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 highlighting the role of life insurance in protecting families from financial uncertainty following the loss of a breadwinner.
Publicly available industry data 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 has remained in the Rs 14-15 lakh range over the past four years, highlighting the importance of choosing adequate life cover and reviewing it as income, outstanding loans and family responsibilities change.
The insurer 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 the last document was received, 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 claim procedures and offer technology-enabled services to help families receive support without delay. He also urged customers to review their cover regularly to ensure it meets their changing needs and financial goals.
