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ICICI Prudential Life Insurance, a leading private sector life insurer, has declared its claim settlement ratio of 99.35 per cent for the June quarter of FY25, which was the highest among all public and private life insurance companies in the country. The average turnaround time taken by ICICI Pru Life to settle a death claim was 1.2 days in the same period.
The life insurance company settled 2,911 claims in Q1 FY25.
All life insurance companies are required to disclose their claim settlement ratios on a quarterly basis.
- Also read: ICICI Prudential Life witnesses greater traction for retirement plans through proprietary channels
Subsequently, the claim settlement ratios of HDFC Life were 97.24 per cent, Tata AIA Life were 96.52 per cent, SBI Life stood at 96.04 per cent, LIC were 95.31 per cent, and Bajaj Allianz Life had a settlement ratio of 90.49 per cent, according to data compiled based on public disclosures made on individual life insurance companies’ websites.
Subsequently, the claim settlement ratios of HDFC Life were 97.24 per cent, Tata AIA Life were 96.52 per cent, SBI Life stood at 96.04 per cent, LIC were 95.31 per cent, and Bajaj Allianz Life had a settlement ratio of 90.49 per cent, according to data compiled based on public disclosures made on individual life insurance companies’ websites.
The claim settlement ratio and the average settlement turnaround time are an indication of the ability and swiftness of the life insurer in settling claims.
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