ICICI Prudential Life Insurance reported an average individual death claim of Rs 15 lakh in FY2026, retaining its position for the second consecutive year, according to the company. The figures highlight the insurer’s claim settlement performance and the importance of adequate life insurance coverage amid changing household financial needs.
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 remained in the Rs 14-15 lakh range over the past four financial years.
The insurer settled death claims worth Rs 5,149 crore in FY2026 and reported a claim settlement ratio of 99.3%. The average turnaround time for non-investigated individual claims was 1.1 days, measured from the date of receipt of the last document, at the overall company level.
Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said, “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 the company was simplifying claim processes and offering technology-enabled services to support families. He also urged policyholders to review their life cover regularly as incomes, liabilities and family responsibilities change.