, personal accident insurance, and group health insurance. Some plans offer features like HealthReturns™ where policyholders can earn back a portion of their premium by staying healthy. They also cover modern treatments and a wide range of daycare procedures. ABHICL has a growing distribution presence across India through branches, partner offices, bancassurance partners, and direct selling agents, covering over 2800+ cities. As of Q1 FY22, ABHICL covered more than 22 million lives. ABHICL emphasizes a ‘Health First’ approach, motivating customers to engage in wellness activities through programs and digital platforms.
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Latest claim settlement ratio of health and general insurers released by IRDAI in 2026: Acko, Aditya Birla, Galaxy lead; Shriram, IFFCO Tokio fall below 90%
When it comes to health and general insurance policies, policyholders expect prompt claim settlements from insurers in times of emergency. The real test of any insurance policy lies in how fairly and quickly claims are settled. To gauge an insurer’s efficiency, checking the claim settlement ratio is a reliable way. The Insurance Regulatory and Development Authority of India (IRDAI) releases a list of claim settlements by all health and general insurance companies every year.
According to the latest figures for FY 2024-25, the claim settlement ratio of various insurers has been revealed. Among private general insurers, Acko General Insurance took the lead with 99.98% of claims paid within 3 months, followed by Reliance General Insurance Co. Ltd. with a ratio of 99.32%. On the other hand, Kshema General Insurance Co. Ltd. had the lowest claim settlement ratio of 26.88% among private sector insurers.
Among public insurers, The Oriental Insurance Co. Ltd. settled 90.17% of its claims within 3 months. The New India Assurance Co. Ltd. and National Insurance Co. Ltd. had a claim settlement ratio of 91.75% and 91.79%, respectively.
In the standalone health insurance sector, Aditya Birla Health Insurance Co. Ltd., Galaxy Health Insurance Co. Ltd., Narayana Health Insurance Co. Ltd., and Niva Bupa Health Insurance Co. Ltd. each reported a 100% claim settlement ratio, with all claims settled within three months.
The claim settlement ratio refers to the percentage of claims that an insurer pays or settles out of the total number of claims it receives during a certain period. For instance, a health insurance company with a claim settlement ratio of 95% typically pays around 95 of every 100 claims it receives.
It’s essential for policyholders to check the claim settlement ratio of their insurer to ensure they are getting fair and prompt claim settlements. The IRDAI’s annual list of claim settlements provides a reliable source of information for policyholders to make informed decisions. By checking the claim settlement ratio, policyholders can gauge their insurer’s efficiency and make informed decisions about their insurance policies.
In conclusion, the claim settlement ratio is a crucial factor to consider when choosing a health or general insurance policy. Policyholders should check the claim settlement ratio of their insurer to ensure they are getting fair and prompt claim settlements. The IRDAI’s annual list of claim settlements provides a reliable source of information for policyholders to make informed decisions about their insurance policies.
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