Claim Settlement Ratio (CSR) is the rate of claims that an insurance company settles over a particular period of time. To find out the CSR, divide the total claim payments that the business paid out during that time period by the cumulative number of claims it received.
For instance, if the claim settlement ratio is 90%, that means if an insurance firm received 100 claims out of that it settled 90 of them.
An insurance company with a high claim settlement ratio has a proven track record of resolving claims and upholding its contractual duties to policyholders. It is typically regarded as a reliable sign of the firm's dependability and financial security.
ICICI Prudential Life Insurance is a leading life insurance company that offers a wide range of life insurance products to cater to the varied needs of customers. It has a strong presence in the Indian insurance market with a wide network of branches and advisors.
ICICI Prudential Life Insurance Claim Settlement Ratio (CSR) represents the percentage of claims settled by the insurer out of the total number of claims received in a financial year. As per the IRDAI's (Insurance Regulatory and Development Authority of India) annual report for the financial year 2021-22, ICICI Prudential claim settlement ratio is 97.82%.
Life insurance claims can be widely categorised into two:
When a policyholder passes away during the policy's tenure, death claims are paid. The sum is paid to the nominee of the policyholder by the life insurance firm. Most death claims are paid as a lump sum or as regular income, depending on the option selected when the insurance was purchased.
In accordance with the policy component and request you made, you will receive a certain amount upon surviving the policy period either as a lump sum or as regular income. Additionally, depending on the type of your policy, the quantity paid at maturity may be fixed or market-linked.
Compare and buy the most suitable Life Insurance Plan from the below-mentioned IRDAI-approved Life Insurance companies.
Know More About Life Insurance Companies
Know More About Term Insurance Companies
There are various ways by which a policyholder or the nominee of the policyholder can apply for their claims. They can choose to have their claims resolved offline or online, according to their ease. The following are the ways by which an insured can apply for a claim:
Step 1: The first and foremost step is to report the claim. The policyholder or the nominee can report the claim using any of the mentioned processes as per their convenience.
Step 2: Once the ClaimCare team receives the claim, they carefully examine the details of the claim and assist the claimant personally at each stage. The team may also ask for certain additional documents if needed for the examination of the claim.
Step 3: The company approves and decides on the claim after carefully going over all the claim-related documents. The nominee or the policyholder is informed of the claim payout immediately as the claim is approved.
See More Life Insurance Articles
See More Life Insurance Articles
The claim settlement of ICICI life insurance for the year 2021-2022 is 97.82%.
There are various types of claims settlement processes offered by ICICI life insurance, they are - online claims, telephonic claim, offline claim and claim through SMS or E-mail
February 10, 2022
It is one of the best companies as they explained the benefits of the term insurance then suggested me the best suitable plan as per my needs. I am happy to be associated with this company.
November 22, 2021
Amazing life insurance plans at very cheap prices. sales team is also very good. they explained the plan to me very well. I am very impressed.
October 5, 2021
Just got my claims settled. Thank god my husban chose ICICI term plan who understand how important the hassle-free claim is a blessing at this point when you have lost your everything. Thankyou...
September 13, 2021
bought a term plan from icici pru after carefully considereing that covid like situation is imminent. my fam needed protection financially and now they have it
September 13, 2021
will be foreever grateful to policyx for helping me settle the claim...really needed all the support in this time
September 9, 2021
went to get the death benefits after my husband s recent death...support staff was very nice and helped fasten the process
June 18, 2021
Thanks to policyx. I called them to compare plans and I get a good guidance about ICICI Pru. This plan helped me a lot in my crisis
May 24, 2021
I purcharsed iProtect Smart policy from ICICI a year ago and am really satistfied with this one. Policy provides gives many benefits and i have also suggested this policy to my other family me...
Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.