Insurance News Details

ICICI prudential life insurance pays Rs 1,867 crore for death claims in FY24

(07-May-24   15:59)

ICICI Prudential Life Insurance on Tuesday said it settled 99.17 per cent of death claims in just 1.27 days, with a total payout of Rs 1,867 crore in 2023-24.

ICICI Prudential Life Insurance in a statement said The claim settlement ratio of ICICI Prudential Life stood at 99.17% in FY2024, one of the best 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 in March 2024, the company paid a total of Rs 1,867 crore in death claims, The Insurer added.

The company's claim settlement ratio for the June quarter of FY24 was 97.94 per cent, for the September quarter at 98.14 per cent and for the December quarter at 98.52 per cent.

The Insurer further said, it has enabled its digital touchpoints such as WhatsApp and the mobile app providing convenience to claimants to lodge and track claims. Also, the company provides home pick-up of claim documents.

ICICI Prudential Life Insurance, Senior Executive Vice President, Customer Service, Amish Banker said, ?in the last ten years the company has settled death claims totalling Rs 12,112 crore. For FY2024, we had an industry-leading claim settlement ratio of 99.17% and the average time taken to settle a claim was just 1.27 days for non-investigated retail death claims after receiving all documents?.

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