ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh to families in FY2026, maintaining its position at the top among life insurers receiving more than 10,000 individual death claims annually, based on publicly available industry disclosures.
The company’s average individual death claim value has increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026. The figure has remained in the Rs 14-15 lakh range over the last four financial years, highlighting the scale of financial protection being provided to policyholders’ families.
In FY2026, ICICI Prudential Life settled death claims worth Rs 5,149 crore and reported a claim settlement ratio of 99.3%. The company also recorded an average turnaround time of 1.1 days for non-investigated individual claims, measured from the last document received date 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 added that the insurer was continuously simplifying claim processes and deploying technology-enabled servicing to provide timely support to families. Gokhale also encouraged customers to periodically review their life cover to align it with changing incomes, loans, family responsibilities and financial goals.
The company’s FY2026 average claim value compares with Rs 11 lakh for HDFC Life, Rs 8 lakh for Axis Max Life and Rs 7 lakh each for Bajaj Allianz Life and Bharti AXA Life.
