Mumbai, September 2026: ICICI Prudential Life Insurance paid an average individual death claim of ₹15 lakh to families during FY2026, according to publicly available industry data, maintaining the company’s position at the top among life insurers covered by the comparison for the second consecutive year.
Data covering the past six financial years shows that the company’s average individual death claim value increased from around ₹10 lakh in FY2021 to ₹15 lakh in FY2026. The average claim has remained in the ₹14–15 lakh range over the past four years, highlighting the importance of periodically reviewing life insurance coverage as incomes, loans, financial commitments and family responsibilities evolve.
Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said the company settled death claims worth ₹5,149 crore in FY2026. He added that its claim settlement ratio stood at 99.3% during the year, while the average turnaround time for non-investigated individual claims was 1.1 days from the date of receipt of the last required document at the overall company level.
Gokhale said the company was continuing to simplify claim processes and expand technology-enabled servicing to facilitate timely assistance to families. He also encouraged policyholders to periodically review their insurance cover to ensure it remains aligned with changing financial needs and life stages.
According to the comparison based on publicly available disclosures, ICICI Prudential Life reported an average individual death claim of ₹15 lakh in FY2026, compared with ₹11 lakh for HDFC Life, ₹8 lakh for Axis Max Life, ₹7 lakh each for Bajaj Allianz Life and Bharti AXA Life, ₹6 lakh for SBI Life and ₹2 lakh for LIC.
The comparison covers life insurers receiving more than 10,000 individual death claims annually and is based on disclosures by the respective companies, IRDAI annual reports and annual reports.
