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

Health Insurance

Savings and Investment

Child Insurance

Retirement

Income Tax

Others

Below are the plans where we offer you

Term life insurance plans

ICICI Pru iProtect Smart Calculator

ICICI Pru iProtect Smart Calculator

Affordable life cover@

ICICI Pru iProtect Return of Premium Calculator

ICICI Pru iProtect Return of Premium Calculator

Life cover1 with return of premium3

Below are the plans where we offer you

Health Insurance

ICICI Pru Heart / Cancer Protect Calculator

ICICI Pru Heart / Cancer Protect Calculator

Cancer & Heart cover

Below are the plans where we offer you

Savings and Investment

ICICI Pru GIFT Pro

ICICI Pru GIFT Pro Calculator

Guaranteed^, Tax-free* returns as per your choice Life cover+

ICICI Pru Gold

ICICI Pru Gold Calculator

Regular lifelong income1 + Life cover+

ICICI signature

ICICI Pru Signature Calculator

Long-term wealth + Life cover/

In ULIPs, the investment risk in the investment portfolio is borne by the policyholder
ICICI Pru Sukh Samruddhi

ICICI Pru Sukh Samruddhi Calculator

Guaranteed returnso in form of a regular income or Lump Sum + Life cover+

^conditions apply

Below are the plans where we offer you

Child Insurance

ICICI Pru Smart Life Calculator

SmartKid with ICICI Pru Smart Life Calculator

Build corpus for your child + Life cover+

Child Education Plan Calculator

Child Education Plan Calculator

Plan for your child’s higher education

Below are the plans where we offer you

Retirement

ICICI Pru Guaranteed Pension Plan Calculator

ICICI Pru Guaranteed Pension Plan Calculator

Guaranteed~ lifelong pension (annuity)

ICICI Pru Guaranteed Pension Plan Flexi Calculator

ICICI Pru Guaranteed Pension Plan Flexi Calculator

Guaranteed~ lifelong income with regular investment

ICICI Pru Saral Pension Plan Calculator

ICICI Pru Saral Pension Plan Calculator

Guaranteed~ pension (annuity) for life

Pension Calculator

Pension Calculator

Determine your post-retirement monthly income

Retirement Calculator

Retirement Calculator

Calculate your retirement corpus

~conditions apply

Below are the plans where we offer you

Income Tax

Income Tax Calculator

Income Tax Calculator

Calculate the tax payable on your annual income

House Rent Allowance (HRA) Calculator

House Rent Allowance (HRA) Calculator

Calculate how much tax you can save through HRA exemptions

Below are the plans where we offer you

Others

Compound Interest Calculator

Compound Interest Calculator

Calculate the potential growth of your investment over time

Human Life Value (HLV) Calculator

Human Life Value (HLV) Calculator

Find the right life cover amount for you

Equated Monthly Instalments (EMI) Calculator

Equated Monthly Instalments (EMI) Calculator

Calculate your monthly instalment payments for loans

Body Mass Index (BMI) Calculator

Body Mass Index (BMI) Calculator

Assess your body mass index health

Home Loan Insurance Calculator

Home Loan Insurance Calculator

Secure your home loan EMIs

What are the benefits of using a Life Insurance Calculator?

  • 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.

  • 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.

  • 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.

  • 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

Step 2

Step 3

Step 4

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.

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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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ICICI Pru iProtect Smart
@ Life cover is the benefit payable on the death of the Life Assured during the policy term.
ICICI Pru iProtect Smart. UIN: 105N151V10

ICICI Pru iProtect Return of Premium
For ‘Return of Premium’ plan option, Death Benefit will be the highest of a) Sum Assured on Death b) Basic Sum Assured to be paid on death c) (Applicable only for limited pay and regular pay) 105% of the Total Premiums Paid till the date of death. Where Sum Assured on Death is 7 X Annualised Premium for regular pay and limited pay and 1.25 X Single Premium for single pay;
For ‘Income Benefit’ plan option, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums Paid till the date of death c) Basic Sum Assured to be paid on death, less total Survival Benefit paid till date of death. Where, Sum Assured on Death is 10 X Annualised Premium.
For ‘Return of Premium with Life-stage cover’ & ‘Early Return of Premium with Life-stage cover’ plan options, Death Benefit will be the highest of a) Sum Assured on Death b) 105% of the Total premiums paid till the date of death c) Absolute amount assured to be paid on death Where Sum Assured on Death is 7 X Annualised Premium.

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 Cover, 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 Return of Premium UIN: 105N186V01

ICICI Pru GIFT Pro
+ Life Insurance Cover is the benefit payable on death of the Life Assured during the policy term
^ Guaranteed Benefits will be payable subject to all due premiums being paid
* Tax benefits/Tax-free returns under the policy are subject to conditions under Sections 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Goods and Services Tax and Cesses, if any will be charged extra as per applicable rates. Tax laws are subject to amendments from time to time. Please consult your tax advisor for more details.
Level Income and Increasing Income are income options available under GIFT Pro. Guaranteed Benefits will be payable subject to all due premiums being paid. Under Level Income, the Guaranteed Income will remain constant throughout the income period. If Increasing Income is selected, the Guaranteed Income will increase at a simple interest rate of 5% p.a. You can either opt for Level Income or Increasing Income option. This option has to be selected at inception and cannot be changed later.
ICICI Pru GIFT Pro UIN: 105N201V02

ICICI Pru Signature
/ Life Cover is the benefit payable on the death of the life assured during the policy term.
ICICI Pru Signature UIN:105L177V06

ICICI Pru Gold
1 Income: In plan option ‘Immediate income’ and ‘Immediate income with Booster’, starting from the first policy year till the end of the policy term, you will receive a regular income at the end of every policy year/month, as chosen by you, provided the policy is in-force. For “Immediate Income with Booster”, along with the regular income, you will also receive a benefit (known as Guaranteed Booster) every 5th policy year provided the policy is in-force. This Guaranteed Booster will be equal to 100% of the Guaranteed Income, as applicable for the year of payment.
In ‘deferred Income’ plan option, you will receive regular income at the end of every year/month, starting from end of deferment period as chosen by you, provided the policy is in-force. You can start this income as early as 2nd policy year or as late as Premium Payment Term plus 1 year.
This regular income will comprise the following:
• Guaranteed Income (GI) and
• Income which will be linked to Bonus, if declared; referred to as Cash Bonus (CB)
You will receive this income till the date of maturity, death, surrender or lapse of the policy, whichever happens first.
+ Life cover is the benefit payable on death of the life assured during the policy term.
• Sum Assured on Death, plus
• Balance in the Savings Wallet (if any), plus
• Interim Survival Benefit (if any), plus
• Terminal Bonus (if declared)
Where, the Sum Assured on Death is the highest of:
• 7 times the Annualized Premium,
• 105% of the Total Premiums Paid as on the Date of Death,
• Death Benefit multiple times Annualized Premium.
ICICI Pru Gold UIN: 105N190V02

ICICI Pru Sukh Samruddhi
0 ICICI Pru Sukh Samruddhi offers two plan options namely ‘Lump sum’ and ‘Income’. The customer can choose any of the two available options. Guarantee is in the form of ‘Sum Assured on maturity’ in Lump Sum plan option and ‘Guaranteed income’ in Income plan option.
+ Life cover is the benefit payable on the death of the Life Assured during the policy term.
ICICI Pru Sukh Samruddhi UIN:105N188V01

Smartkid with ICICI Pru Smart Life
+ Life cover is the death benefit payable on death of the Life Assured during the policy term.
a. On death of the Life Assured while monies are not in the Discontinued Policy Fund (D Fund), the Death Benefit payable will comprise of two parts:
• Lump Sum Benefit - A benefit paid out at the time of claim to take care of any immediate liabilities of the family
• Smart Benefit - A deferred benefit that ensures that your savings for your desired goal continues uninterrupted.
The Lump Sum benefit is higher of the two amounts:
• Sum Assured
• Minimum Death Benefit
Minimum Death Benefit = 105% of the total premiums including Top-up premiums. if any received up to the date of death.
For the purpose of this product. Sum Assured is deemed to include the Top-up Sum Assured, if any.
b. On death of the Life Assured while monies are in the DP Fund, the Death Benefit will be the DP Fund Value. Thereafter this policy shall terminate and all rights. benefits and interests under this policy shall be extinguished.
SmartKid with ICICI Pru Smart Life UIN:105L145V08

~ Your annuity/income is informed to you when you buy the plan and is guaranteed and unchanged for life.
Conditions Apply.
ICICI Pru Guaranteed Pension Plan - UIN:105N181V03
ICICI Guaranteed Pension Plan Flexi – UIN:105N187V04
ICICI Pru Saral Pension - UIN:105N184V07
E/II/0634/2023-24

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