ICICI Prudential Life Insurance has introduced a 10-year life cover option under its flagship protection product, ICICI Pru iProtect Smart Plus, offering customers an affordable way to secure short-term financial obligations such as home loans, children’s education expenses and business loans.
The new offering is designed for individuals seeking substantial life cover during phases of life when financial responsibilities are at their peak. By combining a shorter policy term with lower premiums, the plan aims to provide financial protection tailored to evolving customer needs.
In addition to life cover, the policy includes complimentary health and wellness services worth up to ₹67,100, an instant claims payout of ₹3 lakh and a 100% payout upon the diagnosis of a terminal illness.
Commenting on the launch, Manikandan Rajamani, Chief of Distribution, ICICI Prudential Life Insurance, said, “Customer expectations from financial protection continue to evolve alongside their life goals. At ICICI Prudential Life Insurance, our focus is to help customers protect what matters most at different stages of their financial journey. ICICI Pru iProtect Smart Plus reflects this customer-first approach by expanding our protection portfolio with a 10-year policy term that combines affordability with features designed to deliver meaningful financial security.”
Highlighting the company’s claims performance, Rajamani added, “With an industry-leading claim settlement ratio of 99.3% and an average claim settlement turnaround time of one day in Q1 FY2027, we are always there for customers and their families when they need us the most.”
During the first quarter of FY2027, ICICI Prudential settled death claims worth ₹1,306 crore and paid ₹3,360 crore as maturity and survival benefits. In FY2026, the insurer settled ₹5,149 crore in death claims and disbursed ₹15,363 crore towards maturity and survival benefits.
