Life Insurance Corporation of India
Est. 1956Mumbailife insurer
CSR 2023-24
98.62%
Good
Complaints FY 2022-23
2.98
per 10K policies
99.2% disposal rate
Source: IRDAI Annual Report 2022-23
India's largest insurer by market share, backed by sovereign guarantee. LIC has paid claims for over 65 years and holds the highest claim corpus of any insurer in the country.
Claim settlement ratio history
Strengths
- +Sovereign government backing
- +Largest branch network in India
- +98.62% claim settlement ratio (2023-24)
- +Pays claims on schedule without delays
Limitations
- -Policy portal is slow and outdated
- -Premium rates are slightly higher than private players for the same cover
How to file a claim
Claims can be filed at any LIC branch. Settlement typically takes 30 days for non-investigation cases.
Ready to check the actual premium?
Compare on PolicyBazaar without sharing your phone number at checkout