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. 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-FY2024 was 97.94%, 98.14% in Q2-FY2024, and 98.52% in Q3-FY2024, demonstrating consistent claim settlement. To provide convenience, claimants can use digital touchpoints like WhatsApp and the mobile app, and home pick-up of claim-related documents is also available.
Mr. Amish Banker, Chief Operations Officer, 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 death claim was just 1.27 days for non-investigated retail claims after receiving all documents.”
