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India's Leading Life Insurers in 2025: HDFC, Max Life, and LIC Rank Top in Claim Settlements.

Banking & Finance | Dated: 12 Mar 2025

In March 2025, the Insurance Regulatory and Development Authority of India (IRDAI) released the annual data on the Claim Settlement Ratio (CSR) in its latest report, 'Handbook on Indian Insurance Statistics 2023-24.' This report provides essential insights into how insurers handle claims and aids policymakers in making informed decisions.

🎯 Key Highlights:

  • - The CSR for individual death claims within 30 days, including private insurers and Life Insurance Corporation of India (LIC), stood at 96.82% for the Financial Year 2023-24 (FY24).
  • - Private insurers have an impressive CSR of about 99% for individual death claims within 30 days in FY24.
  • - New Delhi-based Axis Max Life Insurance Limited topped the chart with the highest CSR of 99.79%, settling 19,569 policies.

💡 Other Important Facts:

  • (i) HDFC Life Insurance Company Limited, based in Mumbai, followed closely with 99.97% CSR, settling 19,333 policies within 30 days.
  • (ii) LIC, India's largest public-sector insurer, led in terms of the most number of policies settled within 30 days. It settled 7,99,612 policies in less than 30 days with a CSR of 96.42%.
  • (iii) SBI Life Insurance came second, settling 37,344 policies within 30 days.

📚 Test Your Knowledge:

Which company topped the Claim Settlement Ratio (CSR) list for the financial year 2023-24 (FY24) in India, according to the recent IRDAI report?

Correct Answer: Axis Max Life Insurance

🚀 Quick Recap:

About Insurance Regulatory and Development Authority of India (IRDAI)

  • Chairperson: Debasish Panda
  • Headquarters: Hyderabad, Telangana