ICICI Prudential Life Settles 99.04% Claims in 1.2 Days

Mumbai: ICICI Prudential Life Insurance has announced an impressive claim settlement ratio of 99.04% for the second quarter of FY2025 (July–September 2024), positioning itself at the top of the industry. The insurer also achieved a remarkable turnaround time, settling death claims in an average of 1.2 days.

Mr. Amish Banker, Chief Operations Officer, ICICI Prudential Life Insurance, highlighted the company’s commitment to swift and sensitive claim processing. “Claims are the ultimate moment of truth, and we handle every claim with utmost sensitivity. In Q2-FY2025, we achieved a claim settlement ratio of 99.04%, while our average turnaround time for non-investigated claims, from the last document submission, stood at just 1.2 days. Additionally, we settled death claims totalling over ₹451 crore during the same period,” he said.

Under its flagship “Claim for Sure” initiative, ICICI Prudential Life promises to settle eligible claims within one day after receiving all necessary documents. During Q2-FY2025 alone, the company settled claims worth ₹71.24 crore under this initiative.

ICICI Prudential Life has consistently maintained an industry-leading position in claim settlement ratios. The figures stood at 97.94% in Q1-FY2024, 98.14% in Q2-FY2024, and 98.52% in Q3-FY2024, culminating in an impressive 99.17% for the entire FY2024.

The company’s exceptional performance reaffirms its commitment to delivering prompt financial support to its policyholders during critical times.