ICICI Prudential Life has achieved the highest claim settlement ratio of 99.04% in the second quarter of the fiscal year 2025. Here’s how other insurance companies rank in terms of claim settlement ratio:* ICICI Prudential Life: 99.04% * [Insert other insurers’ ratios] Note: The claim settlement ratio is a key metric that indicates the percentage of death claims settled by an insurer out of the total claims received. A higher ratio suggests a better track record of settling claims.

by | Jun 1, 2025 | Bajaj Allianz Life Insurance, HDFC Standard Life, ICICI Prudential Life, Insurance, LIC, Tata AIA

ICICI Prudential Life Insurance has achieved a claim settlement ratio of 99.04% for the July-September quarter of FY2025, the highest among all life insurance companies in the country. The company settled claims worth Rs 451.05 crore during this period, with an average claim settlement turnaround time of just 1.2 days. According to Amish Banker, Chief Operations Officer, the company handles every claim with utmost sensitivity, considering it the ultimate moment of truth.

The company’s ‘Claim for Sure’ initiative promises to settle eligible claims in one day after all documents are submitted. In Q2 FY2025, ICICI Prudential Life Insurance settled death claims amounting to Rs 71.24 crore under this initiative. The company has consistently had industry-leading claim settlement ratios, with 97.94% in Q1 FY2024, 98.14% in Q2 FY2024, 98.52% in Q3 FY2024, and 99.17% for the entire FY2024.

Technology has played a significant role in enabling the company to settle claims quickly, reducing the financial distress caused to the family due to the demise of the earning member. Claimants can use digital enablers such as the mobile app, WhatsApp, Chatbot, and website to easily lodge and track claims. The company’s high claim settlement ratio is a testament to its commitment to providing excellent customer service.

The claim settlement ratio is crucial from the customer’s perspective as it indicates the insurer’s ability to pay the nominee of the policyholder. The primary objective of buying an insurance policy is to protect loved ones financially in case of unforeseen events. If the insurer fails to honor the claim, the purpose of being insured is defeated. A high claim settlement ratio provides customers with the assurance that their claims will be settled promptly and efficiently.

In comparison to other life insurance companies, ICICI Prudential Life Insurance’s claim settlement ratio is the highest. According to the L-40 report, other companies such as Bajaj Life, TATA AIA Life, HDFC Life, SBI Life, Max Life, and LIC have lower claim settlement ratios. ICICI Prudential Life Insurance’s commitment to settling claims quickly and efficiently sets it apart from its competitors, making it a trusted choice for customers.