Chennai, September 23, 2026: ICICI Prudential Life Insurance Company Limited has reported an industry-leading claim settlement ratio of 99.64% in Tamil Nadu in FY2026, providing timely financial support to families. The company also recorded 43.89% year-on-year growth in Q1-FY2027 in its term plan (retail protection) business in the State. As of March 31, 2026, the company covered 33,92,793 lives in Tamil Nadu, while its savings business comprising linked, non-linked and annuity products also witnessed strong demand.
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| Manikandan Rajamani, Chief of Distribution, ICICI Prudential Life Insurance Company Limited |
The company’s Assets under Management (AUM) in Tamil Nadu stood at Rs. 22,294 crore, with a sum assured of Rs. 1,90,435 crore as of March 31, 2026. Over the last seven years, it has paid total benefits worth Rs. 7,356 crore to customers in the State, including Rs. 3,049 crore in death claims.
The Board of Directors has approved a proposal to rename the company as ‘ICICI Life Insurance Limited’, subject to relevant approvals. As of March 31, 2026, the company had 30 branches, 17,827 advisors, 11,446 partner branches and 6,022 specified persons across Tamil Nadu.
Mr. Manikandan Rajamani, Chief of Distribution, ICICI Prudential Life Insurance Company Limited, said Tamil Nadu remains a strategically important market, with strong momentum across urban and emerging centres. He highlighted growing customer focus on financial protection, long-term savings and retirement planning, supported by investments in distribution, digital capabilities, products and customer engagement.
At the overall company level, 54% of savings policies were issued on the same day in Q1-FY2027 and around 58% of insurance policies used digital KYC. About 97% of services are delivered through self-help or digital modes. The company has also launched ICICI Pru Partner Stack, a digital platform combining tools and analytics, while IPRU Edge (Advisor Stack) supports its advisor network of over 2.44 lakh agents nationwide.
The company reported a 99.3% claim settlement ratio in Q1-FY2027, with an average turnaround time of one day for non-investigated individual claims at the overall company level. It plans to further expand its Tamil Nadu footprint through branch expansion, advisor hiring and targeted customer outreach initiatives.
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