ICICI Prudential Launches 10-Year Life Cover Option Under iProtect Smart Plus

ICICI Prudential Life Insurance has introduced a new 10-year life cover option under its flagship ICICI Pru iProtect Smart Plus term insurance plan, aimed at customers with defined financial commitments such as home loans, children’s education and business borrowings.

The insurer said the new policy option has been designed to provide higher life cover at affordable premiums during the period when customers typically have their highest financial responsibilities.

Besides life cover, the plan offers complimentary health and wellness services valued at up to ₹67,100, an instant claim payout of ₹3 lakh and a 100 per cent payout upon the diagnosis of a terminal illness.

Rajiv Arora, Chief of Distribution, ICICI Prudential Life Insurance, said the company continues to align its protection products with the evolving financial needs of customers at different stages of life.

He said the introduction of the 10-year policy term expands the company’s protection portfolio by combining affordability with features aimed at providing meaningful financial security.

Highlighting the insurer’s claims performance, Arora said the company recorded an industry-leading claim settlement ratio of 99.3 per cent during the first quarter of FY2027, with an average turnaround time of one day for non-investigative claims.

During the April-June quarter, the company settled death claims amounting to ₹1,306 crore and paid ₹3,360 crore towards maturity and survival benefits. In FY2026, it settled death claims worth ₹5,149 crore and disbursed ₹15,363 crore as maturity and survival benefits.

The company said the new offering is intended to strengthen financial protection for policyholders while ensuring timely support for their families during unforeseen circumstances.

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