ICICI Prudential Life Insurance paid an average individual death claim of Rs 15 lakh to families in FY2026, retaining its position with the highest average claim value for the second consecutive year among life insurers receiving more than 10,000 individual death claims annually, according to publicly available industry disclosures.
For consumers, the figures underline the importance of periodically checking whether existing life insurance cover remains adequate as income, loans, family responsibilities and financial goals change. ICICI Prudential Life’s average individual death claim increased from around Rs 10 lakh in FY2021 to Rs 15 lakh in FY2026 and remained around Rs 14-15 lakh over the last four years.
The insurer settled death claims worth Rs 5,149 crore during FY2026 and reported a claim settlement ratio of 99.3%. Its 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 to provide families with support without delay. He also encouraged customers to review their cover regularly.
For comparison, the FY2026 average individual death claim was 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. The comparison is based on public disclosures, IRDAI Annual Reports and annual reports.