ICICI Pru Group Suraksha Plus Calculator

ICICI Pru Group Suraksha Plus Calculator

ICICI Pru Group Suraksha Plus (UIN: 105N147V03) is an annually renewable, non-participating, non-linked group savings product that employers or trusts use to fund Employee Benefit (EB) schemes - typically Gratuity, Leave Encashment, and Post-Retirement Medical schemes. It explicitly excludes Superannuation schemes, which are covered by a separate ICICI Pru Group Superannuation plan. Each policy maintains a Scheme Account that records contributions, interest credited, and benefit payouts made by the Master Policyholder (the employer/trust). This calculator projects your trust's Scheme Account growth, the guaranteed additional death benefit, and how the projected fund compares against your current actuarial liability.

How the Plan Works

• Employee Benefit Scheme: the plan funds one of three EB schemes - Gratuity Trust Fund, Leave Encashment Fund, or Post-Retirement Medical Fund - chosen when the trust sets up the policy.
• Minimum Members: a policy requires at least 10 members at inception, with members aged between 18 and 85 years.
• Scheme Account Growth: the Scheme Account grows at a Board-approved minimum floor rate, plus any additional interest the insurer declares at regular intervals based on the fund's size - it is not linked to market NAV.
• Guaranteed Sum Assured: on the death of a member, a guaranteed Sum Assured of ₹10,000 is paid in addition to the member's share of the Scheme Account balance.

Projected Scheme Account Value

Any existing opening balance compounds forward at the assumed rate r, and the employer's annual contributions are modeled as paid at the start of each policy year (an annuity-due), compounding at the same rate over n years:

$$F_1 = B_0 \times (1+r)^{n}$$ $$F_2 = C \times \left(\frac{(1+r)^{n}-1}{r}\right) \times (1+r)$$ $$V = F_1 + F_2$$

Here B_0 is your Existing Scheme Account Balance, C is your Annual Employer Contribution, n is your chosen Projection Period, r is the assumed floor plus declared rate you selected, and V is the resulting Projected Scheme Account Value.

Funding Ratio Against Actuarial Liability

If you provide your trust's current actuarial liability estimate (from your latest actuarial valuation for gratuity or leave encashment), the calculator compares it against the projected Scheme Account Value at the end of the projection period:

$$R = \frac{V}{L} \times 100$$

Here V is the Projected Scheme Account Value from above and L is your Current Actuarial Liability. A ratio R above 100% indicates a projected surplus over the liability; a ratio below 100% indicates a projected shortfall the trust may need to top up. Enter 0 if your trust doesn't track a formal actuarial liability figure - the calculator will simply skip this comparison.

Other Plan Features

• Annually Renewable: the plan is renewed each policy year, with the floor and declared rates reviewed at renewal.
• EB Schemes Only: available strictly for Gratuity, Leave Encashment, and Post-Retirement Medical schemes administered by an employer or trust - not for individual retirement savings.

Worked Example

A trust with 50 members holds an opening Scheme Account balance of ₹20,00,000 and contributes ₹10,00,000 annually, at an assumed 7% p.a. floor plus declared rate, projected over 10 years, against a current actuarial liability of ₹50,00,000:

• Total Contributions Over Period = ₹20,00,000 + (₹10,00,000 × 10) = ₹1,20,00,000
• Projected Scheme Account Value ≈ ₹1.87 crore (roughly 1.56x total contributions)
• Guaranteed Additional Sum Assured Pool = 50 members × ₹10,000 = ₹5,00,000
• Funding Ratio ≈ 374% - a projected surplus of roughly ₹1.37 crore over the ₹50,00,000 actuarial liability

Enter your own member count, balances, contribution, and assumptions above to see your trust's projected numbers.

Disclaimer: This is an independent, illustrative calculator and is not affiliated with or endorsed by ICICI Prudential Life Insurance Company Limited. The actual floor and declared interest rates are set by the insurer and can differ from the rate assumed here. Refer to the official policy document and Benefit Illustration from ICICI Prudential Life before making any decision.