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The Life Insurance Corporation of India (LIC) had a better claim settlement ratio than its private sector rivals in 2013-14. For LIC the individual death claim settlement ratio stood at 98.14% compared to 97.73% in 2012-13. For private insurers this figure declined marginally from 88.65% in 2012-13 to 88.31% in 2013-14. The claims settlement ratio increased marginally from 96.41% in 2012-13 to 96.75% in 2013-14 for the industry as a whole.

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