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In the ratings page, how are Number of Claims value greater than Number of Policies?

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15 Oct, 2021 by  Shore

For example, in this page, https://www.beshak.org/insurance/term-life-insurance/best-term-insurance-plans/max-life-smart-term-plan?auth=1

The number of claims is 703,971 whereas the number of policies is 597,567. How come this be the case?

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Term Life Insurance

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20 Oct, 2021

Hi Shore,

Hope you are doing well and apologies for the delay in response! The data for the number of policies sold and the number of claims settled for every insurer is for the current financial year i.e. for the entire FY21. Now, please note that these two numbers are mutually exclusive to each other. The reason why the number of claims is higher than the number of policies is that every insurer has a certain number of claims outstanding (yet to be settled) at the end of every quarter/financial year, which gets added to the new quarter/financial year. Max Life had more claims outstanding in FY21 which they were able to settle. These numbers have been taken from the Public Disclosures of Max Life (Form L41)

Hope this clarifies.

Thanks!

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20 Oct, 2021
Shore
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