How long does it take Prudential to process a life insurance claim

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) began operating in the year 2001, Since then, it is working on the philosophy of customer-centricity. The in

How long does it take Prudential to process a life insurance claim

ICICI Prudential Life Insurance Company Limited (ICICI Prudential Life) began operating in the year 2001, Since then, it is working on the philosophy of customer-centricity. The insurance company offers a wide range of beneficial life insurance products that customers can buy at affordable premiums. Not only the life insurance products offered by the company are cost-effective but also cover the insured for superior quality services and a hassle-free claim settlement experience. Since its operation, the company has been working efficiently to build an enduring institution that caters to long term saving requirements of the customers and hence, today, is counted in the list of top life insurance providers of India.

Why To Buy ICICI Prudential Life Insurance?

Following are the top reasons to buy ICICI Prudential Life Insurance -

1. Wide Range of Products: ICICI Prudential Life Insurance has a wide range of options to choose from. You can always choose according to your budget and desired terms. Every plan has its own benefits and with so many options to choose from you can go for something that is budget-friendly and completes your needs.

2. Affordable Plans: Everyone wants a good insurance plan that fits in their budget. ICICI Prudential Life Insurance provides comprehensive life cover on the payment of an affordable premium. Some plans of ICICI Prudential Life Insurance include both Death Benefit and Maturity/Survival Benefit, and some of the plans serve the dual purpose of life cover and investment, enabling you to plan multiple financial objectives well in advance.

3. High Claim Settlement Ratio: Claim Settlement Ratio is the number of claims an insurance company settles against the total number of claims received by it in a financial year. The Claim Settlement ratio or CSR helps to understand the credibility of an insurance company. For the financial year 2019-2020, the Claim Settlement Ratio of ICICI Prudential Life Insurance Company is 97.84%. This shows that the company is reliable when it comes to settling claims of the insured.

4. Excellent Customer Service: ICICI Prudential Life Insurance company is one of the top providers of affordable policies and plans in the life insurance sector. The company values its customers and provides excellent customer services. Their customer care service is accessible 24x7. This helps the policyholder to stay connected with the service providers.

5. Award-Winning Services: Over the period of years, ICICI Prudential has won several awards, which is proof of the companys dedication towards its customers. For instance, the company bagged the Claims and Customer Service Excellence Award in Life Insurance Category by FICCI, Best Alternative or Digital Payments Program of the Year by the Customer Fest Leadership Awards 2020, and the Customer Service Company of the year by Indian Insurance Summit and Awards 2020.

6. Multiple Payout Options: Some plans offered by ICICI Prudential Life Insurance like ICICI Pru iProtect Smart come with 4 flexible payout options that the policyholder can choose as per their requirement. These are explained below:

  • Lump-sum: In this case, the nominee gets the pre-decided amount as life cover, in the misfortune event of the policyholders death.
  • Income: With this option, a claim payout is made in equal monthly instalments which helps the family of the insured member to meet their financial requirements.
  • Increasing income: On choosing this option, the nominee of the insured gets a monthly instalment for 10 years. The income increases by 10% every year and it provides an additional 45% of life cover.
  • Lump-sum plus income: With this option, the insured can choose to receive half of the amount in a lump sum and the rest as equal monthly instalments.

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