PRNewswire
Mumbai (Maharashtra) [India], September 29: ICICI Prudential Life Insurance has declared a claim settlement ratio of 99.31% for Q1-FY2027, the highest among top life insurance companies in India based on the public disclosures (Form L-39 and L-40). During the quarter, the Company settled individual death claims amounting to ₹414.08 crore. Notably, the Company's average value per claim was ~₹15 lakh, the highest among the leading life insurers for Q1-FY2027.Mr. Sarang Gokhale, Chief - Underwriting and Retail Claims, ICICI Prudential Life Insurance, said: "At ICICI Prudential Life, we are committed to making the claims process simple, seamless and timely for our customers and their families. In Q1-FY2027, our claim settlement ratio was highest in the industry at 99.31% and our average claim settlement turnaround time for non-investigated claims was just 1 day from last document received date. Besides, we settled ₹414.08 crore in death claims.
Our customer-first approach and strong focus towards digitalisation empowers us to settle claims quickly and provide timely financial relief when families need it the most. The claimants can lodge and track claims easily through our mobile app, WhatsApp, chatbot and website.
Under our 'Claim for Sure' initiative, we paid ~₹75 crore within one day for eligible claims. We continue to strengthen our digital processes, so families receive timely support when it matters most."
About the Company
The Board of Directors recently approved a proposal to rename the Company as 'ICICI Life Insurance Limited', subject to relevant approvals. The Company commenced its operations in FY2001 and has consistently been amongst the top life insurance companies in India on sum assured market share and new business premium market share basis.
The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company operates on the core philosophy of customer-centricity and has developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience to our customers.
At June 30, 2026, the Company had an AUM of Rs. 3.34 lakh crore and a total in-force sum assured of Rs. 48.06 lakh crore. It is also the first insurance Company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited.
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to,' etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.
Contact:
Email: corpcomm@iciciprulife.com
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