ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh in FY2026, maintaining its position for the second consecutive year, the company said.
According to publicly available industry data, the insurer’s average individual death claim increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026. The average claim remained in the Rs 14-15 lakh range over the past four financial years, highlighting the importance of reviewing life insurance coverage in line with changing income levels, loans and family responsibilities.
Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said the company settled Rs 5,149 crore in death claims during FY2026.
“Our claim settlement ratio of 99.3% in FY2026, with an average turnaround time of just 1.1 days for non-investigated individual claims from last document received date at the overall company level, reflects our commitment to fulfilling the promise made to our customers and their families,” Gokhale said.
He added that the company was simplifying claim processes and providing technology-enabled services to help families receive financial support without delay. He also urged policyholders to review their life cover periodically to ensure it meets their changing needs and financial goals.
