When you plan to purchase a term insurance policy from a prominent life insurance provider, a few seasoned insurers are always your first choice. These credible insurers extend various term insurance plans, Endowment policies, retirement plans, savings policies, ULIPs, and more. One such insurer is the ICICI Prudential Life Insurance Company (or ICICI Pru).

In 2000, ICICI Pru was launched as a joint venture between ICICI Bank and Prudential Plc. This brand equity has always offered the insurer an edge over its competitors. Now, while the insurer’s credibility is unmatched in the industry, you must assess whether the provider’s credibility data reflects the same. The ICICI PRU Claim Settlement Ratio is the first metric to ensure this provider's reliability.

Here is a look at the track record of ICICI Prudential’s Claim Settlement Ratio, what it signifies for the insurer, the claim settlement process involved, the document required to file/register claims, and hence, whether you should at all avail plans from this life insurance provider.

What is the Claim Settlement Ratio?

A life insurance company's Claim Settlement Ratio (CSR) is determined by dividing the total number of claims settled by the insurer in a year by the total number of claims received for that year, then multiplying the result by 100.

For instance, if an insurer receives 100 claims throughout a year and settles 95 of them, its CSR will be:

(95/100) * 100 = 95%

Ideally, we recommend selecting a life insurer with a 97% and above CSR. However, the CSR should not exceed 100, which indicates delayed settlements, implying that the insurer takes longer than preferred to settle claims.

What is the ICICI PRU Claim Settlement Ratio 2024?

CSR for ICICI PRU Life Insurance
Years CSR for ICICI PRU Life Insurance Industry Average of CSR
2020 - 2021 97.90% 97.49%
2021 - 2022 97.82% 97.50%
2022 - 2023 95.54% 98.34%
Average (2020 - 2023) 97.09% 97.74%

(When considering the  ICICI PRU Claim Settlement Ratio for 2024, remember that this is only the first quarter of the year. To calculate the CSR for 2024, you'll need to examine the financial year 2022-2023 data. However, we advise against solely relying on data from a single year to assess the insurer's credibility. It's always best to analyse data from the past three years (2020-2023 in this case) to obtain an accurate understanding and insight into the consistency of performance.)

Overview of ICICI PRU Life Insurance

What is the significance of the ICICI PRU Life Claim Settlement Ratio 2024?

With the increasing popularity of life and term insurance plans from ICICI PRU Life Insurance Company, thoroughly examining and analysing the Claim Settlement track record becomes crucial.

  1. Consistency: ICICI Prudential Life Insurance has an excellent Claim Settlement Ratio track record. The number stays consistently above 95 for the first 2 years. However, for 2023, the numbers have dropped to 95. This is a concerning sign for policyholders, and we hope the insurer will take measures to rectify these declining numbers.
  2. Overall Performance: The overall performance of ICICI Prudential, as per its Claim Settlement Ratio, is decent. Except for the declining overall numbers, the insurer indeed has a shot at being one of the best in the industry.

Why is the Claim Settlement Ratio important?

The Claim Settlement Ratio (CSR) is the primary measure of an insurer's credibility. In the case of life insurance companies, where the insured sum often represents a significant amount such as income replacement, life savings, or retirement funds, choosing an insurer known for settling claims with minimal chances of rejection is crucial. A CSR of 97% and above often indicates this reliability.

However, it's important to note that CSR alone doesn't account for the time taken to settle claims or reflect an insurer's overall claim settlement potential. Therefore, while CSR is an initial indicator of credibility, it's not the sole factor. After evaluating a life insurance provider's CSR, it's advisable to assess its Amount Settlement Ratio (ASR) and complaint volume, compare these figures against industry averages, and consider the recommended bandwidth for these metrics as well.

What is the Claim Settlement Process for ICICI PRU Life Insurance?

STEP 1: Visit their official site

STEP 2: Register your claim form by providing details like -

  • Type of claim
  • Policy number
  • Mobile number
  • PAN number
  • Date of birth

STEP 3: Upload your required documents (as mentioned below)

STEP 4: Click on their “Branch Locator” tab and seek the nearest branch to submit the downloaded claim form and the documents/submit it online.

STEP 5: Keep track of your claim status via their official link.

You can also receive guidance on your claim settlement by calling their helpline number 1860 266 7766, emailing claimsupport@iciciprulife.com, or texting 'ICLAIMPolicy No' to 56767 for assistance.

What are the documents required to settle claims for  ICICI PRU Life Insurance?

When planning to file a claim to  ICICI PRU Life Insurance, make sure you have the soft/hard (online/offline process) copies of the following documents handy -

  1. Mandatory documents
  • Duly filled and signed Claimant Statement Form
  • A recent photograph of the claimant
  • Death Certificate issued by the local government authority of the person insured in the policy (Life Assured)
  • Signed copy of photo identity proof of the claimant
  • Current Address proof of the claimant(Any one of the following: Aadhar Card, Valid Passport or Driver's License, Voters ID are considered as proofs)
  • Signed copy of PAN card / Form 60 of the claimant
  • Copy of cancelled cheque/bank statement/passbook of the bank account of the claimant where payment needs to be transferred

2. Additional documents are required based on the cause of death

  • Medical/Natural death at a hospital / Death at a place other than a hospital
  • Past medical records and treatment papers
  • All hospitalisation records, such as Admission forms, Hospital treatment papers, Discharge summaries, and Diagnostic reports
  • Medico-legal cause of death
  • Employer Certificate – only if Life Assured was a salaried individual.
  • Death due to accident, suicide, murder
  • First Information Report (FIR)
  • Postmortem report (PMR)
  • Inquest/ Panchnama Report
  • Viscera /Chemical Analysis Report, if any
  • Final Police Investigation Report
  • Newspaper Cutting, if any
  • Driving License
  • Medical records and treatment papers
  • All hospitalisation records, such as Admission forms, Indoor Case Papers(ICPs), Discharge summaries, and Diagnostic reports
  • Duly filled in Medical Hospital Attendant Certificate.
  • Medico-legal cause of death
  • Employer Certificate – only if Life Assured was a salaried individual.

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


Considering its excellent numbers across all metrics (the ICICI PRU Claim Settlement Ratio 2024, Amount Settlement Ratio, and complaint volume), ICICI Prudential Life Insurance stands out as one of the market's best picks. The insurer provides a pocket-friendly term insurance plan called iProtect Smart.