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ICICI Pru iProtect Smart Calculator

What this calculator does

ICICI Pru iProtect Smart (UIN: 105N151V16) is a pure protection term insurance plan built around five Plan Options that trade off a pure lump-sum payout against a mix of lump sum and monthly income:

• Life Option - a single lump-sum Sum Assured paid on death.
• Life Plus Option - the same lump-sum Sum Assured, plus an additional 25% of the Sum Assured paid as a top-up lump sum alongside it.
• Income Option - a reduced lump sum (50% of the Sum Assured) paid immediately, plus a monthly income equal to 0.5% of the Sum Assured for a fixed 10-year Income Benefit Period.
• Income Plus Option - the same reduced lump sum and 10-year monthly income as the Income Option, plus a further lump sum (50% of the Sum Assured) paid at the end of the Income Benefit Period.
• Life & Income Option - the full lump-sum Sum Assured immediately, plus a smaller monthly income (0.25% of the Sum Assured) for the same 10-year Income Benefit Period.

The plan also offers two optional riders: an Accidental Death Benefit rider, and a Waiver of Premium rider that keeps the cover in force without further premiums after a qualifying event. Entry age 18-65; cover must end by age 85.

This calculator gives you an indicative estimate of:

• the premium for your chosen Sum Assured, Plan Option, Policy Term, Premium Paying Option, and payment mode - factoring in age, gender, and smoking/tobacco habit
• the lump-sum death benefit and, where applicable, the monthly income benefit and any end-of-period lump sum for your chosen Plan Option
• the cost and cover of the Accidental Death Benefit and Waiver of Premium riders, if opted
• a year-by-year schedule of premiums paid to date and the life cover in force

Formula Used

Eligibility. Entry age must be between 18 and 65 years, Policy Term must be 10-40 years, and cover must end by age 85.

$$BaseRate_{\text{per mille}} = 0.33 + 0.041 \times Age + 0.0065 \times Term$$

The base rate is then adjusted for smoking habit and gender, and reduced by a rebate for high Sum Assured:

$$Rate = \max\big(BaseRate \times SmokerFactor \times GenderFactor - Rebate,\ 0.1\big)$$

where SmokerFactor is 1.75 for smokers/tobacco users and 1.0 otherwise, GenderFactor is 0.92 for female lives and 1.0 otherwise, and Rebate (per mille) is 0.3 for Sum Assured ≥ ₹5 crore, 0.2 for ≥ ₹2 crore, and 0.08 for ≥ ₹1 crore.

Each Plan Option applies its own loading to the base rate, reflecting the extra benefit it funds:

$$Rate_{\text{plan}} = Rate \times PlanLoading$$

PlanLoading is 1.00 for Life, 1.10 for Life Plus, 1.12 for Income, 1.22 for Income Plus, and 1.30 for Life & Income.

$$AnnualBasePremium = \frac{SumAssured}{1000} \times Rate_{\text{plan}}$$

Benefit split by Plan Option (all fractions of the Sum Assured):

Plan Option	Immediate lump sum	Monthly income (10 yrs)	End-of-period lump sum
Life	100%	-	-
Life Plus	125%	-	-
Income	50%	0.5%/month	-
Income Plus	50%	0.5%/month	50%
Life & Income	100%	0.25%/month	-

Riders. The Accidental Death Benefit rider is priced on its own Sum Assured (capped at ₹2 crore) at a rate that rises gently with age; the Waiver of Premium rider is priced as a flat percentage of the base annual premium.

Limited Pay. Choosing a Limited Premium Paying Term (10/15/20 years instead of the full Policy Term) applies a 5% discount to the total premium, which is then spread evenly over the shorter paying term.

How to Use This Calculator

1. Enter your Age at Entry, Gender, and Smoking/Tobacco Habit.
2. Enter the Sum Assured you want (minimum ₹50 lakh).
3. Choose a Plan Option - Life, Life Plus, Income, Income Plus, or Life & Income.
4. Set the Policy Term and Premium Paying Option.
5. Choose your Premium Payment Mode (yearly, half-yearly, quarterly, or monthly).
6. Optionally add the Accidental Death Benefit Rider and/or the Waiver of Premium Rider.
7. Submit to see your estimated premium, the lump-sum and income benefit breakdown for your chosen Plan Option, rider costs, and a year-by-year benefit schedule.

Worked Example

A 30-year-old non-smoking male chooses a Sum Assured of ₹1 crore, the Income Option, a 30-year Policy Term, Regular Pay, and Yearly premium mode:

$$BaseRate = 0.33 + 0.041 \times 30 + 0.0065 \times 30 = 1.755 \text{ per mille}$$

With no smoker loading, no female discount, and no high Sum Assured rebate, and the Income Option's 1.12× loading:

$$Rate_{\text{plan}} = 1.755 \times 1.12 = 1.966 \text{ per mille}$$ $$AnnualBasePremium = \frac{10{,}000{,}000}{1000} \times 1.966 \approx ₹19{,}660$$

On death during the policy term, this plan option pays an immediate lump sum of ₹50,00,000 (50% of Sum Assured), followed by a monthly income of ₹50,000 (0.5% of Sum Assured) for 10 years - a total income payout of ₹60,00,000 on top of the lump sum.

This is an indicative estimate for illustration only - your actual premium from ICICI Prudential Life Insurance will depend on full medical underwriting and the insurer's current rate card.