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Claim Settlement Process of Life Insurance Policies in Insurance Services - A Comparative Study of LIC of India and ICICI Prudential Life Insurance Company
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Claim Settlement Process of Life Insurance Policies in Insurance Services - A Comparative Study of LIC of India and ICICI Prudential Life Insurance Company

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Abstract:

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 study is based on the secondary data collected from IRDA and research papers from various journals. 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.

Info:

Periodical:
International Letters of Social and Humanistic Sciences (Volume 49)
Pages:
21-29
DOI:
https://doi.org/10.18052/www.scipress.com/ILSHS.49.21
Citation:
R. K. Yadav and S. Mohania, "Claim Settlement Process of Life Insurance Policies in Insurance Services - A Comparative Study of LIC of India and ICICI Prudential Life Insurance Company", International Letters of Social and Humanistic Sciences, Vol. 49, pp. 21-29, 2015
Online since:
March 2015
Authors:
Rajesh K. Yadav, Sarvesh Mohania
Keywords:
Claim Settlement, ICICI Prudential Life Insurance Company, LIC of India, Life Insurance
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Distribution:
Open Access

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References:

[1] Available from: - http: /www. iciciprulife. com/public/Life-Claims/FAQ-claims. htm.

[2] Available from: -https: /www. licindia. in/policy_conditions. htm.

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DOI: https://doi.org/10.15373/2249555x/jan2013/37

[11] Yadav Rajesh K. and Mohania Sarvesh, Claim settlement of Life Insurance Policies in Insurance Services with Special Reference to Life Insurance Corporation of India, Indian Journal of Economics and Development; Volume 1, Issue 1: (2013) pp.29-37.

DOI: https://doi.org/10.18052/www.scipress.com/ilshs.35.26

[12] Yadav Rajesh K. and Mohania Sarvesh, Claim settlement Process of Life Insurance Services – A Case Study of ICICI Prudential Life Insurance Company, International Letters of Social and Humanistic Sciences; 24(2014) pp.26-32.

DOI: https://doi.org/10.18052/www.scipress.com/ilshs.35.26

[13] Yadav Rajesh K., Impact of Claim Settlement on Sales of Life Insurance Policies – A Case Study of LIC of India, International Letters of Social and Humanistic Sciences; 12(2014) pp.1-6. ( Received 27 January 2015; accepted 09 February 2015 ).

DOI: https://doi.org/10.18052/www.scipress.com/ilshs.23.1
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