ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh in FY2026, continuing to lead the industry for the second consecutive year and providing financial support to families during difficult times.
According to publicly available industry data, the company’s average individual death claim increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026, remaining within the Rs 14-15 lakh range over the past four years. The trend highlights the importance of reviewing life insurance coverage as household incomes, loans and family responsibilities change.
The insurer settled death claims worth Rs 5,149 crore in FY2026, reporting a claim settlement ratio of 99.3%. It also recorded an average turnaround time of 1.1 days for non-investigated individual claims, measured from 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 added that the company continues to simplify claims processes and provide technology-enabled services to help families receive support without delay. He also encouraged policyholders to review their coverage regularly to ensure it reflects their changing life stages and financial goals.
