At ICICI Prudential Life every claim is a fulfillment of a promise that we have made to our policyholder and we do our best to process the claim in the most transparent and quick manner. We are committed towards securing the future of your loved ones, particularly in the time of need.
With “Customer First” being one of our core values, we periodically review our claim processes and continue to invest towards understanding our customer needs. We have developed and implemented our claims processes to ensure the payment of genuine and legitimate claims at the earliest with a prudent risk philosophy that protects policyholder's interest at all times.
Claims Honored:
Claim Acceptance Details
Financial Year 2010-11
Financial Year 2011-12
Quarter 1 Quarter 2
Claims accepted (Nos.)
19136
4545
5067
Value of accepted claims (Rs. Crore)
246.74
58.47
63.73
Claims Acceptance ratio (%)*
97.11%
97.66%
98.18%
* Claims acceptance ratio is measured as No. of claims paid ÷ No. of claims decisioned
In line with our philosophy of easing the financial burden on the policyholder and their nominees, ICICI Prudential Life will make a claim payment within 12 days from receipt of the last requirement.
We have a 4 step claim process :
Intimation of claim to ICICI Prudential Life
ICICI Prudential Life to help the claimant to complete the documentation
Claimant to submit the required documents
ICICI Prudential Life to take decision on the claim
We truly believe that a hassle free claims settlement is the ultimate service we can provide to our customers.
Since insurance is a contract of utmost good faith, it is important to note that the claims acceptance ratio depends, amongst other factors, upon the correct disclosure of facts by the proposer and life to be assured at the time of proposal and also upon the correctness and completeness of information submitted at the time of a claim.
