The claim settlement ratio of ICICI Prudential Life stood at 99.17% in FY2024, one of the best in the industry. Significantly, the average turnaround time taken to settle a genuine death claim was just 1.27 days. Not all life insurers disclose the settlement turnaround time since it is not mandated by regulations. For the fiscal year ended 2024, the Company paid out a total of Rs. 1,867 crore as death claims.
The Company’s claim settlement ratio for Q1-FY204 was 97.94%, for Q2-FY2024 it stood at 98.14% and in Q3-FY2024 it was 98.52%.
ICICI Prudential Life has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims in a hassle-free manner. Also the Company provides home pick-up of claim documents.
Mr. Amish Banker, Senior Executive Vice President, Customer Service said "Life insurance provides financial security to the family. Therefore, we ensure all genuine claims are settled quickly. For FY2024, we had an industry-leading claim settlement ratio of 99.17% and the average time taken to settle a claim was just 1.27 days for non-investigated retail death claims after receiving all documents. Notably, in the last ten years the Company has settled death claims totaling Rs. 12,112 crore, ensuring the financial security of millions of families.
He further added, the Company’s ‘Claim for Sure’ initiative promises to settle all eligible death claims in one day after receiving all documents. For FY2024, the Company has settled over 4,000 claims in one day under this initiative.”