ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh to families in FY2026, highlighting the role of life insurance in providing financial support when households face the loss of an earning member. The company retained the highest average individual death claim value for the second consecutive year among insurers receiving more than 10,000 individual death claims annually, based on publicly available industry disclosures.
The insurer’s average individual death claim has increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026. It has remained around Rs 14-15 lakh over the past four years, as family incomes, loans and financial responsibilities have continued to change.
In FY2026, ICICI Prudential Life settled death claims worth Rs 5,149 crore and reported a claim settlement ratio of 99.3%. The average turnaround time for non-investigated individual claims was 1.1 days 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 was simplifying claim processes and using technology-enabled servicing so families could receive support without delay. He also encouraged policyholders to periodically review their life cover to ensure it reflects changing life stages and financial goals.
The FY2026 comparison showed average individual death claims of Rs 11 lakh for HDFC Life, Rs 8 lakh for Axis Max Life, Rs 7 lakh for Bajaj Allianz Life and Rs 6 lakh for SBI Life.