ICICI Prudential Life launches iProtect Smart Plus with fixed 10-year cover option
The insurer has introduced a 10-year life-cover option aimed at borrowers and households managing peak financial commitments, alongside wellness services, terminal-illness payout, instant claim support and flexible benefit-settlement choices.
What happened
ICICI Prudential Life Insurance launched iProtect Smart Plus with a fixed 10-year life-cover option for borrowers and families with peak financial commitments,
Key facts
- 10-year life cover option
- complimentary health and wellness services worth up to ₹67,100
- ₹3 lakh instant claim support
- 99.3% claim settlement ratio in Q1-FY2027
- 1 day average claim-settlement turnaround time
- ₹1,306 crore death claims settled in Q1-FY2027
- ₹3,360 crore maturity and survival benefits paid in Q1-FY2027
- ₹5,149 crore death claims settled in FY2026
- ₹15,363 crore maturity and survival benefits paid in FY2026
- 25 years of operations
- over 20 crore customers
Why this matters
The launch strengthens ICICI Prudential Life’s modular protection portfolio and could make wellness, claims-support or lending-distribution partnerships more strategically valuable.
What to watch
- Share of new protection policies selecting the 10-year tenure versus longer-term plans.
- Sales growth through mortgage, personal-loan, bancassurance and direct digital channels.
- Average sum assured, premium per policy and policy issuance turnaround time.
- Claims-settlement experience and customer response to the instant-claim-support proposition.
- Competitor launches of short-tenure term plans or loan-linked protection products.
- Persistency and the percentage of 10-year policyholders upgrading to longer cover before expiry.
- Regulatory commentary on product disclosures, suitability and comparison of short- versus long-duration life cover.
- Promote the 10-year option through bank, mortgage, loan and employer-affinity channels where liabilities have defined repayment periods.
- Use instant-claim support and terminal-illness payout features to position the product as protection for financial commitments rather than only a low-cost term plan.
- Create digital premium-comparison journeys that show the trade-off between 10-year cover and longer-duration protection.
- Offer conversion or upgrade pathways before policy expiry to reduce the risk that customers become uninsured after their highest-liability years.
- Track whether wellness-service engagement improves retention, referral activity and cross-sell conversion.