ICICI Prudential Life launches 10-year life cover

By Milan Rojan

ICICI Prudential Life Insurance has introduced a 10-year life cover option under its ICICI Pru iProtect Smart Plus product, targeting customers with short-term financial commitments such as home loans, business loans and children’s education expenses.

The proposition was designed to provide financial protection during a period when individuals typically face higher financial responsibilities and greater dependence on regular income. The insurer said the offering is aimed at customers seeking life cover aligned with defined financial obligations rather than long-term protection requirements.

Vikas Gupta, Chief Product Officer at ICICI Prudential Life Insurance, said: “Many financial goals such as purchasing a home, building a business or funding a child’s education are linked to defined time horizons. ICICI Pru iProtect Smart Plus has been designed to provide protection during these important years, helping customers safeguard their financial commitments while securing their loved ones’ financial future. It reflects our focus on offering protection solutions that address evolving customer needs at different life stages, driving insurance penetration in India and contributing to the ‘Insurance for All by 2047’ goal.”

The product was positioned for self-employed individuals with business loans, home loan borrowers and parents planning for their children’s education. A key feature of the proposition is that the sum assured remains unchanged throughout the 10-year policy term, providing beneficiaries with the full cover amount should a claim arise during the policy period.

According to the company, the solution was developed to help families manage outstanding financial commitments while maintaining financial stability during critical life stages. By aligning policy tenure with specific financial goals, the insurer has aimed to provide a more affordable protection option for customers with time-bound liabilities.

The launch has strengthened ICICI Prudential Life Insurance’s protection portfolio as insurers continue to develop products tailored to specific customer needs. The move has also reflected the broader trend towards personalised insurance solutions that have aligned coverage periods with defined financial commitments while supporting greater financial resilience for individuals and families.