ICICI Prudential Claim Settlement Ratio

The ICICI Prudential Claim Settlement Ratio is a crucial factor for any individual looking for a life insurance policy, as it reflects an insurance company's reliability in settling claims for policyholders' families. During a difficult time, a higher percentage is always a better sign of a reliable claim settlement process. The Insurance Regulatory and Development Authority of India (IRDAI) recently released data showing that ICICI Prudential Life Insurance has a strong track record, with a claim settlement ratio of 99.3% for FY 2024-25.

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What is the Claim Settlement Ratio?

The claim settlement ratio is the percentage of total claims an insurance company settles out of the total claims received in a financial year.

It is calculated as:

Claim Settlement Ratio = (Total Claims Settled / Total Claims Received) × 100

This ratio helps policyholders understand how likely it is that their claim will be paid when they need it.

ICICI Prudential Life Insurance has demonstrated a strong track record with the highest claim settlement amount of around ₹1950 crore, reflecting its ability to honour large claims. The company also offers a simple, transparent claim process, making it easier for nominees to receive payouts.

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What is the Latest Claim Settlement Ratio of ICICI Prudential Life Insurance Company Limited?

The latest available data shows that ICICI Prudential Life Insurance continues to perform strongly in terms of claim settlement.

Latest CSR: ~99.3% (FY 2024-25)
High claim approval rate
Minimal claim rejection percentage

This places the insurer among the more reliable private life insurance companies in India.

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ICICI Prudential Claim Settlement Ratio – Year-wise Data

Here's a look at how the claim settlement ratio of ICICI Pru Life Insurance Company has performed over the years:

Financial Year	Claim Settlement Ratio (%)
2015–16	96.2%
2016–17	96.68%
2017–18	97.88%
2018–19	98.6%
2019–20	97.8%
2020-21	97.9%
2021-22	97.8%
2022-23	95.28
2023-24	99.175
2024-25	99.3%

Why is Claim Settlement Ratio Important?

Ensures financial security for your family
The primary purpose of buying life insurance is to protect your family financially in case something happens to you. This purpose is only fulfilled when the insurer settles the claim without complications. A high claim settlement ratio increases the likelihood that your loved ones will receive the sum assured smoothly, without unnecessary delays or stress.
Reflects the insurer’s reliability
The claim settlement ratio is a direct indicator of an insurer's reliability in paying claims. If a company has maintained a consistently high CSR over the years, it suggests a strong track record and a higher probability that claims will be honoured as promised.

How to File a Claim for ICICI Prudential Life Insurance Company?

Below is the step-by-step ICICI Prudential Life Insurance Claim Process:

Claim Intimation (Reporting the Claim)

There are many ways to file your claim:

To file a claim online, go to the ICICI Prudential Life Insurance website and click on the "claims" link.
Call 1800 2660, the 24-hour ClaimCare helpline.
Email: Send an email to claimsupport@iciciprulife.com with the details of your claim.
Text: Send the text "ICLAIM<Policy Number>" to 56767.
Visit a Branch: Go to the nearest ICICI Prudential branch to get help in person.

Document Submission

Once the claim is registered, you need to submit the necessary documents to ICICI Bank Life Insurance Company. This helps the insurer evaluate your claim and proceed with processing.

Processing & Claim Settlement

After receiving all required documents, ICICI Prudential will initiate the claim assessment and process the payout as per IRDAI guideline

Wrapping it up

The ICICI Prudential Claim Settlement Ratio measures the provider's credibility in honouring its promises to claimants. As a thumb rule, the higher the ratio, the greater the provider's reliability. Conversely, a low ratio indicates the provider does not always follow through on their promises. Hence, any prospective policyholder should carefully review the CSR before purchasing a policy.

Note: Check all the best term insurance plan in India.

Note: You should also check the benefits of term life insurance if you are planning to purchase the term insurance plan.

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FAQ's

Q1. What is the claim settlement ratio?

Ans: The claim settlement ratio is the percentage of claims an insurance company settles out of the total claims received in a financial year. It helps indicate how reliable the insurer is in paying claims.
Q2. How do you figure out the claim settlement ratio?

Ans: To get the answer, divide the total number of claims settled by the total number of claims received during a financial year and then multiply by 100.
Q3. When should you tell your life insurance company about a claim?

Ans: You should report a claim as soon as you can to avoid delays in processing. There is no strict deadline for death claims, but critical illness claims are usually due within 60 days, and disability claims are usually due within 120 days.
Q4. Who receives the life insurance claim amount?

Ans: The claim amount is usually paid to the nominee mentioned in the policy. In certain cases, it may be paid to the proposer, assignee, or the life assured, depending on the type of claim.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

Rs. 400/month is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 400/month (Rs.13/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 230 is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 12/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

+Rs. 497/month is starting price for a 1.5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 487/month is starting price for a 2 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 626/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 905/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

+Rs. 1,267/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. 447/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.679/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 910/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,924month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

Women

+Rs. 400/month is Starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10.

Rs. 461/month is the starting price for a 1 crore term life insurance for an 24 year-old female, non-smoker, with no pre-existing diseases, cover upto 54 years of age.

1,642/month is the starting price for a 1 crore term life insurance for an 44 year-old female, non-smoker, with no pre-existing diseases, cover upto 74 years of age.

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

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