ICICI Prudential Life Insurance has introduced a new 10-year life cover option under its ICICI PruiProtect Smart Plus plan, aimed at customers seeking affordable protection against short-term financial commitments such as home loans, children’s education expenses and business loans. The insurer said the new policy enables customers to opt for a higher life cover at a lower premium during periods when financial responsibilities are at their peak. The plan also offers complimentary health and wellness services worth up to ₹67,100, an instant claims payout of ₹3 lakh and a 100 per cent payout upon the diagnosis of a terminal illness.
Announcing the launch, ManikandanRajamani, Chief of Distribution at ICICI Prudential Life Insurance, said customer expectations around financial protection are evolving with changing life goals. He said the 10-year policy term expands the company’s protection portfolio by combining affordability with features that provide meaningful financial security. Highlighting the company’s claims performance, Rajamani said ICICI Prudential recorded anindustry-leading claim settlement ratio of 99.3 per cent and an average claim settlement turnaround time of one day during the first quarter of FY2027.
The company settled death claims worth ₹1,306 crore and paid ₹3,360 crore as maturity and survival benefits during Q1 FY2027. In FY2026, it settled ₹5,149 crore in death claims while disbursing ₹15,363 crore as maturity and survival benefits, reflecting its continued focus on timely financial protection for policyholders.