Claim settlement of life insurance policies in insurance services – A comparative study of LIC of India and ICICI Prudential Life Insurance Company
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For the purpose of covering up financial risk along with better return on the investment, Life insurance coverage is taken up. Claims are filed at the time of maturity or in case of death/disability. The study focuses on the claim settlement process of life insurance services of LIC of India and ICICI prudential life insurance company. With the increasing market due to increasing number of policies, numbers of claims are also increasing in both the companies. Therefore it is very much essential to have simple and clear claim settlement process. The research study is descriptive in nature. The study is based on the primary data collected through 3 different closed – ended questionnaires designed to focus 3 different groups of respondents from Bhopal city and secondary data collected from IRDA and research papers from various journals. The primary data is further tabulated and analyzed with the help contingency table and Chi-Square Test. The study concluded that in both LIC of India and ICICI prudential life insurance company are following proper claim settlement process. LIC of India claim settlement process is very much efficient but not that transparent and approachable as claim settlement process of ICICI Prudential Life Insurance Company. ICICI Prudential Life Insurance Company with their preference to customers, setting standards by claim settlement process and continues to lead private life insurance sector.
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