PRNewswire
Mumbai (Maharashtra) [India], July 31: As financial planning becomes increasingly goal-based, people are seeking protection solutions that align with the period when their financial responsibilities are the highest. They want insurance that is relevant to their current needs, offers meaningful financial security and complements the way they plan their finances. Recognising this shift, ICICI Prudential Life Insurance has introduced ICICI Pru iProtect Smart Plus, with a 10-year life cover solution designed to provide financial protection during one of life's most important financial phases.
The option is beneficial for individuals managing responsibilities such as home loans, business loans, child's education or any outstanding loans. It provides life cover for a fixed 10-year period that corresponds with a phase when financial commitments are often at their highest and families are more dependent on the primary earning member's income.
Mr. Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance, said, "Customer expectations from financial protection continue to evolve alongside their life goals. At ICICI Prudential Life Insurance, our focus has always been on understanding these changing needs and providing solutions that help customers protect what matters most at different stages of their financial journey. ICICI Pru iProtect Smart Plus reflects this customer-first approach by expanding our protection portfolio with a 10-year policy term that combines affordability with features designed to deliver meaningful financial security.
Our endeavour is to offer customers greater choice so that they can select protection that best compliments their financial planning needs, thus driving insurance penetration in India and contributing to the 'Insurance for All by 2047 goal'."
Recognising that well-being is an integral part of financial security, the plan includes complimentary health and wellness services worth up to ₹67,100. ICICI Pru iProtect Smart Plus also provides a 100% payout on diagnosis of terminal illness, offering financial support when needed the most. To provide immediate financial assistance to families, the plan includes instant claim support of ₹3 lakh.
ICICI Prudential Life Insurance reported an industry-leading claim settlement ratio of 99.3% in Q1-FY2027, with an average claim settlement turnaround time of 1 day, an important factor for customers while choosing a life insurance policy. Additionally, flexible claim settlement options allow nominees to receive benefits as a lump sum, regular income, increasing income or a combination of these, depending on their financial requirements.
During Q1-FY2027, the Company settled ₹1,306 crore of death claims and paid ₹3,360 crore as maturity & survival benefits reflecting ICICI Prudential Life's continued focus on delivering timely financial protection and peace of mind to their policyholders. Furthermore, in FY2026, the Company settled ₹5,149 crore of death claims and paid ₹15,363 crore as maturity and survival benefits.
As ICICI Prudential Life Insurance completes 25 years of serving over 20 crore customers, the 10-year life cover option forms part of its broader portfolio of protection solutions designed to address customers' financial priorities across different stages of life.
Media Contact
corpcomm@iciciprulife.com
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