ICICI Prudential Life tops Claim Settlements in Q2-FY2024
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.
City Air News
Nov 27, 2023 07:11
0
Chandigarh, November 27, 2023: 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.
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.
|
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% |
