ICICI Prudential Life Insurance claim settlement ratio stood at 98.14%
For the second quarter of FY2024, ICICI Prudential Life Insurance tops the claim settlement ratio among private sector life insurers. The Company had the best claim settlement ratio of 97.9% in the first quarter of FY2024. This showcases its commitment to delivering on the promises made to customers and their families.
Significantly, for FY2023 the Company’s claim settlement ratio was 98.7% and the average time taken to settle a genuine death claim was 1.2 days. This ensures the claimants get immediate access to the claim amount.
*Data is publicly available on the Company’s website
| Name of life insurance company | Claim Settlement Ratio Q1-FY2024 | Claim Settlement Ratio Q2-FY2024 |
| ICICI Prudential Life Insurance | 97.9% | 98.14% |
| TATA AIA Life Insurance | 77.3% | 90.55% |
| HDFC Life | 96.7% | 96.62% |
| Bajaj Allianz Life Insurance | 93.5% | 91.79% |
| Max Life Insurance | 86.3% | 95.90% |
| SBI Life Insurance | 95.8% | 95.67% |
The table above shows the consistency of ICICI Prudential Life Insurance in settling claims. The Company is customer-focused and its ‘Claim For Sure’ service initiative ensures all eligible death claims are settled in 1 day after receiving all necessary documents.
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