LIC’s claim settlement better than private insurers: IRDA

"The claim settlement ratio of LIC was better than that of the private life insurers," 
                                                                           Insurance Regulatory and Development Authority said in its annual report.

According to Irda, there were 3.47 percent claims sought from private insurance companies were pending at the end of the year. The similar figure for LIC was 1.04 percent. There are about two dozen private life insurance firms in India and the larger ones include ICICI Prudential Life, HDFC Standard Life and Reliance Life.