The life insurance industry in total paid 8.46 lakh claims on individual policies, with a total payout of Rs 18042 crore in the FY20, data from the latest Insurance Regulatory and Development Authority of India’s annual report showed. Claim settlement ratio is a metric to gauge the percentage of life insurance claims an insurer has settled during a financial year against the number of claims it receives in the period.source https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-annual-report-lics-claim-settlement-ratio-deteriorated-in-fy20-to-96-6/articleshow/80791235.cms
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