The insurer paid greater than Rs 400 crore in claims for the nine-month interval ended December 31, 2021. It settled Rs 408.42 crores value of claims from Rs 167.7 crores final 12 months.
“The second wave of COVID impacted each insurer, however we’re in a singular place of overlaying breadwinners from lower-to-middle revenue segments. As of December, we have now paid claims that helped over 38,500 households, thrice of what we did final 12 months,” Casparus Kromhout, MD & CEO, Shriram Life Insurance coverage stated in an announcement.
It stated 91% of all retail claims made after three years of coverage graduation have been settled inside 24 hours.
Additionally, initiatives like ‘Speedy Declare Settlement’ the place legitimate claims may be settled throughout the first 12 hours of intimation helped present well timed reduction to aggrieved households, the corporate stated.
Shriram Life Insurance coverage Firm provides complete safety and long-term financial savings life insurance coverage options, with near 50% of its purchasers being from rural areas.
Over 48% of the retail claims settled by the corporate have been from the agricultural phase.
The highest 5 states which contributed the best retail claims settled have been Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh and Tamil Nadu.
Shriram Life Insurance coverage’s Property Underneath Administration (AUM) presently stand at Rs 7,084 crore.
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