ICICI Pru Platinum Calculator

ICICI Pru Platinum Calculator

ICICI Pru Platinum is a Unit Linked Insurance Plan (ULIP) - it bundles a life insurance cover with a market-linked investment fund. What sets it apart on this site is a choice between two Life Cover Options: Growth Plus, where the death benefit is the higher of the Sum Assured or the Fund Value (a lower Sum Assured multiple, so more of every premium builds the fund), and Protect Plus, where the death benefit is the higher of Sum Assured plus Fund Value, or 105% of premiums paid (a higher Sum Assured multiple, for a bigger life cover on top of the fund). This calculator projects your fund value and death benefit at each policy milestone using the two assumed investment return scenarios - 4% p.a. and 8% p.a. - that IRDAI requires every ULIP benefit illustration to show.

How the Fund Value Is Calculated

ICICI Pru Platinum has a Nil Premium Allocation Charge - unlike many ULIPs that deduct a percentage of the premium before investing it, 100% of every premium here is invested from Year 1. From the invested premium, a Mortality Charge (the cost of the life cover) and a Policy Administration Charge are deducted. What's left is added to the fund, which then grows (or shrinks) at the assumed rate, net of the Fund Management Charge:

$$FV_t = \max\big(FV_{t-1} + P_t - MC_t - PAC_t,\ 0\big) \times (1 + r - FMC)$$

From Policy Year 6 onwards, a Loyalty Addition of 0.25% of the fund value is credited every year:

$$FV_t \mathrel{+}= FV_t \times 0.25\%, \quad t \geq 6$$

From Policy Year 10 onwards, every 5th policy year, a Wealth Booster is credited - a percentage of the average fund value over the preceding 5 years:

$$FV_t \mathrel{+}= \left(\frac{1}{5}\sum_{i=t-4}^{t} FV_i\right) \times WB, \quad t \geq 10,\ t \bmod 5 = 0$$

Where:

• FV_t - fund value at the end of policy year t
• P_t - premium paid in year t (₹0 once the Premium Payment Term ends)
• MC_t - Mortality Charge deducted in year t, based on the Sum at Risk (Sum Assured minus current fund value) and your attained age
• PAC_t - Policy Administration Charge deducted in year t
• r - assumed gross investment return for the scenario (4% or 8% p.a.)
• FMC - annual Fund Management Charge rate (1.35% p.a.)
• WB - Wealth Booster rate: 3.25% for Regular/Limited Pay, 1.5% for Single Pay

Life Cover (Sum Assured) and Death Benefit

The Sum Assured is a multiple of your Premium, banded by your Age at Entry and the Life Cover Option you choose - Single Pay policies use a much lower, flat multiple instead, per the IRDAI norm for single-premium ULIPs:

$$\text{Sum Assured} = \text{Premium} \times \text{Multiple(variant, entry age, pay mode)}$$

Life Cover Option	Age ≤ 35	Age 36-45	Age 46+	Single Pay
Growth Plus	7x	5x	1.25x	1.25x
Protect Plus	10x	7x	1.5x	1.5x

The death benefit itself is then calculated differently for each option:

$$\text{Death Benefit (Growth Plus)} = \max(\text{Sum Assured},\ \text{Fund Value})$$ $$\text{Death Benefit (Protect Plus)} = \max(\text{Sum Assured} + \text{Fund Value},\ 1.05 \times \text{Premiums Paid to Date})$$

Charges Used in This Illustration

Charge	Rate
Premium Allocation Charge	Nil (0% - full premium invested from Year 1)
Fund Management Charge	1.35% p.a.
Policy Administration Charge	₹55/month in Year 1, increasing 5% each year, capped at ₹480/month
Mortality Charge	Per ₹1,000 of Sum at Risk, rising with attained age (from ~₹0.9 at age 25 to ~₹30 at age 75)
Loyalty Addition	0.25% of the fund value, credited every policy year from Year 6 onwards
Wealth Booster	3.25% (Regular/Limited Pay) or 1.5% (Single Pay) of the average fund value over the preceding 5 years, credited every 5th policy year from Year 10 onwards

These figures are illustrative and modeled on the general shape of Indian ULIP charge structures - they are not a reproduction of ICICI Prudential Life's actual current product brochure or benefit illustration for UIN 105L192V04. Always check the official Benefit Illustration and policy document before buying.

How to Use This Calculator

1. Enter your Age at Entry.
2. Enter your Premium - the annual premium (or the one-time lump sum, if you choose Single Pay).
3. Choose the Policy Term - how long the policy runs.
4. Choose your Premium Payment Option - a one-time Single Pay, pay premiums for the full Policy Term (Regular Pay), or stop paying earlier (Limited Pay) while the cover continues for the full term.
5. Choose your Life Cover Option - Growth Plus for a leaner life cover and more of every premium going into the fund, or Protect Plus for a bigger life cover layered on top of the fund.
6. Submit to see your Sum Assured, total premiums paid, an illustrative death benefit in Policy Year 1, projected fund value at maturity under both assumed return scenarios, an approximate net yield, and a year-by-year schedule of both fund value and death benefit.

Worked Example

A 30-year-old paying a Premium of ₹1,00,000 for a 20-year Policy Term (Regular Pay):

Growth Plus:

• Sum Assured: ₹7,00,000 (7x Premium, since entry age is 30)
• Total Premiums Paid: ₹20,00,000
• Illustrative Death Benefit in Policy Year 1: ₹7,00,000 (the Sum Assured, since the fund is still small)
• Projected Fund Value @ 4% p.a.: approximately ₹28,77,268
• Projected Fund Value @ 8% p.a.: approximately ₹45,65,148
• Approx. Net Yield @ 8% scenario: about 4.21% p.a.

Protect Plus (same inputs):

• Sum Assured: ₹10,00,000 (10x Premium)
• Illustrative Death Benefit in Policy Year 1: ₹11,04,773 (Sum Assured plus the small first-year fund value)
• Projected Fund Value @ 8% p.a.: approximately ₹45,54,833 (marginally lower than Growth Plus, since a larger Sum at Risk means a slightly higher Mortality Charge each year)
• Death Benefit at Maturity @ 8% scenario: approximately ₹55,54,833 (Sum Assured plus Fund Value)

Important Notes

• This is market-linked, not guaranteed. The fund value depends entirely on actual investment performance. The 4% and 8% figures are illustrative assumptions mandated by IRDAI for comparison purposes, not a promise, floor, or ceiling on your actual returns.
• Growth Plus vs Protect Plus is a trade-off, not a free upgrade. A higher Sum Assured under Protect Plus means a higher Mortality Charge is deducted each year, which very slightly reduces the fund value compared to Growth Plus for the same premium and term - in exchange for a materially larger death benefit.
• The Nil Premium Allocation Charge only affects allocation - Mortality and Policy Administration Charges are still deducted every year regardless of the Life Cover Option chosen.
• Loyalty Additions and Wealth Boosters are not guaranteed cash bonuses - they are credited as additional units to your existing market-linked fund, so their final rupee value still depends on the fund's performance up to that point.
• 5-year lock-in. As with all ULIPs in India, withdrawals are not permitted during the first 5 policy years.
• Tax benefits may be available on premiums under Section 80C and on the maturity/death benefit under Section 10(10D) of the Income Tax Act, subject to the conditions in force at the time.
• This calculator is for educational illustration only and does not constitute financial or insurance advice. Refer to the official ICICI Pru Platinum policy document and benefit illustration before making any purchase decision.