ICICI Prudential Life Insurance Achieves 99.35% Claim Settlement Ratio in Q1 FY2025

 ICICI Prudential Life Insurance has reported an impressive claim settlement ratio of 99.35% for the first quarter of FY2025, the highest among all life insurance companies in the country. Notably, the average time taken to settle claims during this period was just 1.2 days. Additionally, the company successfully paid out ₹3,812.4 million in death claims.

Mr. Amish Banker, Chief Operations Officer of Customer Service at ICICI Prudential Life Insurance, stated, "In the unfortunate event of a breadwinner's passing, life insurance provides financial security to the family. Therefore, we handle every claim with care and urgency. In the first quarter of FY2025, our individual death claim settlement ratio was 99.35%, with an average settlement time of only 1.2 days for claims without investigations. We believe our claim settlement ratio is the best in the industry. During this period, we settled claims worth ₹3,812.4 million."

The company has consistently led the industry in claim settlement ratios. For instance, in the first quarter of FY2024, the claim settlement ratio was 97.94%; in the second quarter, it increased to 98.14%; by the third quarter, it reached 98.52%; and for the entire FY2024, it stood at 99.17%.

Our "Claim for Sure" service initiative promises to settle all eligible death claims within just one day of receiving the necessary documents. In the first quarter of FY2025, we settled claims worth ₹687.4 million under this initiative.

Our technological solutions have significantly reduced the time required for claim processing. Convenient options like WhatsApp, the company's mobile app, and our website make it easy for customers to register and track their claims.

Life insurance is a promise we make to our policyholders. We ensure that their families receive financial security in their absence.