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.
Significantly, for FY2023 the Company’s claim settlement ratio was 98.7% and the average time taken to settle a genuine death claim was 1.2 days. This ensures the claimants get immediate access to the claim amount.
The top 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%.