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ICICI Prudential Life to settle death claims in 1 day
Mumbai/UNI: ICICI Prudential Life Insurance Company’s service initiative titled – ‘Claim For Sure’ promises to settle death claims in 1 (one) day, a statement said here on Monday.
With the ‘Claim For Sure’ service initiative, the Company aims to alleviate the financial distress caused to families due to this loss.
"Policies which have been continuously active for three years, do not require any investigation and where the total claim amount does not exceed ` 1.5 crore qualify for settlement under this service initiative. Claimants are required to submit all mandatory documents to avail of this fast track claim settlement process," said Puneet Nanda, Deputy Managing Director, ICICI Prudential Life Insurance.
The Company has received ~65% of death claims under Claim For Sure, 99.4% of these have been settled in 1 (one) day since the launch of this initiative in July 2019. For the 9 months ended FY2020 the average turn-around-time (TAT) to settle a death claim stood at 1.67 days. For FY2019, the Company had a claim settlement ratio of 98.6% and the total value of death claims settled across the country stood at ` 826.66 crore with an average TAT of 2.34 days.
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