BANGALORE: Do you believe what your insurer promises you while taking a life insurance policy? Are you sure that your life insurance policy will take care of all the financial needs of your family after your death? If yes, then think twice.

There are numerous private insurers who provide you with the insurance policies with attractive promises. However, the fact is that only few keep up with their promises. According to the annual reports of year 2012-2013 by Insurance Regulatory and Development Authority only 23 insurers manage to do the claim settlement, that too not completely. And this shows stinginess of the insurers when it comes to passing benefits to the nominees.

Thus most of the financial advisors nowadays advice the insurance buyers to research on the claim settlement record of the insurance company, instead of running behind the insurance companies with lowest premium and highest benefits.

"Claims settlement ratio, along with related data, is the only objective yardstick for the consumer to determine which insurance company is preferable and more reliable," said consumer activist Jehangir Gai.

According to IRDA the insurer who has the best settlement ratio is none other than LIC when compared to other insurers. The average settlement record of private life insurers is about 88.65 percent. Few private insurers like ICICI, State Bank of India, HDFC and Kotak Life are top in this list. Other insurers like Aegon Religare, Tokio and Shriram life are lagging behind.

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