ICICI Prudential Life Achieves 99.17% Claim Settlement Ratio in FY 2024

*New Delhi,  ICICI Prudential Life Insurance has reported an impressive claim settlement ratio of 99.17% for the financial year 2024, positioning itself among the top in the industry. The company managed to settle all valid death claims in an average time of just 1.27 days, with a total payout of ₹1,867 crore for death claims in the fiscal year 2024.

For the first quarter of FY 2024, the company's claim settlement ratio stood at 97.94%, while it improved to 98.14% in the second quarter and further to 98.52% in the third quarter, showcasing consistent performance across all quarters.

To facilitate claimants or nominees, ICICI Prudential Life offers digital platforms, including WhatsApp and the company's mobile app, enabling easy and hassle-free claim filing and tracking. Additionally, the company provides a doorstep service to collect claim-related documents.

Amish Banker, Chief Operations Officer, stated, "Life insurance aids in providing financial security to families, and we strive to settle all genuine claims promptly. In FY 2024, we achieved a claim settlement ratio of 99.17%, the highest in the industry. On average, it took us only 1.27 days to settle retail death claims upon receiving all required documents. Over the past ten years, the company has disbursed a total of ₹12,112 crore for death claims, offering financial security to millions of families."

He further added, "Our 'Claim for Sure' initiative ensures that all valid death claims are settled within one day of receiving all documents. Under this initiative, the company settled over 4,000 claims in a single day during FY 2024."

This achievement underscores ICICI Prudential Life's commitment to providing efficient and swift claim settlements, thereby reinforcing trust and reliability among its policyholders.