Sahara India Life Insurance Co. Ltd. (SILICL) is the first fully owned Indian private sector life insurance company without any foreign partner with an initial paid up capital of 157 crores. It is operated by one of the India’s largest conglomerate Sahara India Pariwar. Headquartered in Lucknow, Sahara India Pariwar is a renowned business house. SILICL provides a complete range of insurance solutions to its customers. SILICL launched its operation after obtaining mandatory regulatory nod from Insurance Regulatory and Development Authority of India (IRDAI) in February 6, 2004.
How Claim Settlement Ratio (CSR) is measured?
The Claim Settlement Ratio is expressed as the number of claims settled divided by the total number of claims reported in a given financial year, including the claims outstanding at the beginning of the financial year. The claim settlement ratio is expressed in percentage which is helpful for comparing the claim settlement data by the customer across insurers. The claim settlement ratio is calculated for every financial year.
|Claim Settlement Ratio = Total claims settled / Total claims received
where, Total Claims received = (Claims reported in the financial year + claims pending at the start of the year)
Past 5 years CSR Trends for Sahara Life Insurance Co.
Consistency of the CSR year on year is an ideal way to give preference to the insurance company. Consistency to maintain a higher claim settlement ratio is considered to be good. Past claims settlement ratio trends will reveal the consistency and inclination of the Sahara Life Insurance Co. towards settlement of death claims.
Rank in Claim Settlement among other Life Insurers
It signifies the position where Sahara Life Insurance Co. lies, in respect to other life insurers in the industry from the financial year 2012-13 to 2016-17. This rank is based on the claim settlement percentage attained by Sahara Life Insurance Co. in the respective financial years.
CSR Details of Sahara Life Insurance Co. for the Financial Year 2016-17
The latest Claim Settlement Ratio for the Financial Year 2016-17 is 90.21%.
|Life Insurer||Claims pending at the start of the period||Claims Intimated
|Total Claims (Claims Pending+Claims Intimated)||Claims Paid
- The claim settlement ratio of 90.21% is the indicator of the number of death claims settled by Sahara Life against the total claims 725 reported for the FY 2016-17.
- Rs 5.51 Crores of amount has been paid as the claim amount against 654 claims reported in the FY 2016-17 by Sahara Life Insurance Company.
- 45 claims have been rejected, resulting in Claim Repudiation of 6.21% for the FY 2016-17.