ICICI Prudential Life Insurance has launched a 10-year life cover option under its ICICI PruiProtect Smart Plus plan, reflecting the broader policy emphasis on expanding financial protection and insurance penetration in India. The new offering is aimed at customers with defined financial obligations such as home loans, children’s education goals and business loans, enabling them to access higher life cover at lower premiums during periods of peak financial responsibility.
The plan also includes complimentary health and wellness services worth up to ₹67,100, an instant claims payout of ₹3 lakh and a 100 per cent payout on the diagnosis of a terminal illness, reinforcing the industry’s growing focus on comprehensive financial security.
ManikandanRajamani, Chief of Distribution, ICICI Prudential Life Insurance, said customer expectations from financial protection continue to evolve alongside changing life goals. He said the introduction of the 10-year policy term reflects the company’s customer-first approach by delivering affordable protection with features that provide meaningful financial security.
From an economic policy perspective, the product launch is in line with ongoing efforts to deepen insurance coverage and encourage greater financial resilience among households. Affordable term insurance products, supported by faster claims settlement and enhanced customer services, are increasingly viewed as key contributors to long-term financial inclusion and risk management.
ICICI Prudential reported an industry-leading claim settlement ratio of 99.3 per cent and an average claim settlement turnaround time of one day in Q1 FY2027. During the quarter, it settled death claims worth ₹1,306 crore 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 as maturity and survival benefits, underscoring its continued focus on timely financial protection for policyholders.
