Award Announcement
ICICI Prudential Life Insurance’s term plan, ICICI Pru iProtect Smart Plus, was named Product of the Year 2026 in the Life Insurance – Term Plan category. The award, described as the world’s largest consumer‑voted recognition for product innovation, follows an independent NielsenIQ survey in which 1,600 Indian consumers evaluated new product offerings.
Product Features
The iProtect Smart Plus plan provides a 10‑year life‑cover option designed for individuals with high financial responsibilities such as home loans, business loans, and children’s education. Premiums are lower for the defined‑period cover. The plan includes complimentary health and wellness services valued up to ₹92,000 for women and ₹67,100 for men. In the event of a terminal illness, the policy pays out 100% of the sum assured, and it offers instant claim support of ₹3 lakh to assist families promptly.
Claims Performance
ICICI Life highlighted a claim settlement ratio of 99.31% for Q1 FY2027, with an average turnaround time of one day for non‑investigated claims, underscoring the insurer’s efficiency in claim processing.
Financial Scale
As of 30 June 2026, the company reported assets under management of ₹3.34 lakh crore and an in‑force sum assured of ₹48.06 lakh crore, reflecting its substantial market presence.
Corporate Update
The Board of Directors has approved a proposal to rename the company to ‘ICICI Life Insurance Limited’, pending requisite regulatory approvals. The insurer continues to emphasize a digital, paperless buying experience, self‑service transactions, digital payments, and a streamlined claims settlement process.
Disclaimer
The release contains forward‑looking statements that involve risks and uncertainties, including demand for insurance products, execution of strategy, technology adoption, merger and acquisition activities, regulatory changes, and other factors that could cause actual results to differ materially from those expressed.