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, reflecting the insurance industry’s growing focus on affordable and need-based financial protection. The offering is aimed at customers with defined financial obligations such as home loans, children’s education goals and business loans, enabling them to secure 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, adding value beyond conventional life insurance coverage.
ManikandanRajamani, Chief of Distribution, ICICI Prudential Life Insurance, said customer expectations from financial protection continue to evolve alongside their life goals. He said the company is strengthening its protection portfolio with solutions that combine affordability and meaningful financial security while addressing the needs of different life stages.
From an economic perspective, the launch signals a broader shift in India’s life insurance market towards flexible and shorter-duration protection products as rising household borrowing and increasing financial awareness drive demand for customised insurance solutions. Faster claims settlement and value-added benefits are also emerging as key competitive differentiators.
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, reinforcing its focus on timely financial protection and long-term customer confidence.
