ICICI Prudential Life Insurance has topped the claim settlement ratio among private sector life insurers in Q2-Financial Year 2024, with a claim settlement ratio of 98.14%. The company had the best claim settlement ratio of 97.9% in Q1FY 2024, demonstrating its commitment to delivering on promises made to customers and their families.
Significantly, for the Financial Year 2023, the Company’s claim settlement ratio was 98.7%, with an average time taken to settle a genuine death claim of 1.2 days. This ensures the claimants get immediate access to the claim amount.
ICICI Prudential Life Insurance has the highest claim settlement ratio in Q2-Financial Year 2024, at 98.14%, followed by TATA AIA Life Insurance at 90.55%, HDFC Life at 96.62%, Bajaj Allianz Life Insurance at 91.79%, Max Life Insurance at 95.90%, and SBI Life Insurance at 95.67%. This demonstrates the consistency of ICICI Prudential Life Insurance in settling claims. The data is publicly available on the company’s website, and its ‘Claim For Sure’ service initiative ensures all eligible death claims are settled in 1 day after receiving all necessary documents.
