ICICI Term Insurance Claim Settlement Ratio

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.

What is a 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.

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What is the ICICI Prudential Life Insurance Claim Settlement Ratio?

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

What is the Claim Process Of ICICI Prudential Life Insurance?

The 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 claimsupport@iciciprulife.com.
• Visit the nearest branch of ICICI Prudential Life Insurance Company and connect with a representative who will then assist in filing the claim.

We've created a step-by-step approach for making a claim with the firm online for your convenience. Check it out below.

• Go to the company's official website and select the 'Claims' page.
• At the upper right corner of the website, click the 'Search Policy & Intimate Claim' option.
• Fill in the essential information and click the 'Submit' button.
• Please provide the necessary documentation. You may accomplish the same thing online (through email), via courier, or by visiting the company's branch.

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.