What are the various Life Insurance calculators offered by ICICI Pru Life?
Choosing the right life insurance plan can be a difficult task due to the numerous options available. Factors such as the premium, sum assured, policy duration, returns, maturity amount, surrender value, bonuses, and more make it challenging to accurately assess and compare all the variables.
However, a life insurance calculator can be a valuable tool in navigating through this complexity. Here is a list of all life and health insurance calculators offered by ICICI Pru Life that can simplify the process of buying an insurance plan for you:
Explore our calculators
Term Insurance
Savings and Investment
Retirement
Income Tax
Others
Below are the plans where we offer you
Term life insurance plans
Below are the plans where we offer you
Savings and Investment
Below are the plans where we offer you
Retirement
Below are the plans where we offer you
Income Tax
Below are the plans where we offer you
Others
What are the benefits of using a Life Insurance Calculator?
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Simplified Process
A life insurance calculator can simplify the process of choosing the right insurance plan. It eliminates the need for complex manual calculations and offers quick and accurate estimates that can help you understand and compare different options.
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Easier Financial Management
Using a life insurance calculator allows you to understand the financial impact of purchasing an insurance plan. You can assess its effect on your budget and future financial security. You can evaluate the premium and sum assured and select a suitable policy duration that aligns with your financial goals and budgetary constraints.
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Hassle-Free
Using the life insurance calculator is easy and hassle-free. It takes only a few minutes to compare multiple variables and scenarios, such as premium payments, policy duration, and coverage amount. You can customise the insurance plan according to your specific requirements based on the results.
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Transparency
A life insurance calculator enhances transparency and helps you make an informed choice. You get to see and compare accurate calculations based on the inputs you provide. There is no ambiguity, and you can determine the most suitable features for your plan based on factors like maturity value, potential returns, premium charged, and more.
How to Use a Life Insurance Premium Calculator?
Steps to Use a Life Insurance Premium Calculator
Step 1
You can start by selecting the calculator specifically designed for the type of life insurance you want to purchase. For instance, if you want to buy a basic term insurance plan, you can use the ICICI Pru iProtect Smart Calculator. If you want to buy a term insurance plan with a return of the premium, you can use the ICICI Pru Protect Return of Premium Calculator.
Step 2
The calculator requires you to provide information such as age, gender, policy term, sum assured, and any additional riders or benefits you wish to include. After reviewing the policy page, you can fill in all the necessary details in the designated fields.
Step 3
Once you have entered all the required details accurately, you can click on the "Calculate" button on the calculator. You can also re-enter these details to try different variables and understand how they impact you financially.
Step 4
You can also check the financial impact of add-on benefits or riders, such as the critical illness benefit, or the accidental death cover available for a specific life insurance plan and determine the change in the final premium amount.
What are the factors that affect the Life Insurance Premium rate?
The life insurance premium can be affected by several factors. Here's a list of factors that are taken into consideration when calculating the premium as well as insurance coverage for your desired plan:
Age
Normally, younger individuals are offered lower premiums as they are less prone to health issues than older applicants. Since they are likely to have a longer lifespan, they are charged less premium. On the other hand, older people may be charged more.
Family medical history
Your family's medical history can impact your life insurance premium. If you have a history of illnesses or a genetic predisposition to contract certain health conditions, like diabetes, blood pressure, and others, the premium may be higher.
Personal medical history
Your individual personal medical history also plays a crucial role in determining the life insurance premium. If you have any pre-existing medical condition, you will entail a higher risk for the insurance provider. As a result, you may be charged a higher premium.
Gender
Statistically, women tend to live longer compared to men. Hence, women may pay a lower premium than men, even if both applicants are the same age.
Smoking and drinking
Smoking and drinking are associated with a higher risk of developing some health problems, like liver and heart disease, cancer, and others. If you drink and smoke, insurance providers are likely to charge you a higher premium.
Policy term
The duration of the policy term also affects the premium. Longer policy terms typically result in a higher premium and vice versa.
Occupation
The nature of your job can directly impact the life insurance premium. You may be charged a higher premium if your job involves risk due to hazardous work conditions.
Frequently Asked Questions
1. Are Online Life insurance calculators accurate?
Yes, online life insurance calculators are accurate and reliable. However, it is important to note that the final return, premium amount, or other variables may be different from the results on the calculator. This is because some of these factors may change over time with changes in policy features, untimely surrenders, tax laws, and more.
Having said that, online life insurance calculators can provide a good starting point to gain a comprehensive outlook on your insurance needs.
2. Does the Life insurance premium calculation have any impact on smokers?
Yes, the premium payment for smokers is typically higher than others. Since smokers are prone to illnesses, insurance companies charge them more to curtail risk. Non-smokers normally qualify for a lower premium.
3. Do I need both Life insurance & Health insurance?
Yes, purchasing both life and health insurance may be advised, as they serve different purposes. Life insurance provides long-term financial protection for your loved ones in the event of your demise, while health insurance covers healthcare expenses arising from an illness, injury, or hospitalisation.
However, if you wish to buy only one plan, you can purchase a life insurance plan and add a critical illness benefit to it. This can provide you with comprehensive coverage for your family's financial security and your healthcare needs.
4. Will I be eligible for tax* benefits if I buy Life insurance?
- Premiums paid under the policy are allowed as a deduction subject to conditions under Section 80C* of The Income Tax Act, 1961
- The proceeds received under the policy are exempt subject to conditions prescribed under Section 10(10D) * of the Income Tax Act, 1961
- When you opt for the optional Critical Illness** benefit under some insurance plans, you can get deduction subject to conditions under Section 80D* of The Income Tax Act, 1961
5. What are the premium payments terms available?
The life insurance premium can be paid depending on the term chosen at inception. The options usually offered are once in a policy term, annually, semi-annually, quarterly, and monthly.
6. What is the ideal premium payment term?
The ideal premium payment term can vary based on the insurance plan. Insurance companies may offer a premium payment term of a few years or for the entire length of the plan.
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