ICICI Pru Assured Savings Calculator

ICICI Pru Assured Savings Calculator

What this calculator does

ICICI Pru Assured Savings Insurance Plan (UIN: 105N144V14) is a non-linked, non-participating, individual life insurance savings plan. You pay a chosen Annualized Premium for a fixed Premium Payment Term (PPT), and the plan runs on for a Policy Term that can extend well beyond the PPT. At maturity, you receive a Guaranteed Maturity Benefit - expressed as a fixed percentage of the Total Premiums Paid, with the percentage rising the longer you commit to paying (5, 7, or 10 years). If you let the policy run for at least 5 years beyond your last premium (a longer deferment period), the plan also unlocks a one-time Loyalty Addition on top of the Guaranteed Maturity Benefit. If the life insured passes away during the Policy Term, a guaranteed Death Benefit is paid to the nominee instead.

Four choices shape the benefit:

• Age at Entry - your age when the policy starts.
• Annualized Premium - the yearly premium amount you commit to paying.
• Premium Payment Term (PPT) - how many years you pay premiums (5, 7, or 10 years).
• Policy Term - the total number of years the policy runs before maturity (10 to 25 years), which must be at least as long as the PPT.

This calculator gives you an indicative estimate of:

• the premium payable per instalment and in total, based on your chosen payment mode
• the Guaranteed Sum Assured, the floor for the Death Benefit
• the Guaranteed Maturity Benefit based on your PPT
• the Loyalty Addition, if your Policy Term defers long enough beyond your PPT
• the Total Maturity Benefit payable at the end of the Policy Term
• a year-by-year schedule showing premiums paid to date and the death benefit payable in that policy year

Formula Used

Eligibility. Entry age must be between 18 and 60 years, the Policy Term must be at least as long as the Premium Payment Term, and the policy must mature by age 75:

$$EntryAge + PolicyTerm \le 75 \qquad \text{and} \qquad PolicyTerm \ge PPT$$

Premium payable. The Annualized Premium you enter is loaded slightly for more frequent payment modes (reflecting the insurer's cost of collecting premiums more often):

$$InstalmentPremium = AnnualizedPremium \times ModeFactor$$ $$TotalPremiumPayable = InstalmentPremium \times InstalmentsPerYear \times PPT$$

Guaranteed Maturity Benefit. A percentage of Total Premiums Paid that increases with a longer Premium Payment Term (175% for a 5-Pay, 195% for a 7-Pay, 230% for a 10-Pay):

$$GuaranteedMaturityBenefit = TotalPremiumPayable \times \frac{AssuredBenefitPercent}{100}$$

Loyalty Addition. A one-time 20% of Total Premiums Paid, unlocked only if the deferment between the end of the PPT and the end of the Policy Term is at least 5 years:

$$Deferment = PolicyTerm - PPT$$ $$LoyaltyAddition = \begin{cases} 0.20 \times TotalPremiumPayable & \text{if } Deferment \ge 5 \\ 0 & \text{otherwise} \end{cases}$$

Total Maturity Benefit. Paid only if the life insured survives to the end of the Policy Term:

$$MaturityBenefit = GuaranteedMaturityBenefit + LoyaltyAddition$$

Guaranteed Sum Assured and Death Benefit. The Sum Assured is a multiple of the Annualized Premium - 10 times for entrants under 50, 7 times for entrants 50 and above, reflecting how insurers typically scale down the multiple for older entrants. The Death Benefit payable in any policy year is the higher of the Sum Assured or 105% of premiums paid to date - a standard guaranteed floor used across traditional Indian savings plans:

$$SumAssured = AnnualizedPremium \times \begin{cases} 10 & \text{if } EntryAge < 50 \\ 7 & \text{if } EntryAge \ge 50 \end{cases}$$ $$DeathBenefit(year) = \max\left(SumAssured,\; 1.05 \times PremiumsPaidToDate(year)\right)$$

How to Use

1. Enter your Age at Entry and the Annualized Premium you plan to pay each year.
2. Choose your Premium Payment Term and Policy Term (the Policy Term must be equal to or longer than the Premium Payment Term).
3. Select your Premium Payment Mode (Yearly, Half-Yearly, Quarterly, or Monthly).
4. Submit to see your premium, Guaranteed Maturity Benefit, Loyalty Addition, total maturity payout, and the year-by-year death benefit schedule.

Worked Example

A 35-year-old chooses an Annualized Premium of ₹1,00,000, a 10-year Premium Payment Term, a 20-year Policy Term, paying yearly.

• Total Premium Payable: ₹1,00,000 × 10 = ₹10,00,000
• Guaranteed Maturity Benefit: ₹10,00,000 × 230% = ₹23,00,000
• Deferment: 20 - 10 = 10 years, which is ≥ 5, so the Loyalty Addition applies
• Loyalty Addition: ₹10,00,000 × 20% = ₹2,00,000
• Total Maturity Benefit: ₹23,00,000 + ₹2,00,000 = ₹25,00,000
• Guaranteed Sum Assured (entry age under 50): 10 × ₹1,00,000 = ₹10,00,000
• Death Benefit (Year 1): max(₹10,00,000, 1.05 × ₹1,00,000) = ₹10,00,000

This is an illustrative model of the plan's benefit structure, not a reproduction of ICICI Prudential's official rates - always refer to the insurer's benefit illustration before buying a policy.