Mumbai: The Company has registered an industry leading claim settlement ratio of 100% in Madhya Pradesh in FY2026, providing timely financial relief when families need it the most. The Company also witnessed a robust 72.10% year-on-year growth in Q1-FY2027 for the term plan (retail protection) business in the state. The Company covered 11,93,966 lives in the State as on March 31, 2026. The Company is also receiving strong demand in its savings business that includes linked, non-linked and annuity business in the State of Madhya Pradesh.
The Company’s Assets under Management (AUM) stood at Rs. 6,256 crore as on March 31, 2026 in the State. Importantly, the Company reported a sum assured of Rs. 73,100 crore as on March 31, 2026 in the State and in the last 7 years, the Company has paid total benefits worth Rs. 2,300 crore to its customers in the State of Madhya Pradesh.
The Board of Directors recently approved a proposal to rename the Company as ‘ICICI Life Insurance Limited’, subject to relevant approvals. As on March 31, 2026, the Company has 22 branches and 11,506 advisors along with 4,986 partner branches and 3,963 specified persons in Madhya Pradesh.
Bharat Gunti, Chief of Distribution, ICICI Prudential Life Insurance Company Limited, said, “Madhya Pradesh continues to be a strategically important market for our Company and we are witnessing strong momentum across both urban and emerging centres in the State. Over the past few quarters, we have seen a clear shift in customer behaviour, with individuals increasingly prioritising financial protection, long-term savings and retirement planning as part of their overall financial goals. Our continued investments in distribution, digital capabilities, diversified products and customer engagement are helping us deepen our presence in the region.
Our Company’s strategy is to make it effortless for customers to plan and take control of their future. All our efforts are focused in this direction.
Overall, our Company leverages artificial intelligence, machine learning, data analytics and digitalisation across the customers’ entire life cycle. Notably, during Q1-FY2027, at the overall Company level, approximately 54% of our savings policies were issued on the same day, and about 58% of our insurance policies were issued using digital KYC. Importantly, 97% of our services are made via self-help or digital modes, enabling our customers to easily manage their policies in a few clicks.
Moreover, we have launched the industry’s first digital platform – ICICI Pru Partner Stack, a first-of-its kind suite of capabilities that combines digital tools and analytics.
Additionally, our Advisor Stack – IPRU Edge enables our advisor network of over 2.44 lakh agents across the country to efficiently grow their business, manage operations, issue policies on the same day and deliver an enhanced customer experience. We are the first Company to pay out commissions on the same day to select distributors. Importantly, a new distribution partner is onboarded in less than 2 weeks.
Furthermore, our claim settlement ratio of 99.3% in Q1-FY2027, with an average turnaround time of just 1 day for non-investigated individual claims at the overall Company level, reflects our commitment to fulfilling the promise made to our customers and their families. Our claim settlement process is very simple. Claim request can be easily submitted through the Company’s website, email, SMS, WhatsApp, branch visit or our 24X7 customer support. Furthermore, our overall Company’s early claims ratio at 22% is the best in class in the industry, highlighting our focus on quality business sourced over the years. Notably, our Company has paid Rs. 1,212 crore as death claims in Madhya Pradesh over the last 7 years as on March 31, 2026.
Madhya Pradesh offers significant long-term opportunities and we remain committed to expanding our reach, improving accessibility and delivering solutions that address the evolving needs of customers across the State.”
In line with the Company’s strategy to be the ‘most customer-friendly and partnerable insurer’ in the country, the Company is scaling up distribution and leveraging technology to drive insurance penetration and enhance customer experience.
As part of its strategy, the Company plans to further strengthen its footprint in Madhya Pradesh through branch expansion, advisor hiring and targeted customer outreach initiatives.
