Shriram Life Insurance Co. Ltd., which provides life cover for rural segment, has reported a 143% increase in settlement of insurance claims for the nine months period ending December at ₹408 crore against ₹168 crore.
During the pandemic, the company received insurance claims from 38,590 persons against 12,938 claims in the same period last year.
It consisted of 34,407 group and 4,183 individual claims against 11,009 group and 1,929 individual claims in the same period last year, it said in a statement.
About 91% of all retail claims made after three years of policy commencement were settled within 24 hours. The claims settlement ratio improved to 95% from 92%. More than 48% of the retail claims were from the rural segment, it said.
Top five states which contributed the highest retail claims settled were Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh and Tamil Nadu.
“As of December, we have paid claims that helped over 38,500 families, thrice of what we did last year,” said Casparus Kromhout, MD & CEO.