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(18 Sep 2024, 14:12)

ICICI Prudential Life records highest claim settlement rate in Q1


ICICI Prudential Life Insurance, a leading private life insurer reported a claim settlement ratio of 99.35% for the June quarter of FY25, the highest among all public and private life insurance companies in the country.

The average turnaround time taken by ICICI Pru Life Insurance to settle a death claim was 1.2 days during the same period.

The life insurance company settled 2,911 claims in Q1 FY25.

All life insurance companies are required to publish their claim settlement rates on a quarterly basis. It was followed by HDFC Life at 97.24%, Tata AIA Life at 96.52%, SBI Life at 96.04%, LIC at 95.31% and Bajaj Alliance Life at 90.49%. Data compiled based on public disclosure on individual life insurance companies' websites.

Claim settlement ratio and average settlement turnaround time indicate the efficiency and promptness of a life insurer in settling claims.

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