ICICI Prudential Life Insurance achieved the highest claim settlement ratio among private sector life insurers in Q2 2024, with a 97.9% rate in Q1 2024. This demonstrates its commitment to delivering on promises to customers and their families. In Q2 2023, the company’s claim settlement ratio was 98.7%, with an average time of 1.2 days for genuine death claims.
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%.
