ICICI Prudential Life Insurance has expanded its protection portfolio with the launch of a 10-year life cover option under its ICICI PruiProtect Smart Plus plan, targeting customers with short-term financial obligations such as home loans, children’s education expenses and business loans. The new offering is designed to provide higher life cover at lower premiums during the period when financial responsibilities are typically at their peak.
Apart from life insurance coverage, the plan 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, strengthening its value proposition in the protection segment.
Commenting on the launch, ManikandanRajamani, Chief of Distribution, ICICI Prudential Life Insurance, said customer expectations from financial protection continue to evolve alongside their life goals. He said the new 10-year policy term reflects the company’s customer-first approach by offering an affordable protection solution with features aimed at delivering meaningful financial security.
Rajamani also highlighted the insurer’s operational performance, noting that the company achieved an industry-leading claim settlement ratio of 99.3 per cent with an average claim settlement turnaround time of one day during the first quarter of FY2027. During the quarter, ICICI Prudential settled death claims worth ₹1,306 crore and paid ₹3,360 crore as maturity and survival benefits. In FY2026, the insurer settled ₹5,149 crore in death claims and disbursed ₹15,363 crore as maturity and survival benefits, underlining its continued focus on timely financial protection and customer confidence.