The second quarter of Financial Year 2024, 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 Financial Year 2024.
This showcases its commitment to delivering on the promises made to customers and their families.Significantly, for Financial Year 2023 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.Claim Settlement Ratio of ICICI Prudential Life Insurance in Q2- Financial Year 2024 is 98.14%.
TATA AIA Life Insurance is 90.55%, HDFC Life is 96.62%, Bajaj Allianz Life Insurance is 91.79%, Max Life Insurance is 95.90% and SBI Life Insurance is 95.67%.This information shows the consistency of ICICI Prudential Life Insurance in settling claims.The given Data is publicly available on the Company’s website.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.