ICICI Life Claim Settlement Ratio

ICICI Life claim settlement ratio is 99.34% for FY 2025-26. It shows how many of the death claims ICICI Life Insurance (formerly ICICI Prudential Life) settled out of those it received in a financial year. A high ratio is a good sign that the insurer usually pays claims. Below you will find the year-wise ratio, the claim process and FAQs.

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What is the Claim Settlement Ratio?

Claim settlement ratio is the ratio of total claims settled to the total claims received in a particular financial year.

It is calculated as:

Claim Settlement Ratio = No. of Claims settled/ total no. of claims received x 100.

This ratio is an excellent metric for estimating the probability that a claim will be settled if necessary.

ICICI Life Insurance boasts a strong claim settlement record and the highest claim settlement amount of Rs. 1950 crore, suggesting the company can handle large claims as well. The claim settlement process is straightforward enough to allow immediate settlement of the claim.

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What is the Latest Claim Settlement Ratio of ICICI Life Insurance Company Limited?

The latest claim settlement ratio is 99.34% as of FY 2025-26. A huge number of claims were approved by ICICI Life; the actual figures are provided in the table below. This puts the company in the list of more reliable private life insurance companies in India.

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ICICI Life Claim Settlement Ratio – Year-wise Data

Here's a look at how the claim settlement ratio of ICICI Life Insurance Company has performed over the years:

Financial Year	Claim Settlement Ratio (%)
2015–16	96.2%
2016–17	96.68%
2017–18	97.88%
2018–19	98.6%
2019–20	97.8%
2020-21	97.9%
2021-22	97.8%
2022-23	95.28
2023-24	99.175
2024-25	99.3%

Why is Claim Settlement Ratio Important?

Ensures financial security for your family
The purpose of purchasing a life insurance policy is to make sure that your family gets financial protection even if you're not around. And that's only possible when the insurance company settles the claim without hassle. A high claim settlement ratio will ensure that your family gets the sum assured conveniently.
Reflects the insurer’s reliability
The claim settlement ratio provides insight into an insurance company's ability to settle claims. If any organisation has had a high CSR over the years, it is seen to have a relatively strong reputation and an increased likelihood of paying out claim dues.

How to File a Claim for ICICI Life Insurance Company?

Below is the step-by-step ICICI Life Insurance Claim Process:

Claim Intimation (Reporting the Claim)

There are many ways to file your claim:

To file a claim online, go to the ICICI Life Insurance website and click on the "claims" link.
Call 1800 2660, the 24-hour ClaimCare helpline.
Email: Send an email to claimsupport@iciciprulife.com with the details of your claim.
Text: Send the text "ICLAIM<Policy Number>" to 56767.
Visit a Branch: Go to the nearest ICICI Life branch to get help in person.

Document Submission

Once the claim has been made, you will have to submit all the documents that are required to the ICICI Bank Life Insurance Company for the claim to be reviewed and for settlements to take place.

Processing & Claim Settlement

After you have uploaded the required documents, ICICI Life will process your claim for further verification, and on approval, your payment will be processed.

Wrapping it up

The ICICI Life Claim Settlement Ratio reflects a provider's credibility to keep its promises made to the claimant. As a thumb rule, the higher the ratio, the greater the provider's reliability. Conversely, a low ratio indicates the provider does not always follow through on their promises. Hence, any prospective policyholder should carefully review the CSR before purchasing a policy.

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FAQs

What is the ICICI claim settlement ratio in 2026?

Ans: ICICI Life claim settlement ratio is 99. 34% for FY 2025-26 or 99. 3%. 12,043 claims out of 12,123 individual death claims received were paid, so the ICICI claim ratio in 2026 is higher than the industry average of 97. 8%.
Where can I compare insurers' life insurance claim settlement ratios on Policybazaar?

Ans: You may compare ICICI Life's claim settlement ratio with some other insurers on Policybazaar before buying any plan. The claim settlement ratio of ICICI Life is 99. 3% for FY 2025-26, which is below the 99% claim settlement ratio. 8% of Axis Max Life, 99. 7% of HDFC Life, 98. 6% of SBI Life, and 97. 5% of LIC.
What is the claim settlement ratio?

Ans: Claim settlement ratio means the ratio of claims settled by the insurance company for the total claims made to the insurance company in a financial year.
How do you figure out the claim settlement ratio?

Ans: To get the answer, divide the total number of claims settled by the total number of claims received during a financial year and then multiply by 100.
When should you tell your life insurance company about a claim?

Ans: You should claim as early as possible to prevent a hold-up in the process. Death claims do not generally have a due date, but critical illness claims have 60 days, and disability claims have 120 days.
Who receives the life insurance claim amount?

Ans: The sum assured shall normally be paid to the nominee. In some cases, the sum assured may be paid to the proposer, assignee, or the life assured.

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˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar Insurance Brokers Private Limited does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

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We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

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