ICICI Term Claim Settlement Ratio

ICICI Term Insurance Claim Settlement Ratio

Before finalizing any term insurance plan, it is essential to have thorough knowledge of the company's past performance. A prominent factor in evaluating a company's performance is its Claim Settlement Ratio (CSR). The company's CSR indicates its ability to settle claims for customers in a given financial year. A good CSR is crucial for an insurance provider as it denotes the company's trustworthiness towards its customers.

This article explains what CSR is, its importance, and the ICICI Term Insurance claim settlement ratio.

What Is a Claim Settlement Ratio?

A Claim Settlement Ratio (CSR) is the percentage of total claims an insurance company settles in a year. It indicates how seriously an insurance company handles its customers' claims. A higher ratio generally indicates a more dependable insurance company.

ICICI Term Plan Claim Settlement Ratio

As per IRDAI, the ICICI Term Insurance Claim Ratio is 99.17%. Out of 179,098 claims raised, the company reportedly settled 175,387 claims, amounting to 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 Claim Ratio. To simplify checking the ICICI Term Insurance claim settlement ratio and evaluating the company's claim settling performance, refer to the information below.

Claim Settlement Ratio of ICICI Life Insurance

The table below provides the claim settlement ratio of ICICI Life Insurance:

What Is the Claim Process of ICICI Life Insurance?

Policyholders can raise a claim for their policy in the following four ways:

• Visit the company's website and submit the claim request online.
• Contact the Claim Care number of the company at 1860 266 7766.
• Write an email to the company at [email protected].
• Visit the nearest branch of ICICI Life Insurance Company and connect with a representative who will then assist in filing the claim.

Online Claim Process

For your convenience, we've outlined a step-by-step approach for making an online claim with the company.

1. Go to the company's official website and select the 'Claims' page.
2. On the website, click the 'Search Policy & Intimate Claim' option.
3. Fill in the essential information and click the 'Submit' button.
4. Provide the necessary documentation. This can be done online (via email), through courier, or by visiting a company branch.

The company will investigate the claim and, upon receiving appropriate documentation, will make a decision within 12 days. Payment will be disbursed to the provided bank account.