Publicly available industry data over the last six financial years indicates that the Company’s average individual death claim paid value has increased from about ₹10 lakh in FY2021 to ₹15 lakh in FY2026, with the average claim remaining consistent around ₹14-15 lakh over the last four years. As incomes, loans and family responsibilities change, these findings highlight why policyholders should periodically review their life cover to ensure it matches their evolving needs.
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.”
Notably, ICICI Prudential Life has consistently reported high claim settlement ratio over the years, honouring its commitment to pay timely claims. Policyholders seeking a review or support can visit www.iciciprulife.com or call the customer care number.
