Mumbai: ICICI Prudential Life Insurance has introduced a 10-year life cover option under its ICICI Pru iProtect Smart Plus plan, offering customers affordable financial protection during periods of significant financial responsibility. The new offering is designed to address short-term financial obligations such as home loans, business loans, and children’s education expenses.
The insurer said the product aims to provide comprehensive life insurance coverage during the crucial first decade after individuals take on major financial commitments, a period when income dependency and financial liabilities are often at their highest.
The plan is expected to benefit self-employed individuals with fixed-term business loans, home loan borrowers, and parents planning for their children’s education. By aligning the policy term with these time-bound financial goals, the product seeks to provide cost-effective life insurance protection when it is needed most.
Commenting on the launch, Vikas Gupta, Chief Product Officer, ICICI Prudential Life Insurance, said, “Many important financial milestones, such as buying a home, building a business, or funding a child’s education, are linked to defined timelines. ICICI Pru iProtect Smart Plus has been designed to provide protection during these critical years, enabling customers to safeguard both their financial commitments and their family’s future. The launch reflects our continued focus on offering protection solutions that evolve with customers’ changing needs across different life stages. It is also a significant step towards expanding insurance penetration in India and contributing to the national vision of ‘Insurance for All by 2047’.”
A key feature of the new offering is that the sum assured remains constant throughout the 10-year policy term, ensuring that beneficiaries receive the full life cover amount in the event of the policyholder’s demise. This enables families not only to meet outstanding loan obligations but also to address other financial needs and future goals without compromising their financial stability.
With the introduction of the 10-year life cover, ICICI Prudential Life Insurance has further strengthened its portfolio of protection products. The company said it remains committed to developing innovative insurance solutions that enhance the financial resilience and security of individuals and families across India.
