ICICI Prudential Life achieved a claim settlement ratio of 99.17% in FY2024, a record 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%, for Q2-FY2024 it stood at 98.14% and in Q3-FY2024 it was 98.52%. This showcases the consistency in settling claims. 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.”The company offers claimants and nominees convenience through digital touch points like WhatsApp and its mobile app, and provides home pick-up of claim-related documents for easy lodgement and tracking.
