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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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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.
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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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% |
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 | - |
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.
†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
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