ICICI Prudential Life Insurance has broadened its protection product portfolio with the launch of a 10-year life cover option under its ICICI PruiProtect Smart Plus plan, a move aimed at addressing the growing demand for affordable financial protection linked to short-term liabilities. The product targets customers with defined financial commitments such as home loans, children’s education expenses and business loans, enabling them to secure higher life cover at lower premiums during periods of peak financial responsibility.
The plan also enhances its customer proposition with 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.
Manikandan Rajamani, Chief of Distribution, ICICI Prudential Life Insurance, said customer expectations from financial protection continue to evolve with changing life goals, and the new offering reflects the company’s customer-first approach by combining affordability with meaningful financial security.
From a market perspective, the launch underscores the insurance industry’s increasing focus on term protection products tailored to specific life stages amid rising financial awareness. Insurers are increasingly competing on affordability, faster claims settlement and value-added benefits to strengthen customer confidence and expand protection coverage.
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, highlighting its continued focus on timely financial protection for policyholders.
