ICICI Pru iProtect Supreme Calculator

ICICI Pru iProtect Supreme Calculator

What this calculator does

ICICI Pru iProtect Supreme (UIN: 105N193V03) is a pure protection term insurance plan built around two 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 Return of Premium (ROP) - the same fixed Sum Assured, but at a higher premium that funds a refund of 100% of the base premiums you've paid if you survive the full Policy Term without a claim.

The plan also offers a Life Stage Protection Benefit - the option, available without a fresh medical checkup, to increase your Sum Assured by up to 50% on marriage or up to 25% on the birth/adoption of a child - and two optional riders:

• Accidental Death and Disability Benefit - an additional payout on accidental death or disability, on top of the base life cover.
• Health Protect Rider - a Critical Illness cover, available in a 20-illness or a more comprehensive 60-illness variant, capped at ₹1.5 crore, payable on first diagnosis of a covered illness.

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 Return of Premium amount, if you picked that Plan Option
• the cost and cover of the Accidental Death and Disability and Health Protect riders, if opted
• the Sum Assured increase available under Life Stage Protection, 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.

$$BaseRate_{\text{per mille}} = 0.32 + 0.04 \times Age + 0.006 \times Term$$

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 1.8 for smokers/tobacco users and 1.0 otherwise, GenderFactor is 0.91 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.

If the Return of Premium option is chosen, the rate carries an additional 1.7× loading to fund the guaranteed refund of base premiums.

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

Riders. The Accidental Death and Disability Benefit rider is priced on its own Sum Assured (capped at ₹2 crore) at a rate that rises gently with age; the Health Protect Rider is priced on a Sum Assured capped at ₹1.5 crore, with the 60-illness variant costing more per mille than the 20-illness variant.

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.

Return of Premium benefit. If opted, the amount shown is the total base premium actually paid over the Premium Paying Term (rider premiums are not part of the refund).

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 - Level Term, or with Return of Premium.
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 and Disability Rider and/or the Health Protect Rider (choosing between the 20 and 60 illness variants), and opt in to Life Stage Protection.
7. Submit to see your estimated premium, the Return of Premium amount (if applicable), 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 Level Term option, a 30-year Policy Term, Regular Pay, and Yearly premium mode:

$$BaseRate = 0.32 + 0.04 \times 30 + 0.006 \times 30 = 1.7 \text{ per mille}$$

With no smoker loading, no female discount, and no high Sum Assured rebate (Sum Assured is below ₹1 crore's rebate threshold), the annual base premium works out to approximately:

$$AnnualBasePremium = \frac{10{,}000{,}000}{1000} \times 1.7 = ₹17{,}000$$

Choosing the Return of Premium option instead would apply the 1.7× loading, giving an annual premium of roughly ₹28,900 - but on survival to the end of the 30-year term, the full ₹8,67,000 in base premiums paid would be refunded.

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.