ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh to families in FY2026, retaining the highest average claim value among life insurers receiving more than 10,000 individual death claims annually, according to publicly available industry disclosures.
The insurer’s average individual death claim has risen from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026. The average claim value has remained around Rs 14-15 lakh over the past four financial years, the company said.
ICICI Prudential Life settled death claims worth Rs 5,149 crore in FY2026 and reported a claim settlement ratio of 99.3%. It also recorded an average turnaround time of 1.1 days for non-investigated individual claims, calculated 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.”
Gokhale said the company continued to simplify claim processes and provide tech-enabled servicing to ensure families receive support without delay. He also urged policyholders to periodically review their life cover as incomes, loans and family responsibilities change.
The company said its average individual death claim remained higher than those reported by other insurers listed in the comparison, including HDFC Life, Axis Max Life, Bajaj Allianz Life, SBI Life, Bharti AXA Life and LIC.
