ICICI Prudential Life Insurance has introduced a new 10-year policy term under its flagship ICICI Pru iProtect Smart Plus, offering customers an affordable and flexible protection solution for their family's financial security during crucial years of financial responsibility.
The latest offering is designed to meet the needs of individuals with defined financial commitments such as home loans, children's education, business loans and other time-bound liabilities. By providing a high life cover at a lower premium, the plan helps customers secure their loved ones without the burden of a long-term policy commitment.
Beyond life cover, the plan also provides complimentary health and wellness services worth up to ₹67,100, an instant claims payout of ₹3 lakh, and a 100% payout on the diagnosis of terminal illness, enhancing the overall value proposition for policyholders.
Speaking about the offering, Manikandan Rajamani, Chief of Distribution, ICICI Prudential Life Insurance, said, "Financial protection requirements vary across different stages of life, and customers today seek solutions that are both affordable and relevant to their goals. The 10-year option under ICICI Pru iProtect Smart Plus has been introduced to address these evolving needs by providing comprehensive life cover for customers with specific financial obligations. It is another step towards making protection solutions more accessible while delivering meaningful financial security."
He further said, "Our commitment to customers is reflected not only through innovative products but also through our service standards. With an industry-leading claim settlement ratio of 99.3% and an average claim settlement turnaround time of just one day in Q1-FY2027, we continue to stand by our customers and their families when they need us the most."
During Q1-FY2027, ICICI Prudential Life Insurance settled ₹1,306 crore in death claims and paid ₹3,360 crore as maturity and survival benefits. In FY2026, the company settled ₹5,149 crore in death claims and disbursed ₹15,363 crore towards maturity and survival benefits, highlighting its consistent focus on prompt claim settlements and delivering long-term financial confidence to policyholders.