ICICI Prudential Life Insurance has launched a dedicated 10-year policy term option under its flagship iProtect Smart Plus term insurance plan, designed for customers with time-bound financial liabilities such as home loans, commercial debts and children's education milestones, according to MFNews on July 30.
The variant lets policyholders secure a high sum assured at reduced premiums during peak liability years, matching policy duration to the lifespan of their debt. It also includes complimentary wellness services valued up to Rs 67,100, an instant claim payout of Rs 3 lakh upon claim intimation, and 100% accelerated payout on diagnosis of a terminal illness.
The rollout is backed by a 99.3% claim settlement ratio in Q1 FY27, with Rs 1,306 crore in death claims and Rs 3,360 crore in maturity and survival benefits settled during the quarter.
Source: MFNews (July 30, 2026)