ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh in FY2026, maintaining its lead for the second consecutive year, as the insurer highlighted its claims performance and the importance of adequate life insurance coverage.
Publicly available industry data for the past six financial years shows that the company’s average individual death claim increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026. The average claim value has remained in the Rs 14-15 lakh range over the past four years, reflecting the continuing significance of life cover as household incomes, outstanding loans and family responsibilities evolve.
The company settled death claims worth Rs 5,149 crore in FY2026, recording a claim settlement ratio of 99.3%. Its average turnaround time for non-investigated individual claims was 1.1 days, measured from the date of receipt of the last document at the overall company level.
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.”
He said the company continues to simplify claims procedures and provide technology-enabled servicing to help families receive timely support. Gokhale also urged policyholders to review their life cover regularly to ensure it reflects their changing life stages and financial goals.
