Over the years, the demand for life insurance has surged, reflecting greater financial awareness. While it's great that more insurers now offer customisable policies to meet individual needs, your main goal should be to choose the right insurer. For life and term insurance, it's crucial to find one that ensures maximum claim settlements with minimal rejections. This is where the Amount Settlement Ratio (ASR) comes in.

ICICI Prudential, one of India’s leading life insurers, has been offering comprehensive insurance solutions since 2001. But how reliable is the insurer? Let’s explore its ASR to assess its credibility.

What is the Amount Settlement Ratio?

An Amount Settlement Ratio or ASR is instrumental in analysing the financial sustainability of the term insurance provider. This is crucial, considering that term insurance policies are supposed to be a long-term financial commitment between the insurer and the insured. So, as a policyholder, you would want an insurer that has the financial potential to pay off your death benefit claims in the long run.

The ASR measures how well insurance companies settle claims, showing the percentage of the total claim amount the insurer pays out. The ASR is calculated as:

(The total amount used in settling claims by an insurer over a year / The total amount collected via premiums by the insurer over the year) × 100

A life insurance provider with an ASR of 90 and above is golden.

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What is the ICICI Prudential Amount Settlement Ratio for 2024?

Year ASR for ICICI Prudential Life Insurance Industry Average ASR
2019 - 2020 91.60% 90.80%
2020 - 2021 89.20% 91.20%
2021 - 2022 95.50% 90.60%
Average (2019 - 2022) 92.10% 90.86%

This data represents the average of the past three years' figures, allowing us to compare it with the industry average. By averaging these numbers, we get a clearer picture of the company's consistency and overall operational efficiency.

Overview of ICICI Prudential Life Insurance

What is the significance of ICICI Prudential's ASR for 2024?

Considering the data of ICICI Prudential's ASR from 2021 to 2024, we have a couple of insights that will prove helpful if you want to consider ICICI Prudential as your life insurance provider.

  1. Consistency: ICICI Prudential’s ASR has remained strong, with significant improvement in 2022, reinforcing its ability to settle claims efficiently.
  2. Overall Performance: On average, ICICI Prudential has maintained an ASR close to or above the industry average, reflecting its credibility and reliability in the life insurance industry.

Why is the Amount Settlement Ratio important?

Let’s explore why a high Amount Settlement Ratio (ASR) matters for both customers and companies.

For customers:

  • Reassurance: It shows the company is responsive and committed to timely, fair claim settlements.
  • Peace of Mind: Customers feel secure knowing they’ll be compensated when needed.
  • Trust: A high ASR reduces the stress of filing claims, as policyholders trust the process.

For companies:

  • Customer Loyalty: Efficient claim handling boosts satisfaction and loyalty.
  • Reputation: It strengthens the company's image as reliable.
  • Legal Safeguard: Fair settlements reduce legal risks and regulatory issues.
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What is the Claim Settlement Process for ICICI Prudential Life Insurance?

  1. Visit their official site and click on “Claim Assistance”
  2. Fill in the claim form, providing details like:
  • Policy number
  • Your name
  • Email ID
  • Pincode
  • Phone Number
  1. Upload your required documents as mentioned below.
  2. Submit the claim form and the documents at the nearest ICICI Prudential Life branch.
  3. Track your claim status via their official link.

For guidance, you can contact their helpline at 1800-209-9777 or email lifeline@iciciprulife.com.

What documents are required to settle a Claim with ICICI Prudential Insurance?

ICICI Prudential follows a streamlined process for claim settlements. Here’s a quick look at the documents required and the step-by-step process to file a claim:

  1. For Death Claims
  • Original policy documents
  • Attested copy of death certificate issued by local municipal authority
  • Death claim intimation form (the downloaded form)
  • NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
  • Nominee's photo identity & address proof such as a copy of Passport, Voter identity card, Aadhar (UID) card, etc.
  • Additional documents based on the cause of death (fill out this form, too)

- In case of Medical/Natural death

  • Copy of Medical Records (Admission Notes, Discharge/ Death Summary, Test Reports etc.)
  • Attending Physician’s statement
  • Employer certificate (where applicable)

- In case of Accidental/Unnatural death

  • First Information Report (FIR) or Panchnama/Police complaint
  • Post Mortem Report
  • Final Police Investigation Report (if any)

2. For Critical Illness Claim

a. Mandatory documents

  • Attested copies of medical records/ indoor papers of the hospital
  • Critical illness Claim form
  • Hospital discharge summary
  • Hospital bills
  • NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
  • Claimant's photo identity & address proof such as copy of Passport, Voter identity card, Aadhar (UID) card, etc.

b. Additional documents

  • Attending Physician’s statement

3. For Disability/Hospitalisation Claims

  • Attested copies of medical records/ indoor papers of the hospital
  • Disability Benefit Claim form
  • Hospital discharge summary
  • Hospital bills
  • First Information Report (FIR), in case of disability claims
  • NEFT mandate form attested by bank authorities or copy of cancelled cheque or bank account passbook
  • Claimant's photo identity & address proof such as a copy of Passport, Voter identity card, Aadhar (UID) card, etc.
  • Additional documents - Attending Physician’s statement

Please note: Based on the underwriter’s decision, you may be required to submit some additional documents.

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Conclusion

ICICI Prudential’s Amount Settlement Ratio, along with its strong claim settlement ratio, highlights its commitment to efficient and reliable service. With solid performance metrics and a low complaint volume, it remains a reputable choice for life insurance in India.

If you trust the ICICI Prudential brand, the ICICI Pru iProtect Smart plan is worthy of consideration.