PRNewswire
Mumbai (Maharashtra) [India], September 30: ICICI Prudential Life Insurance's term plan, ICICI Pru iProtect Smart Plus, has been awarded Product of the Year 2026 in the Life Insurance - Term Plan Category. Product of the Year is an internationally recognised certification and the world's largest consumer-voted award for product innovation. The recognition follows an independent survey conducted by NielsenIQ, in which 1600 consumers across India evaluated new product offerings.
Commenting on the recognition, Mr. Upendra Prabhu, Chief of Distribution - Credit Life & Protection, ICICI Prudential Life Insurance Company Limited, said, "This consumer-led recognition is particularly meaningful as it reflects customers' assessment of the product. Our focus is to give customers greater choice in aligning their life cover with their financial responsibilities. The 10-year life cover option offered under ICICI Pru iProtect Smart Plus reflects this customer-first approach by providing protection during a defined period of financial responsibility."
ICICI Pru iProtect Smart Plus offers a 10-year life cover option that enables customers to secure high life cover at a lower premium during a period when their financial responsibilities may be at their highest. The option is designed for individuals managing commitments such as home loans, business loans, children's education and other outstanding liabilities.
The plan also offers complimentary health and wellness services up to ₹92,000 for women and ₹67,100 for men. Furthermore, it provides 100% payout upon diagnosis of terminal illness and instant claim support of ₹3 lakh, providing customers and their families with additional financial support when required.
Moreover, the product is backed by the Company's industry leading claim settlement ratio of 99.31% in Q1-FY2027 with an average claim settlement turnaround time for non-investigated claims of just 1 day from last document received date. Thus, demonstrating the Company's commitment to supporting customers and their families when it matters the most.
About the Company
The Board of Directors recently approved a proposal to rename the Company as 'ICICI Life Insurance Limited', subject to relevant approvals. The Company commenced its operations in FY2001 and has consistently been amongst the top life insurance companies in India on sum assured market share and new business premium market share basis.
The Company offers an array of products in the Protection and Savings category which match the different life stage requirements of customers, enabling them to provide a financial safety net to their families as well as achieve their long-term financial goals. The digital platform of the Company provides a paperless buying experience to customers, empowers them to conduct an assortment of self-service transactions, provides a convenient route to make digital payments and facilitates a hassle-free claims settlement process.
The Company operates on the core philosophy of customer-centricity and has developed and implemented various initiatives to provide cost-effective products, superior quality services, consistent fund performance and a hassle-free claim settlement experience to our customers.
At June 30, 2026, the Company had an AUM of Rs. 3.34 lakh crore and a total in-force sum assured of Rs. 48.06 lakh crore. It is also the first insurance Company in India to be listed on both the National Stock Exchange (NSE) Limited and Bombay Stock Exchange (BSE) Limited.
Disclaimer
Except for the historical information contained herein, statements in this release which contain words or phrases such as 'will', 'expected to,' etc., and similar expressions or variations of such expressions may constitute 'forward-looking statements'. These forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual results, opportunities and growth potential to differ materially from those suggested by the forward-looking statements. These risks and uncertainties include, but are not limited to, the actual growth in demand for insurance and other financial products and services in the countries that we operate or where a material number of our customers reside, our ability to successfully implement our strategy, including our use of the Internet and other technology, our exploration of merger and acquisition opportunities, our ability to integrate mergers or acquisitions into our operations and manage the risks associated with such acquisitions to achieve our strategic and financial objectives, our growth and expansion in domestic and overseas markets, technological changes, our ability to market new products, the outcome of any legal, tax or regulatory proceedings in India and in other jurisdictions we are or become a party to, the future impact of new accounting standards, our ability to implement our dividend policy, the impact of changes in insurance regulations and other regulatory changes in India and other jurisdictions on us. The Company undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date thereof. This release does not constitute an offer of securities.
Email: corpcomm@iciciprulife.com
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