KOCHI: ICICI Prudential Life Insurance has achieved a major financial protection milestone by settling individual death claims with an average payout of ₹15 lakhs per family in Financial Year 2026, marking the second consecutive year the company has sustained this high level of coverage. Demonstrating a steady multi-year surge in individual policy coverages, the average claim settlement size has expanded significantly from ₹10 lakhs in FY2021 to ₹15 lakhs in FY2026, highlighting a growing public awareness regarding the vital need to periodically upgrade life insurance protection in step with rising household incomes, inflation, and expanding financial liabilities.
Announcing the operational performance metrics, Sarang Gokhale, Head of Underwriting and Retail Claims at ICICI Prudential Life Insurance, stated that the company successfully settled total death claims worth ₹5,149 crores during FY2026 while maintaining an industry-leading Claim Settlement Ratio of 99.3 percent. Streamlining customer-centric claim processes through modern digital architecture and automated verification frameworks, the insurer settled non-investigative individual death claims in an unprecedented average turnaround time of just 1.1 days upon receipt of final documentation. Reaffirming the company’s core commitment to financial protection, Gokhale emphasized that leveraging cutting-edge technology ensures hassle-free, rapid, and compassionate claim disbursements to beneficiary families during their times of greatest need.
