ICICI Pru Protect N Gain Whole Life Calculator

ICICI Pru Protect N Gain Whole Life Calculator

What this calculator does

ICICI Pru Protect N Gain (UIN: 105L208V01) is a non-linked, non-participating whole life savings-cum-protection plan. Unlike a pure term plan, it combines two benefits:

• Protect - a whole life death cover (your chosen Sum Assured) that continues right up to age 99, funded by premiums you pay only for a limited number of years (your Premium Paying Term).
• Gain - while you're paying premiums, Guaranteed Additions accrue every year. At an age you choose (the Gain Benefit Age), the accumulated Guaranteed Additions plus the total premiums you've paid are released to you as a Gain Benefit - either as a lump sum or spread over a few years - while the whole life death cover keeps running, fully paid-up, in the background.

This calculator gives you an indicative estimate of:

• the premium payable for your chosen Sum Assured, Premium Paying Term, and payment mode, factoring in age and gender
• the Guaranteed Additions that accrue during your Premium Paying Term
• the Gain Benefit amount payable at your chosen Gain Benefit Age, and how it's paid out (lump sum vs. installments)
• the whole life death cover that continues after the Gain Benefit is paid
• the added cost of an optional Accidental Death Benefit Rider
• a year-by-year schedule of premiums paid, Guaranteed Additions accrued, and the death benefit payable in each shown policy year

Formula Used

Eligibility. Entry age must be between 18 and 60 years. The whole life cover always runs to age 99:

$$WholeLifeTerm = 99 - EntryAge$$

The Gain Benefit Age must fall at least 5 years after premiums finish, and no later than age 99:

$$EntryAge + PremiumPayingTerm + 5 \ \le\ GainBenefitAge\ \le\ 99$$

Base mortality rate. The illustrative tabular annual rate (₹ per ₹1,000 Sum Assured) for the whole-life death cover rises gently with age at entry, and carries a female rebate:

$$Rate = (0.9 + EntryAge \times 0.03) \times GenderFactor \qquad GenderFactor = \begin{cases} 0.93 & \text{female} \\ 1.00 & \text{male} \end{cases}$$

Mortality premium.

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

Savings premium and Guaranteed Additions. A separate, level savings charge funds the Guaranteed Additions that accrue every year a premium is paid:

$$SavingsPremium = \frac{SumAssured}{1000} \times 55 \qquad GuaranteedAddition_{\text{per year}} = \frac{SumAssured}{1000} \times 50$$

Annual premium (before the Accidental Death Benefit Rider):

$$AnnualPremium = MortalityPremium + SavingsPremium$$

Gain Benefit at the chosen Gain Benefit Age. Total premiums paid over the Premium Paying Term, plus the Guaranteed Additions accrued over the same period:

$$GainBenefit = (AnnualPremium \times PremiumPayingTerm) + (GuaranteedAddition_{\text{per year}} \times PremiumPayingTerm)$$

Payout of the Gain Benefit. Chosen as a lump sum, or spread evenly over 5 or 10 years:

$$Installment_n = \frac{GainBenefit}{n} \ \text{per year, for } n \in \{5, 10\}$$

Accidental Death Benefit Rider (optional). Cover equals the base Sum Assured (max ₹1 crore), at a flat rate, payable only while premiums are being paid:

$$ADBRate = 0.40 \ \text{(₹ per ₹1,000 of ADB cover)}$$

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 and Gender.
2. Choose your Sum Assured and Premium Paying Term.
3. Pick the Gain Benefit Age at which you'd like the accumulated Gain Benefit paid out, and how you'd like it paid (Lump Sum or spread over 5/10 years).
4. Choose your Premium Payment Mode.
5. Optionally add the Accidental Death Benefit Rider.
6. Submit to see your premium, Guaranteed Additions, Gain Benefit, the continuing whole life cover, and the year-by-year benefit schedule.

Worked example

A 30-year-old male chooses a Sum Assured of ₹20,00,000, a 10-year Premium Paying Term, yearly payment mode, a Gain Benefit Age of 60, Lump Sum payout, and no rider.

• Rate: (0.9 + 30 \times 0.03 = 1.8) per ₹1,000 → Mortality Premium = ₹20,00,000 / 1000 × 1.8 = ₹3,600.
• Savings Premium = ₹20,00,000 / 1000 × 55 = ₹1,10,000. Annual Premium = ₹1,13,600/year for 10 years, so Total Premium Payable = ₹11,36,000.
• Guaranteed Additions accrue at ₹20,00,000 / 1000 × 50 = ₹1,00,000/year, so over 10 years they total ₹10,00,000.
• At age 60 (the chosen Gain Benefit Age), the Gain Benefit = Total Premiums Paid (₹11,36,000) + Guaranteed Additions (₹10,00,000) = ₹21,36,000, paid as a lump sum.
• The ₹20,00,000 whole life death cover continues, fully paid-up, from age 30 all the way to age 99.

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