ICICI Pru EzyGrow Calculator

ICICI Pru EzyGrow Calculator

ICICI Pru EzyGrow (UIN: 105L189V06) is a unit-linked, non-participating savings and protection insurance plan - it bundles a life insurance cover with a market-linked investment fund. It has two headline monetary features: a Zero Premium Allocation Charge (100% of every premium you pay is invested into your chosen fund from Year 1, rather than 3-5% being deducted upfront the way many ULIPs work), and a full refund of every Policy Administration Charge deducted over the policy term, paid back to you as a lump sum on top of your fund value at maturity. You also choose between two plan options - Wealth (a lighter life cover, so more of your premium builds the fund) or Assure (a heavier life cover) - and how you'd like the maturity benefit paid out: as a lump sum, or staggered evenly over 2 to 5 years. This calculator projects your fund value at maturity using the two assumed investment return scenarios - 4% p.a. and 8% p.a. - that IRDAI requires every ULIP benefit illustration to show.

How the Fund Value Is Calculated

Each policy year, your entire premium (while you're still paying it) is invested - there is no allocation charge to deduct first. From the invested amount, a Mortality Charge (the cost of the life cover) and a Policy Administration Charge are deducted. What's left is added to your fund, which then grows (or shrinks) at the assumed rate, net of the Fund Management Charge for your chosen fund:

$$FV_t = \max\big(FV_{t-1} + P_t - MC_t - PAC_t,\ 0\big) \times (1 + r - FMC)$$

Where:

• FV_t - fund value at the end of policy year t
• P_t - premium paid in year t (₹0 once the Premium Payment Term ends) - fully invested, with zero allocation charge
• MC_t - Mortality Charge deducted in year t, based on the Sum at Risk (Sum Assured minus current fund value) and your attained age
• PAC_t - Policy Administration Charge deducted in year t
• r - assumed gross investment return for the scenario (4% or 8% p.a.)
• FMC - annual Fund Management Charge rate for the chosen fund

Life Cover (Sum Assured)

Unlike plans where the Sum Assured is fixed by your age, EzyGrow lets you pick your protection level directly through the Plan Option:

$$\text{Sum Assured} = \text{Annual Premium} \times \begin{cases} 7, & \text{Plan Option = Wealth} \\ 10, & \text{Plan Option = Assure} \end{cases}$$

Wealth keeps more of your premium free of mortality charges (a smaller Sum at Risk), so more of it compounds inside the fund. Assure carries a bigger life cover for the same premium.

Policy Administration Charge Refund

Every Policy Administration Charge deducted across the policy term is totalled up (as a nominal ₹ sum, with no additional growth applied to it) and added back in full at maturity, on top of whatever the fund itself has grown to:

$$\text{Maturity Benefit} = FV_{\text{Policy Term}} + \sum_{t=1}^{\text{Policy Term}} PAC_t$$

Payout at Maturity

If you choose the Lump Sum option, the entire Maturity Benefit is paid out in one instalment. If you choose a staggered payout over N years (2 to 5), the Maturity Benefit is split evenly:

$$\text{Instalment Amount} = \frac{\text{Maturity Benefit}}{N}$$

This calculator's instalment figure is a simple division and does not assume any further investment growth during the payout period - the real plan's actual staggered payout may credit some residual growth on the amount still awaiting payout.

Charges Used in This Illustration

Charge	Rate
Premium Allocation Charge	0% (all years)
Fund Management Charge	0.95% - 1.35% p.a., depending on fund
Policy Administration Charge	Starts near ₹60/month, escalates ~4% a year, capped at ₹500/month - refunded in full at maturity
Mortality Charge	Age-banded rate per ₹1,000 of Sum at Risk, rising with attained age

Worked Example

A 30-year-old chooses an Annual Premium of ₹1,00,000, the Assure plan option (Sum Assured = ₹10,00,000), a 20-year Policy Term with Regular Pay, the Growth Fund, and a Lump Sum payout. Over the 20 years, ₹20,00,000 in total premiums are invested (zero allocation charge), Mortality and Fund Management Charges are deducted along the way, and every Policy Administration Charge collected is tallied up to be refunded at maturity. At the assumed 8% p.a. scenario, the projected fund value plus the Policy Administration Charge refund gives the total Maturity Benefit - paid out as a single lump sum since that's the chosen option.

How to Use This Calculator

1. Enter your Age at Entry and the Annual Premium you plan to pay.
2. Choose your Plan Option - Wealth for a lighter cover and larger investable fund, or Assure for a heavier life cover.
3. Pick your Policy Term and Premium Payment Term.
4. Choose a Fund based on your risk appetite - equity-oriented funds carry higher potential growth (and higher Fund Management Charges), while debt-oriented funds are steadier.
5. Choose how you'd like the Maturity Benefit paid out - as a lump sum, or spread evenly over 2 to 5 years.
6. Submit to see your projected fund value and total maturity benefit at both the 4% and 8% assumed rates, a year-by-year fund value schedule, and a summary of how the plan works.

All figures are illustrative projections based on assumed rates and charges, not a guarantee of actual returns - the real fund value depends entirely on how your chosen fund performs in the market.