The insurer paid more than Rs 400 crore in claims for the nine-month period ended December 31, 2021. It settled Rs 408.42 crores worth of claims from Rs 167.7 crores last year.
“The second wave of COVID impacted every insurer, but we are in a unique position of covering breadwinners from lower-to-middle income segments. As of December, we have paid claims that helped over 38,500 families, thrice of what we did last year,” Casparus Kromhout, MD & CEO, Shriram Life Insurance said in a statement.
It said 91% of all retail claims made after three years of policy commencement were settled within 24 hours.
Also, initiatives like ‘Rapid Claim Settlement’ where valid claims can be settled within the first 12 hours of intimation helped provide timely relief to aggrieved families, the company said.
Shriram Life Insurance Company offers comprehensive protection and long-term savings life insurance solutions, with close to 50% of its clients being from rural areas.
Over 48% of the retail claims settled by the company were from the rural segment.
The top five states which contributed the highest retail claims settled were Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh and Tamil Nadu.
Shriram Life Insurance’s Assets Under Management (AUM) currently stand at Rs 7,084 crore.