HUMAN LIFE VALUECALCULATOR

ICICI PRU TERM INSURANCE

Ensure your loved ones are
adequately secured

HUMAN LIFE VALUE CALCULATOR

Ideal Life Cover Calculator

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FAQs about Human Life Value

 

Human Life Value (HLV) or Ideal Life Cover is a number that tells the present value of future income expenses, liabilities and investments. The HLV number is taken usually to understand how much money would be required to secure the lives of your dependents with term insurance, in case you are no longer around.
Picking out the right life insurance cover can be a bit confusing. Firstly, you are selecting an amount for the future, so you must take into account the rising rate of inflation. Secondly, you are preparing for a time when you may not be around, so it is vital to pick a foolproof amount that will leave your loved ones feeling financially secure. While there is no right or wrong amount, it can help to choose at least ten times your current annual income to ensure you are able to tackle inflation and cover your family’s diverse needs. In addition to this, if you have any pending loans, count them in along with their interest, so your dependents are not burdened by your debt liabilities.
No one likes to think of such a time, but it is crucial to prepare for the worst of scenarios. A life insurance plan is a critical financial tool that can help you safeguard the financial interests of your loved ones in your absence. Picking a suitable life cover offers your family members the necessary financial cushion to fulfil their goals. It can provide your spouse and children with sufficient funds to carry on with their lives with dignity and offer your parents and siblings financial assistance at a trying time in their lives.
ICICI Prudential Life offers term life insurance plans that provide an affordable financial solution to your future needs. You can select from the following two plans:

  1. a) ICICI Pru iProtect Smart: The plan offers the following features:
    • Affordable premium 2}
    • High sum assured
    • Life stage protection 12
    • Whole life cover till the age of 99
    • Four payout options at the time of claim
    • Accelerated critical illness benefit ## and Accidental death benefit 9, optional add-on benefits.

  2. b) ICICI Pru iProtect Smart Return of Premium: You have the option to receive 105% of your premium payments back at the time of maturity as survival benefits on surviving the policy term. This helps you build savings for the future. The Plan offers the following feature:
    • 64 Critical illnesses 4 cover (Optional)
    • Paid up benefit
    • Flexible life cover which adjusts as per your life stage
    • Steady monthly income from the age of 60
    • 105% Return of Premium 3
The right amount of life insurance offers your family members financial protection to accomplish goals like higher education, a decent standard of living, a life of dignity and adequacy, and more. When you know your loved ones are always around for you, you are far more likely to be at peace and live a stress-free life. Life insurance also protects your spouse and children under the Married Women’s Property Act (MWP Act). This helps them receive the entire life insurance claim without the fear of creditors or relatives eating into their share. On the contrary, not having the right amount of life insurance leaves you hanging in the loop, unsure about how your family will cope with a sudden loss and continue their lives as before.
Dr. Solomon S. Huebner originated the concept of human life value. Thus, he is credited with making HLV the standard method of calculating insurance value and need.
There are 7 points that are taken into account to assess your HLV. These are:
1. Your age
2. Your gender
3. Your occupation
4. Your target retirement age
5. Your annual income
6. Your employment benefits
7. Your financial information on spouse and children
HLV or Ideal Life Cover puts a number to an important question: what is the price of your life ? In life insurance, it is important to measure your economic worth. This worth can be expressed in the form of human life value. Thus, HLV or Ideal Life Cover is the rupee value of your economic worth in terms of what you create for the people who depend on you. So, if your life is cut short, an amount equivalent to the HLV should be available so that the people dependent on you can lead their life properly.

ADVT: W/II/0414/2022-23

COMP/DOC/Jul/2019/47/2474



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2}Affordable Premium Term insurance is the simplest form of life insurance. It is affordable and can be bought without any assistance. You can save on premium by choosing from limited pay options, where you pay for limited time period and get cover for the complete policy term.
12Additional premium will be calculated based on the increased Sum Assured and outstanding policy term as per your age at the time of each such increase.
##Accelerated Critical Illness benefit(ACI benefit) is upto 1 crore (Subjected to underwriting guidelines).Accelerated Critical Illness Benefit (ACI Benefit) is optional and available under Life & Health and All in One options. This benefit is payable, on first occurrence of any of the 34 illnesses covered. Medical documents confirming diagnosis of critical illness needs to be submitted. The benefit is payable only on the fulfillment of the definition of the diagnosed critical illness. The ACI Benefit, is accelerated and not an additional benefit which means the policy will continue with the Death Benefit reduced by the extent of the ACI Benefit paid. The future premiums payable under the policy will reduce proportionately. If ACI Benefit paid is equal to the Death Benefit, the policy will terminate on payment of the ACI Benefit. To know more in about ACI Benefit, terms & conditions governing it, kindly refer to sales brochure. ACI Benefit term would be equal to policy term or 30 years or (75-Age at entry), whichever

9 Accidental Death benefit (ADB) is up to ₹2 crores(Subjected to underwriting guidelines). ADB is available in Life Plus and All in One options. In case of death due to an accident Accidental Death Benefit will be paid out in addition to Death Benefit. Accidental Death Benefit will be equal to the policy term or (80-Age at entry), whichever is lower.
4 Critical Illness Benefit: Critical Illness Benefit is up to Rs.1 Crore (Subjected to underwriting guidelines).CI Benefit is an additional optional benefit chosen at inception and is available with ‘Life and health’ and ‘All in One’ benefit options. The CI Sum Assured is paid as a lump sum upon the Life Assured being diagnosed on first occurrence of any of the covered 60 major Critical Illnesses within CI Benefit term. 25% of the CI Sum Assured or ₹500,000.00 whichever is lower is paid as a lump sum upon the Life Assured being diagnosed on occurrence of any of the covered 4 minor Critical Illnesses within CI Benefit term. CI Benefit is available for Single Pay and Limited Pay and is lower of (15 years, policy term). For regular pay, the CI benefit term will be lower of (policy term, 40 years) subject to maximum cover ceasing age of 85 years. CI Benefit can be less than or equal to the Basic Sum Assured chosen by You at inception for Return of Premium Plan and Income Benefit Plan. CI Benefit can be less than or equal to the 50% of the Basic Sum Assured chosen at inception for Return of Premium with Life-stage Cover Plan and Early Return of Premium with Life-stage Cover Plan. CI Benefit is a pure risk benefit and does not have Survival or Maturity Benefit. Premiums paid corresponding to CI Benefit shall be excluded from Survival or Maturity Benefit.
2Life-stage cover: In case of Life-stage cover, Absolute amount assured to be paid on death will be based on age of the Life Assured as provided below.
  1. In the first policy year, Absolute amount assured to be paid on death will be the same as Basic Sum Assured as chosen by You at inception.
  2. From the second policy year till the policy anniversary after the Life Assured attains age 55, 5% of Basic Sum Assured gets added on every policy anniversary to the Basic Sum Assured. This amount cumulatively shall be the Absolute amount assured to be paid on death. The Absolute amount assured to be paid on death remains constant till the next policy anniversary. In case the Absolute amount assured to be paid on death becomes twice the Basic Sum Assured during this period of increment, it stays constant at that level, till the policy anniversary after the Life Assured attains age of 56 years.
  3. On the policy anniversary after the Life Assured attains 56 years of age, the Absolute amount assured to be paid on death shall revert back to Basic SA. This will continue till the policy anniversary after the Life Assured attains 60 years of age.
  4. On the policy anniversary after the Life Assured attains 60 years of age, the absolute amount assured to be paid on death shall be 50% of Basic Sum Assured and continues at the same level till end of the policy term.
3 Return of Premium: Return of premiums is available on survival under three of the Plan Options: ‘Return of Premium’, ‘Return of Premium with Life-stage cover’ and ‘Early Return of Premium with Life-stage cover’ and refers to total of all premiums received, excluding premiums for optional benefits i.e. Accidental Death Benefit, Critical Illness Benefit, any extra premium, any rider premium and taxes, if any. The plan options ‘Return of Premium’ and ‘Return of Premium with Life-stage cover’ provide maturity benefit on survival of the Life Assured till the end of the policy term. The plan option ‘Early Return of Premium with Life-stage cover’ provides survival benefit on survival of the Life Assured till the policy anniversary immediately after the Life Assured turns age 60 or 70, depending on the return of premium age chosen by the customer at inception. The fourth plan option ‘Income Benefit’ provides regular monthly income from the policy anniversary after the Life Assured attains age 60 as a survival benefit till the end of the policy term. Please note that the sum of monthly incomes paid under this plan option can be higher or lower than the total premiums paid by the customer, and may not be return of premium.
ICICI Pru iProtect Smart UIN 105N151V06
ICICI Pru iProtect Return of Premium UIN: 105N186V01
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