Digital life insurer Aegon Life on Tuesday said it has achieved a death claim settlement ratio of 99.25 per cent in FY21.

Aegon Life Insurance has settled 398 individual death claims aggregating to Rs 105.98 crore during the financial year 2020-21. This translates into a claims settlement ratio of 99.25, it said in a release.

"Settling a death claim is a moment of truth for life insurance customers. This achievement is a demonstration of our customers' faith in us. This pandemic has hit India hard, and we've processed more death claims in the last financial year than any other in our 13 years of existence," said Satishwar Balakrishnan, MD, and CEO, Aegon Life Insurance.

The insurer said it has continued to support and accelerate claims settlement through digitisation and process improvement initiatives.

"To deliver a superior customer experience, we are constantly enhancing our underwriting practices and making investments in technology to simplify life insurance for our customers," Satishwar said.

Over the past few years, Aegon Life has strengthened its digital servicing initiatives by focusing on convenient tools such as iAssist that enables the customers to transact digitally, it said.

It has also introduced AI-driven chatbot Assistant 'ALIA' on its website. Customers can also use Facebook and WhatsApp chatbots for any assistance on their policies.