ICICI Prudential Life Insurance paid an average individual death claim of ₹15 lakh to families in FY2026, continuing to lead for the second consecutive year.
Publicly available industry data shows that the company’s average individual death claim has increased from around ₹10 lakh in FY2021 to ₹15 lakh in FY2026. The average claim has remained at ₹14-15 lakh over the last four years, highlighting the importance of regularly reviewing life insurance cover as financial responsibilities evolve.
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. In FY2026, we settled ₹5,149 crore of death claims. Furthermore, 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.
We continuously simplify claim processes and offer tech-enabled servicing, so families receive the help they need without delay. We also encourage customers to review their cover regularly to make sure it reflects their changing life stages and goals.”
