ICICI Pru iProtect Super Calculator

ICICI Pru iProtect Super Calculator

What this calculator does

ICICI Pru iProtect Super (UIN: 105N197V03) is a pure protection term insurance plan built around three Plan Options:

• Life Cover (Level Term) - a fixed Sum Assured for a chosen Policy Term (10-40 years), with cover ending by age 85.
• Life Cover with Whole Life Option - the same fixed Sum Assured, but cover continues all the way to age 99 instead of a fixed term.
• Life Cover with Special Exit Value (SEV) - a higher premium that funds a refund of the premiums you've paid if you survive claim-free to a chosen Exit Age within the Policy Term.

On top of the base cover, you can optionally add:

• Accelerated Critical Illness Benefit - an early payout advanced from your own Sum Assured (not an additional cover amount) if you're diagnosed with a listed critical illness; the remaining life cover reduces by the amount claimed.
• Waiver of Premium Benefit - future premiums are waived if you suffer a permanent disability or claim the Critical Illness benefit.

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 Special Exit Value refund, if you picked that Plan Option
• the cost of the Accelerated Critical Illness and Waiver of Premium benefits, 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. For Life Cover and Special Exit Value, the Policy Term must be 10-40 years and cover must end by age 85; the Whole Life Option always runs to age 99:

$$EntryAge + PolicyTerm \le 85 \qquad \text{(Level Term / SEV)} \qquad PolicyTerm = 99 - EntryAge \qquad \text{(Whole Life Option)}$$

Base mortality rate. The illustrative tabular annual rate (₹ per ₹1,000 Sum Assured) rises with age at entry and, more gently, with the Policy Term:

$$BaseRate(age, term) = 0.34 + age \times 0.042 + term \times 0.007$$

Loadings and rebates. A smoker/tobacco-user loading and a female rebate are applied multiplicatively, a High Sum Assured Rebate is subtracted for larger policies, and the Whole Life Option / Special Exit Value Plan Options each carry their own loading on top:

$$Rate = BaseRate \times SmokerFactor \times GenderFactor - Rebate(SumAssured) \qquad Rate_{wholeLife} = Rate \times 1.15 \qquad Rate_{SEV} = Rate \times 1.45$$

Base premium.

$$AnnualBasePremium = \frac{SumAssured}{1000} \times Rate$$

Premium Paying Option. Regular Pay spreads the premium across the full Policy Term. Limited Pay (10/15/20 years) compresses the same total cost into fewer years, with a modest discount for collecting premiums earlier:

$$TotalBasePremium = AnnualBasePremium \times PolicyTerm \times 0.94 \ \text{(Limited Pay only)}$$

Accelerated Critical Illness Benefit. The benefit amount is capped at ₹2 crore even if the Sum Assured is higher, and is advanced from - not added to - the base Sum Assured:

$$CIBenefit = \min(SumAssured,\ 20000000) \qquad CIRate(age) = 0.28 + age \times 0.009 \ \text{(₹ per ₹1,000 of CI benefit)}$$

Waiver of Premium Benefit. A flat percentage loading on the combined base + Critical Illness annual premium:

$$WOPPremium = (AnnualBasePremium + CIPremium) \times 0.03$$

Special Exit Value. If you choose the SEV Plan Option and survive claim-free to your chosen Exit Age (which must fall at least 10 years after entry and within the Policy Term), the total premiums paid up to that point are refunded in full:

$$SEV = AnnualPremium \times \min(ExitAge - EntryAge,\ PremiumPayingTerm)$$

Payment mode. Yearly premium is split into half-yearly, quarterly, or monthly installments using standard loading factors (1.00 / 0.51 / 0.26 / 0.0875) that reflect the extra cost of collecting premiums more frequently.

How to use it

1. Enter your Age at Entry, Gender, and Smoking/Tobacco Habit.
2. Enter your desired Sum Assured.
3. Choose a Plan Option - Level Term, Whole Life, or Special Exit Value.
4. If you didn't choose Whole Life, set your Policy Term; if you chose Special Exit Value, also pick your Exit Age.
5. Choose a Premium Paying Option and Payment Mode.
6. Optionally add the Accelerated Critical Illness Benefit and/or Waiver of Premium Benefit.
7. Submit to see your premium, the Special Exit Value (if applicable), benefit costs, and the year-by-year schedule.

Worked example

A 35-year-old non-smoking male wants a Sum Assured of ₹1,00,00,000 with the Special Exit Value Plan Option, a 30-year Policy Term, Exit Age 60, Regular Pay, yearly mode, plus the Accelerated Critical Illness Benefit.

• Base rate: (0.34 + 35 \times 0.042 + 30 \times 0.007 = 2.14) per ₹1,000, loaded by 1.45x for the Special Exit Value option.
• Annual base premium works out from this rate applied to the ₹1,00,00,000 Sum Assured, plus the Critical Illness Benefit premium on top.
• Because the Exit Age (60) falls 25 years after entry (35), and Regular Pay spans the full 30-year term, the Special Exit Value refunds 25 years' worth of premiums if no claim is made by then.

This calculator provides indicative estimates for informational purposes only, based on a simplified illustrative rate table. Actual premiums are underwritten by ICICI Prudential Life Insurance based on medical, financial, and other factors - refer to the official policy document and a licensed advisor before purchasing.