Shriram Life Insurance settles claims worth more than Rs 400 crore in 9 months

Shriram Life Insurance has paid more than Rs 400 crore worth of claims during the nine months of this fiscal.

The private insurer settled insurance claims for 38,590 persons, (34,407 group and 4,183 individual) against 12,938 claims in the same period last year (11,009 group and 1,929 individual claims). It settled Rs 408.42 crore worth of claims against Rs 167.7 crore last year, according to a statement.

“The second wave of Covid impacted every insurer, but we are in a unique position to cover breadwinners from the lower-to-middle income segments. As of December, we have paid claims that have helped over 38,500 families, thrice what we did last year,” said Casparus Kromhout, MD & CEO, Shriram Life Insurance.

The claims settlement ratio of the company has improved to 95 % from 92 % in FY21 and 91 % of all retail claims made after three years of policy commencement were settled within 24 hours. More than 48 % of the retail claims settled by the company were from the rural segment.

Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh and Tamil Nadu accounted for the highest retail claims settled.

The company said initiatives like Rapid Claim Settlement, under which valid claims can be settled within the first 12 hours of intimation, have helped provide timely relief to aggrieved families.