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 strengthening household financial security.
Publicly available industry data over the past six financial years 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 has remained in the Rs 14-15 lakh range over the last four years, underlining the importance of aligning insurance coverage with changing incomes, liabilities and family responsibilities.
The company settled death claims worth Rs 5,149 crore in FY2026, reporting a claim settlement ratio of 99.3%. Its average turnaround time for non-investigated individual claims was 1.1 days, calculated from the date of receipt of the last document 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 processes and offer technology-enabled services to support families without delay. He also encouraged policyholders to review their cover periodically to ensure it reflects their evolving financial needs and goals.