ICICI Pru Group Term Plus Calculator
ICICI Pru Group Term Plus (UIN: 105N119V08) is a non-linked, non-participating, yearly renewable group term life insurance plan. Instead of insuring one individual over a fixed policy term like a personal term plan, it lets an employer, lender, cooperative, or affinity group cover many members under a single master policy that is re-rated and renewed every year. This calculator gives you an independent, illustrative estimate of what a group of a given size, average age, and Sum Assured might pay in annual premium - it is not affiliated with or endorsed by ICICI Prudential Life Insurance Company Limited, and actual premiums are always set by the insurer after underwriting the specific group.
Who uses a group term plan
- Employer-Employee schemes - a company covers its employees as a benefit, usually with a uniform or salary-graded Sum Assured.
- Lender / Credit Life groups - a bank or NBFC covers borrowers so an outstanding loan is paid off if the borrower dies, with the cover reducing as the loan is repaid.
- Affinity and member groups - cooperative societies, associations, and similar member-based groups covering their members under one policy.
Cover types
- Uniform Cover - every member gets the same flat Sum Assured.
- Graded Cover - the Sum Assured is set as a multiple of salary or grade, so it varies member to member; this calculator uses your input as the average Sum Assured per member across the group.
- Reducing Cover (Credit Life) - the Sum Assured tapers down over the term as an outstanding loan balance reduces, so the average cost over the term is lower than a flat cover of the same starting Sum Assured.
How the premium is estimated
Because it is Yearly Renewable Term (YRT) cover, the mortality rate used to price the premium rises every year as the group's average age increases - unlike a personal term plan, where the premium is usually level for the whole term. This calculator applies an illustrative age-banded mortality rate per ₹1,000 of Sum Assured, then loads or discounts it for:
- Occupation risk - a Hazardous occupation category applies a higher loading than Standard.
- Cover type - Reducing Cover is priced lower on average than Uniform or Graded Cover, since the Sum Assured is falling over the term.
- Group size - larger groups get a pooling discount on the rate, since risk is spread across more lives and there is less adverse selection than in an individually underwritten policy.
If you opt in the Accidental Death Benefit rider, an additional Sum Assured (capped at ₹1 crore per member) is added on accidental death, priced at a flat rate per member and included in both the per-member and total premium figures.
How to use this calculator
- Enter the Number of Members in the group (minimum 10).
- Enter the group's Average Age in years.
- Enter the Sum Assured per Member - the flat, average, or starting cover amount depending on the Cover Type you choose.
- Choose the Cover Type - Uniform, Graded, or Reducing.
- Choose the Occupation Risk Category - Standard or Hazardous.
- Choose whether to add the Accidental Death Benefit rider.
- Set a Projection Period to see how the renewal premium is estimated to change as the group ages each year.
Worked example
A company covers 250 employees, average age 35, with a Uniform Cover of ₹10,00,000 per employee and no rider. The calculator estimates a Year 1 premium of roughly ₹2,375 per member, or about ₹5,93,750 for the whole group - and shows how that premium is expected to rise gradually at each renewal as the average age of the group increases.
Disclaimer
This calculator is an independent estimation tool and is not affiliated with or endorsed by ICICI Prudential Life Insurance Company Limited. Actual underwriting, mortality rates, and premiums for ICICI Pru Group Term Plus are determined by the insurer based on the specific group's risk profile and can differ materially from the figures shown here. Always refer to the official policy document and Benefit Illustration before making a decision.