AN ANALYTICAL STUDY OF CLAIM TYPES, SETTLEMENT PROCESSES, AND PERFORMANCE METRICS OF THE LIFE INSURANCE CORPORATION (LIC) OF INDIA

The Life Insurance Corporation of India (LIC) is a key player in the insurance industry, providing financial security to policyholders and their beneficiaries. The total number of claims resolved, which includes death claims and maturity claims is a key indicator of operational effectiveness. This measure demonstrates LIC's dedication to client happiness, transparency, and regulatory compliance. Over the years, LIC has consistently maintained a high claims settlement ratio, demonstrating its dependability and integrity to policyholders. Streamlined operations, digital transformation, and proactive customer service initiatives all contribute to its success. The majority of claims are settled within specified time frames, indicating LIC's efficiency and ability to handle large volumes. This paper attempts to investigate the types of claims, claim settlement process that has been followed by LIC, and the main part of the study is to analyse the total amount as well as the growth in the claim settlement done by LIC of India during the period of study for ten years through the help of different statistical tools and techniques as per the need of the study.