New Delhi: Financial security becomes particularly important for families managing major commitments such as home loans, children’s education or business loans. Recognising that financial protection needs vary from person to person, ICICI Prudential Life Insurance has introduced a 10-year life cover option under its iProtect Smart Plus plan.
The option is aimed at individuals who have significant financial obligations over a defined period and want protection during those crucial years. It offers life cover at a relatively lower premium, along with additional benefits including health and wellness services worth up to ₹67,100, instant claim payments of up to ₹3 lakh and 100 per cent payout of the sum assured upon diagnosis of a terminal illness, subject to the applicable policy terms and conditions.
The 10-year cover option is designed to provide financial protection during periods when families may be particularly vulnerable to the financial impact of the policyholder’s death. It can help individuals align the duration of their insurance protection with specific financial responsibilities.
Rajiv Arora, Chief of Distribution, ICICI Prudential Life Insurance, said customers’ financial needs evolve over time and the company has introduced the option to help people secure their most important financial responsibilities at a lower cost.
He added that the company’s claim settlement ratio stands at 99.3 per cent, while during the first quarter of financial year 2026-27, claims were paid on average within one day.
During the same period, ICICI Prudential Life Insurance paid ₹1,306 crore in death claims and ₹3,360 crore towards maturity and survival benefits to policyholders.
The new 10-year option under iProtect Smart Plus is positioned as a flexible protection solution for individuals seeking life insurance coverage specifically during the years when major financial commitments such as loans, education expenses and business obligations are at their peak.
