ICICI Prudential Life Insurance achieved the highest claim settlement ratio of 97.9% in Q2 2024, outperforming all private sector life insurers, demonstrating its commitment to delivering on customer promises. The Company achieved a claim settlement ratio of 98.7% in FY2023, with an average settlement time of 1.2 days, ensuring immediate claimant access.
As per the report: The life insurance companies with the highest claim settlement ratios in Q1-FY2024 were ICICI Prudential Life Insurance at 97.9%, TATA AIA Life Insurance at 77.3%, and HDFC Life at 96.7%, Bajaj Allianz Life Insurance at 93.5%, Max Life Insurance at 86.3%, and SBI Life Insurance at 95.8%. Whereas highest claim settlement ratio in Q2-FY2024 for ICICI Prudential Life Insurance stood at 98.14%, 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%.
ICICI Prudential Life Insurance consistently settles claims, with its ‘Claim For Sure’ service initiative ensuring eligible death claims are settled within one day after receiving all necessary documents, as evidenced by publicly available data on the company’s website.
