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The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body that oversees the insurance industry in India. One of the key functions of the IRDAI is to ensure that insurance companies operate in a fair and transparent manner and adhere to appropriate standards when it comes to claims handling and settlement.
The claim settlement ratio is a measure of the percentage of insurance claims that are settled by an insurance company. A higher claim settlement ratio indicates that a higher percentage of claims are being paid out by the insurer, while a lower claim settlement ratio suggests that a smaller percentage of claims are being paid.
The statement "With 96%, LIC leads in claim settlement ratio: Irdai" suggests that the Life Insurance Corporation of India (LIC), which is a state-owned insurance company, has a claim settlement ratio of 96%. This means that out of 100 claims made to the company, 96 claims were settled and paid out. A high claim settlement ratio is generally seen as a positive indicator of an insurance company's financial stability and ability to honor its obligations to policyholders.
