A Detailed Guide To ICICI Prudential Claim Settlement Ratio
Suresh (26-years-old) lives in Ahmedabad with his parents. Being the only son, Suresh wants to purchase the best term life insurance policy so that his family members won’t get affected in his absence. But Suresh doesn’t want to purchase a policy hastily; rather he wants to check all the details of the policy before making any commitment. He came to know that the claim settlement ratio plays an imperative role in a policy and the ICICI prudential claim settlement ratio is quite impressive.
Here, we are going to mention some more details about the ICICI term insurance claim settlement ratio so that people like Suresh won’t face any problems while initiating claims in the future.
ICICI prudential life insurance claim settlement ratio was 97.8% for the year 2019-2020. This indicates, the company pays 97.8 people on average for every hundred claims made by policyholders. From this claim settlement ratio ICICI prudential, a person gets an idea regarding the consistency of insurance providers. Before purchasing a policy, every person should check this claim settlement ratio.
What is the Claim Settlement Ratio (CSR)?
The claim settlement ratio implies the number of claims paid by an insurance provider against the number of claims filed by policyholders. The claim settlement ratio acts as an indicator of their integrity and trustworthiness. The higher ratio implies that insurance companies are more reliable and honest as compared to those that have inferior claim settlement ratios. If you purchase a policy from a company that holds an impressive claim settlement ratio, your chances of getting a claim settlement will also increase.
You can visit the official website of the Insurance Regulatory and Development Authority of India (IRDAI); check out the claim settlement ratios of various companies.
A person usually purchases life insurance so that his/her family won’t suffer in case of his/her absence. In the case of the sudden demise of policyholders, the beneficiaries need to raise the claims to insurers. If the claims are declined then all the premiums paid so far will go to waste. So, before purchasing an ICICI policy, always check the ICICI life insurance claim settlement ratio.
ICICI Prudential Claim Settlement Ratio
ICICI Prudential Claim Settlement Ratio= (Total Claims that the Company Settles/ Total Claims that the Company Receives)
This ratio is changed in every financial year. For 2019-2020, ICICI prudential claim settlement ratio was:
|Claims Paid||Claim Settlement Ratio||Claims Repudiated||Claim Repudiation Ratio|
The claim settlement ratio was 97.84% and the repudiate ratio was 1.34%. This implies the remaining 95 claims were forwarded to the next financial year.
ICICI prudential life insurance claim settlement ratios for various years
|Claim settlement ratio (%)|
The above table portrays an intriguing picture of the claim settlement ratio of ICICI prudential life insurance. Before a decade (2009-10), the company’s claim settlement ratio was just above 90. After that in the middle, the ratio was nearly 94. There was a slight dip in 2014-15 when the claim settlement ratio was 93.80. After that, it again picked up. The average claim settlement ratio of ICICI prudential life insurance is 96. The ICICI term insurance claim settlement ratio was the best in 2018-19 when the ratio was above 98 (98.60).
ICICI Prudential Life Insurance Claim Settlement Process
This insurance company has a 3-step claim settlement process.
Let’s take a look at various steps of claim settlement ratio ICICI prudential:
Step 1: Insurance Claim Reporting
This process starts with the registration of the claim. Policyholders can initiate or register their claims online at any ICICI branch offices or via the SMS method at their convenience.
- Call 24×7 claim care team on 1-860-266-7766
- Visit the nearest branch of ICICI Prudential Life Insurance
- Email your claim at email@example.com
- SMS ‘ICLAIM <space> Policy Number’ to 56767
Step 2: Insurance Claim Review
Once you initiate your claim, the claim care team of ICICI Prudential Life insurance will analyze your claim. The team will intimate you if any documents are pending or you need to submit more documents to support your claim. The claim care team will send updates via SMS or they may call and ask for some more documents.
Step 3: Claim Settlement
Once you submit all documents, the claim care team checks all the documents and checks with the insurer to settle your claim. These days, to make the claim settlement process easier, ICICI Prudential Life Insurance Company has launched electronic modes of transfer for the claim settlement process. This digital transfer process saves your time and also makes the claim process more convenient.
What do you understand from the ICICI Prudential Life Insurance Claim Settlement Ratio?
ICICI life insurance claim settlement ratio contributes a major role in your policy purchase decision. So, you should be aware of what it implies and what doesn’t.
- The ratio comes in percentage terms so that you can compare it with other companies’ ratios
- The claim settlement ratio ICICI prudential implies all settlements of various types of insurance policies that the company offers
- The repudiation and carry over are added with settled claims to indicate the total claims
- The ICICI prudential term plan claim settlement ratio is always for a particular financial year (from April one year to March the next year)
The Bottom Line
ICICI prudential claim settlement ratio indicates how efficient the company is in settling the claims of policyholders. The higher claim settlement ratio implies the company is trustworthy and reliable. But the lower claim settlement ratio doesn’t portray that the company ditches its policyholders. So, a prospective buyer should consider the claim settlement ratio along with other terms and conditions before purchasing a policy.