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Claim Settlement Ratio 1535 views October 23, 2020
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ICICI Prudential is one of the leading life insurance companies in India with a PAN-India presence. Its life insurance products are customized to address the emerging needs of customers. But do you know about its claim settlement ratio? No! We will let you know about it. Firstly, a claim settlement ratio helps you know about how much claims the particular insurance company settles in a financial year. Although the claim settlement ratio is not the sole factor when deciding to choose an insurance plan from ICICI, knowing it will at least help you get an impression of the insurer. Read on to know more about it.
The claim settlement ratio is published every year by the Insurance Regulatory and Development Authority of India (IRDAI), and the claims settlement ratio of ICICI Prudential for the financial year 2019-20 is 97.8%. This claim settlement ratio is calculated based on individual claims settled over the total individual claims in that financial year. You can also check the IRDAI annual report online to find the claim settlement ratio.
To find out more about the ICICI Prudential claim settlement ratio, you can check its claim settlement history. Check out the table below to know the ICICI Prudential Claim Settlement Ratio of previous years.
|Financial Year||Claim Settlement Ratio|
With over 90% claim settlement record over 12 financial years, ICICI Prudential has made a name for itself in the insurance space.
When you know the insurance company’s solvency ratio, it will help you find the insurance company’s financial situation. The IRDAI maintains the record of companies’ solvency ratio in the annual report where also the claim settlement ratio is mentioned. Check out this table below and know what is ICICI Prudential Life Solvency Ratio for the financial year 2018-19.
|Date||Quarterly Solvency Ratio|
If you want to claim your ICICI Prudential policy, follow these three steps:-
Step 1:- Claim Reporting
In the first step, you need to report the claim that you can do either online or offline at our branch as per your convenience. The claim is formally registered if you submit a written request to the company at its branch or Claims Cell office. For further information, you can dial 1-860-266-7766, SMS to 56767 with ‘ICLAIM<space>Policy Number’, send an email to email@example.com
Step 2:- Claim Processing
ICICI Prudential Life ClaimCare team scrutinizes your claim details and will guide you, individually, at every step. It will assess your claim, inform you if any documents are pending and raise a requirement. The company’s claim experts will guide you and make sure that you get help whenever you need it. To track your claim status, you can call the helpline number 1-860-266-7766 or visit the nearest branch and ask for help at the Priority Claim Desk.
Step 3:- Claim Settlement
Once the claim is intimated to the insurer, and it receives all the relevant documents, ICICI Prudential Life will settle your claim.
The claim documents will depend on the type of claim you have filed. You will need to submit the following documents.
Life Insurance Claim
Critical Illness Claim
You can submit all theses documents through the following modes:-
When ICICI Prudential Life has received all the required documents, it will evaluate the claim request and communicate its decision within 30 days. If your claim is paid, it will be counted under the ICICI Prudential claim settlement ratio.
To determine the reliability of a claim, the insurer conducts a verification process from time to time. It helps the company identify fraudulent claims made by policyholders. Take a look at the pointers below and know in what scenarios your ICICI Prudential claim could be rejected.
It is advised that you should write to the Grievance Redressal Committee within 30 days of receiving the reason for rejection of the claim. After careful evaluation of the matter, the committee will decide on the representation made by the claimant within 30 days of receipt. If you feel that the response is not satisfactory, you can approach the Office of Insurance Ombudsman for a re-examination. Also, you can approach Consumer Forums for grievance redressal.
On claim rejection, the list of rejected claims will be excluded from the ICICI Prudential claim settlement ratio.
As per the IRDAI annual report, ICICI Prudential Life has launched the following products in the financial year 2019.
It is a non-linked, non-participating term micro-insurance plan that gives security to the policyholder and their family at affordable premiums. If the policyholder dies in an unfortunate event during the policy term, the nominee shall receive the sum assured amount. The death claim would either be 7X your annualized premium amount or 105% of all the total premiums received as on date of death, whichever is higher. The absolute amount assured, which will be paid on death, is the basic sum assured as chosen by the policyholder.
This ICICI Term Insurance plan provides you with dual benefits of savings and protection. It helps you achieve your goals with the comfort of a guarantee and a life cover. Under this plan, you can choose a premium payment term based on your needs and get the following benefits:-
It’s a Group Micro-Insurance Plan that offers protection to the members of a group in the case of an unfortunate event at a nominal cost. It provides flexibility, coverage and benefit options as per the needs of the group members. Let’s take a look at the policy benefits.
Once the benefits are paid, the member’s cover will terminate and all rights, benefits, and interests under this policy will stand extinguished.
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