ICICI Prudential Life pays Rs 1,867 crore towards death claims in FY24

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

In a statement, ICICI Prudential Life said 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 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," it said.

For the fiscal year ended in March 2024, the company paid a total of Rs 1,867 crore in death claims, it added.

The company 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 totaling 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," Banker added.