ICICI Term Insurance Claim Settlement Ratio

When choosing a term insurance policy, one of the most important factors to consider is the claim settlement ratio (CSR) of the insurer. A high claim settlement ratio indicates the insurer’s reliability and trustworthiness in settling claims, which is of high importance for ensuring that your nominees receive the promised financial protection.

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ICICI Prudential Life Insurance, one of India's leading insurers, is known for its strong claim settlement record. Let us take a look into the ICICI term insurance claim settlement ratio, why it matters, and how it reflects the company's performance.

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What is the ICICI Prudential Term Insurance Claim Settlement Ratio?

ICICI Prudential Life Insurance has consistently maintained a high claim settlement ratio over the years, making it a trusted choice for term insurance buyers. According to the latest report by the Insurance Regulatory and Development Authority of India (IRDAI), ICICI Prudential had a claim settlement ratio of 99.2% for the financial year 2023-24. This impressive figure demonstrates ICICI Prudential’s commitment to timely and transparent claim settlement, ensuring that beneficiaries are well-protected during difficult times.

What is the Importance of an ICICI Prudential Term Claim Settlement Ratio?

A high term insurance claim settlement ratio reflects the insurer’s commitment to paying out claims, which is a key factor for term insurance, as these policies are designed to provide financial protection to families in case of the policyholder's death. Here’s why a high ICICI term insurance claim settlement ratio matters:

Trust and Reliability: A high ICICI term insurance CSR builds trust in the insurer, indicating that the life insurance company honours its commitments to policyholders.
Quick Payouts for Beneficiaries: Timely claim settlements ensure that beneficiaries receive the financial support they need during difficult times.
Reduces Financial Stress: For families depending on the term insurance payout, a high CSR guarantees that they won’t face unnecessary financial stress due to claim delays or rejections.
Peace of Mind: Knowing that the term insurance company has a strong track record of claim settlements provides peace of mind to the policyholder, ensuring that their loved ones will be taken care of in their absence.

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5 Years ICICI Prudential Term Claim Settlement Ratio

Here is the Claim Settlement Ratio (CSR) of ICICI Pru Term Insurance for 5 consecutive years:

S.No.	Year Wise Data	Claim Settlement Ratio
1.	2023-24	99.17%
2.	2022-23	95.28%
3.	2021-22	97.8%
4.	2020-21	97.9%
5.	2019-20	97.8%

ICICI Prudential Term Insurance Claim Settlement Ratio Performance for 2024

Here is the ICICI Prudential Term Insurance Claim Settlement Ratio Performance for 2024:

Parameters	Total claims	Claims paid	Claims repudiate	Claims rejected
No. of Policies	14,333	13,656	638	-

Wrapping it Up!

ICICI Prudential Life Insurance has built a strong reputation in the Indian insurance market by consistently maintaining a high claim settlement ratio. With a CSR of 99.2%, the insurer assures policyholders and their families of timely and transparent claim settlement, providing much-needed financial support during critical times. This high CSR, combined with an efficient claims process, strong customer service, and a wide range of term insurance products, makes ICICI Prudential a reliable choice for term insurance.

By choosing ICICI Prudential Life Insurance, policyholders can be confident that their families will be financially protected and that their claims will be handled with care and efficiency.

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

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˜Top plans are based on annualized premium, for bookings made through https://www.policybazaar.com in FY 25.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

+Rs. 487/month (Rs.16/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 38 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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+Rs. 820/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 38 years of age.

+Rs. 1,443/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 38 years of age.

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