Bhopal: ICICI Prudential Life Insurance has reported a claim settlement ratio of 99.31% for the first quarter of FY2027, described by the company as the highest among India’s leading life insurers based on official data reported through Forms L-39 and L-40.
During the quarter, the insurer settled individual death claims worth ₹414.08 crore. The company also reported an average claim amount of around ₹15 lakh, which it said was the highest among major life insurers during Q1 FY2027.
Sarang Gokhale, Chief – Underwriting and Retail Claims, ICICI Prudential Life Insurance, said the company remains focused on making the claims process simple, convenient and timely for customers and their families.
He said the average time taken to settle claims in cases not requiring investigation was just one day from the date of receiving the final document.
The company attributed its claims performance to its customer-first approach and emphasis on digital processes. Claimants can file and track claims through the insurer’s mobile application, WhatsApp, chatbot and website.
Under its ‘Claim for Sure’ initiative, the company said it has paid around ₹75 crore in eligible claims within a single day. It added that it is continuing to strengthen its digital processes to provide timely financial support to families during critical periods.
