ICICI Prudential Life Insurance has announced the launch of a 10-Year Life Cover proposition under its ICICI Pru iProtect Smart Plus plan, aimed at providing financial protection to customers with time-bound financial responsibilities.
The new offering is designed for individuals managing commitments such as home loans, business loans and children's education expenses, where financial dependence and repayment obligations are often highest during the initial years. The company said the proposition offers an affordable protection option that aligns insurance coverage with the duration of these key financial goals.
A distinguishing feature of the plan is that the life cover remains constant throughout the 10-year policy term. This ensures that beneficiaries receive the full sum assured, enabling them to meet outstanding financial obligations while maintaining long-term financial stability in the event of the policyholder's untimely demise.
Speaking on the launch, Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance, said customers increasingly seek insurance solutions that are aligned with their specific financial journeys. He noted that the new proposition has been developed to provide protection during the most financially demanding years of life, while also supporting the industry's efforts to improve insurance penetration and contribute to the national goal of "Insurance for All by 2047."
With the introduction of the 10-Year Life Cover, ICICI Prudential Life Insurance continues to diversify its range of protection products by offering solutions tailored to different life stages. The company said the latest proposition reinforces its commitment to helping families safeguard their financial future while addressing evolving customer needs through relevant and affordable insurance solutions.