Pramerica Life Insurance Achieves 99.18% Individual Claims Paid Ratio in FY25, Demonstrates Continued Focus on Customer-Centric Service

 Pramerica Life Insurance, one of India's fastest growing life insurers, has reported a robust 99.18% individual claims paid ratio for FY24-25, reinforcing its commitment to prompt and empathetic service at life's most critical moments. This milestone builds on a consistently upward trend in claims performance over the past three years - 98% in FY22, 99% in FY23, 99.06% in FY24, and now 99.18% in FY25 - reflecting the company's focus on customer-first delivery. 

During the financial year, the company settled 722 individual death claims, paying out ₹34 crore towards death benefits. Maintaining an average turnaround time of just 3 days (72 hours) from the receipt of final documents, Pramerica Life has demonstrated that operational excellence and human empathy can go hand in hand.

Speaking on this, Pankaj Gupta, MD and CEO, Pramerica Life Insurance said, "At Pramerica Life Insurance, our growth journey has always been anchored in delivering meaningful value to our customers - and nothing defines that more than a claim settled with care and speed. Our 99.18% claims paid ratio is not just a performance metric, it's a reflection of the trust we've earned and our commitment to stand by families in their most difficult moments. As we scale and grow, this commitment to compassion, integrity and service excellence remains at the heart of our brand purpose."

This performance is supported by a range of customer-focused initiatives aimed at making the claims experience smoother and more transparent:

• Dedicated Claims Relationship Officers are assigned to each claim, ensuring handholding through the process. 
• A centralised Claims Helpdesk via phone and email handles queries from both claimants and distributors.
• Tele-investigations have been introduced to speed up verification and reduce delays.
• Use of digital tools like QR code scanning, online checks, and integrations with CIBIL and IIB enhances the accuracy and speed of processing.
• All payouts are made via direct bank transfer, ensuring timely and secure disbursement.

In times of crisis - including natural calamities, terrorist incidents, or pandemics - Pramerica Life takes proactive measures by identifying affected policyholders and settling claims on priority. Special Claim Help Desks are activated in such scenarios and details are disseminated via press notes, the company website, and social media for easy access.

Further reinforcing commitment, the company has 'Pratigya Kavach', a dedicated initiative for defence personnel to ensure claim settlement within 3 days, offering additional assurance and peace of mind to the segment and their families. With this strong performance and a growing suite of customer-centric initiatives, Pramerica Life Insurance continues to strengthen its position as a trusted life insurance partner, one that delivers on its promises and supports families when they need it most.

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About Pramerica Life Insurance Limited

Pramerica Life Insurance Limited is a joint venture between DIL, a wholly owned subsidiary of Piramal Finance Limited (erstwhile Piramal Capital and Housing Finance Limited) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI). It represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. Pramerica Life Insurance Limited, started operations in India on September 1, 2008 and has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers. Pramerica is the brand name used in India and select countries by PFI. For more details, please visit www.pramericalife.in

About Piramal Capital & Housing Finance Limited

Piramal Capital & Housing Finance Limited (referred as Piramal Finance), a wholly owned subsidiary of Piramal Enterprises Limited (flagship company of the Piramal Group), is a housing finance company engaged in retail and wholesale lending. In retail lending, Piramal Finance is one of the leading players that addresses the diverse financing needs of the under-served and unserved people of ‘Bharat’ market. It has over 1 million customers and a network of branches across 318 cities/towns in 27 states. It offers multiple products, including home loans, loan against property, used car loans, small business loans to Indian budget conscious customers at the periphery of metros and in Tier I, II and III cities. In wholesale lending, it caters to both real estate as well as non-real estate sector and offers multiple products including construction finance, structured debt and senior secured debt. For more information visit: piramalfinance.com

About Prudential Financial, Inc.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of December 31, 2022, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunities for more people by expanding access to investing, insurance, and retirement security. Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com

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