ICICI Prudential Life Insurance maintained its lead in the life insurance market in FY2026, paying an average individual death claim of Rs 15 lakh to families, according to publicly available industry disclosures. The company has retained the highest average claim value for the second consecutive year among insurers receiving more than 10,000 individual death claims annually.
The average individual death claim paid by ICICI Prudential Life has increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026. The figure has remained between Rs 14 lakh and Rs 15 lakh over the past four years. In comparison, HDFC Life reported an average claim value of Rs 11 lakh, Axis Max Life Rs 8 lakh, while Bajaj Allianz Life and SBI Life reported Rs 7 lakh and Rs 6 lakh, respectively.
The company settled death claims worth Rs 5,149 crore in FY2026 and reported a claim settlement ratio of 99.3%. Its average turnaround time for non-investigated individual claims stood at 1.1 days from the last document received date.
Mr. Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said, “Life insurance is built on a simple promise to provide financial security to families when they need it the most.”
Gokhale said the company was simplifying claims and using technology-enabled servicing to provide timely assistance. He also advised policyholders to periodically review their cover as incomes, loans and family responsibilities evolve.
The company said customers seeking policy reviews or support can access its website or customer care services.
