Shriram Life Insurance settles claims worth over ₹400 crore

Shriram Life Insurance Co. Ltd., which provides life insurance to the rural segment, has reported a 143% increase in insurance claims to ₹408 crore versus ₹168 crore for the nine month period ended December.

During the pandemic, the company received insurance claims from 38,590 people, up from 12,938 claims in the same period last year.

It consisted of 34,407 class and 4,183 individual lawsuits, up from 11,009 class and 1,929 individual lawsuits in the same period last year, it said in a statement.

Around 91% of all private customer claims that were asserted after three years of inception were settled within 24 hours. The claims settlement rate improved from 92% to 95%. More than 48% of retail receivables came from the rural segment, it said.

The five states with the highest settled retail receivables were Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh and Tamil Nadu.

“Through December, we’ve paid claims that have helped over 38,500 families, three times more than last year,” said Casparus Kromhout, MD & CEO.

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