Product Introduction

ICICI Prudential Life Insurance announced the launch of ICICI Pru iProtect Smart Plus, a new 10‑year term life‑insurance solution designed to protect individuals during periods of heightened financial responsibility such as home loans, business loans, child education expenses, or other outstanding liabilities. The product is positioned as a “smart” way to obtain high life cover at a lower premium, aligning with goal‑based financial planning.

Customer‑Centric Features

The plan includes complimentary health and wellness services valued up to ₹67,100. In the event of a terminal illness diagnosis, the policy offers a 100 % payout, providing full financial support. Additionally, the policy provides instant claim support of ₹3 lakh to families needing immediate assistance. Flexible claim‑settlement options allow nominees to receive benefits as a lump‑sum, regular income, increasing income, or a combination thereof, depending on their financial needs.

Claim Settlement Performance

ICICI Prudential highlighted an industry‑leading claim settlement ratio of 99.3 % for the first quarter of FY2027, with an average claim‑settlement turnaround time of one day. During Q1‑FY2027 the insurer settled ₹1,306 crore in death claims and paid ₹3,360 crore as maturity and survival benefits. For the full FY2026, the company settled ₹5,149 crore in death claims and disbursed ₹15,363 crore in maturity and survival benefits, demonstrating its continued emphasis on timely financial protection.

Corporate Milestones and Vision

The launch coincides with ICICI Prudential Life Insurance completing 25 years of service and serving over 20 crore customers across India. The new 10‑year cover is part of a broader portfolio aimed at expanding insurance penetration and contributing to the company’s “Insurance for All by 2047” goal.

Executive Commentary

Chief Product Officer Mr. Vikas Gupta stated that evolving customer expectations require protection solutions that match life‑stage financial goals, and that the iProtect Smart Plus reflects a customer‑first approach by combining affordability with meaningful security.

Media Contact

For further information, media inquiries can be directed to corpcomm@iciciprulife.com.