Before zeroing down on any Term Insurance plan, it is essential for you to have a thorough knowledge of the company's performance in the past. One prominent factor that will help you majorly in evaluating the company's performance is its Claim Settlement Ratio (CSR). The CSR of the company speaks about the company's ability to settle claims for its customers in a given financial year. It is important to have a good CSR ratio as an insurance provider as it denotes how trustworthy the insurance company is towards its customers.
Through this article, we will throw some light on what is a CSR, its importance and the ICICI Term Insurance claim settlement ratio.
A claim settlement ratio also known as (CSR), is the percentage of total claims that an insurance company settles in a year. It denotes how seriously a health company takes the claims of its customers. The greater the ratio, the more dependable the insurance company is in general.
As per the IRDAI annual report for the year 2020-21, the ICICI Pru Life claim settlement ratio is 97.90. Out of 1,79,098 claims raised, the company reportedly settled 1,75,387 claims with a benefit amount of INR 941.35 Cr.
On the official website of the Insurance Regulatory and Development Authority of India (IRDAI), you can easily locate and check the ICICI Term plan claim settlement ratio. To make the task of checking the ICICI Term insurance claim settlement ratio easier and evaluate the company's claim settling performance, take a look at the below given graph.
ICICI Prudential Life Insurance Claim Settlement Ratio
The policyholders can raise a claim for their policy in the following four ways:
We've created a step-by-step approach for making a claim with the firm online for your convenience. Check it out below.
The company will investigate the claim and, after the appropriate documentation has been received, will make a decision within 12 days. Payment will be paid to the bank account number provided.
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Last updated on May, 2022
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