ICICI Pru Savings Suraksha Calculator

ICICI Pru Savings Suraksha Calculator

What this calculator does

ICICI Pru Savings Suraksha (UIN: 105N135V05) is a non-linked, non-participating, individual life insurance savings plan that combines guaranteed savings with life cover. You choose a Basic Sum Assured (calculated as a multiple of the Annualized Premium you pay), and the plan adds a fixed Guaranteed Addition to this Sum Assured for every year the policy is in force. At maturity, the Sum Assured plus all accumulated Guaranteed Additions are paid out in one lump sum. If the life insured passes away during the Policy Term, a guaranteed Death Benefit - which is always at least as high as the Sum Assured - is paid to the nominee instead.

Three choices shape the benefit:

• Annualized Premium - the yearly premium amount you commit to paying.
• Premium Payment Term (PPT) - how many years you pay premiums (5, 7, 10, or 12 years).
• Policy Term - the total number of years the policy runs before maturity (10 to 25 years), which must be at least as long as the PPT.

This calculator gives you an indicative estimate of:

• the premium payable per instalment and in total, based on your chosen payment mode
• the Guaranteed Sum Assured fixed at inception
• the Guaranteed Addition that accrues each year, and the total accumulated by maturity
• the Maturity Benefit payable at the end of the Policy Term
• a year-by-year schedule showing the accrued Guaranteed Addition and the death benefit payable in that policy year

Formula Used

Eligibility. Entry age must be between 18 and 60 years, the Policy Term must be at least as long as the Premium Payment Term, and the policy must mature by age 75:

$$EntryAge + PolicyTerm \le 75 \qquad \text{and} \qquad PolicyTerm \ge PPT$$

Premium payable. The Annualized Premium you enter is loaded slightly for more frequent payment modes (reflecting the insurer's cost of collecting premiums more often):

$$InstalmentPremium = AnnualizedPremium \times ModeFactor$$ $$TotalPremiumPayable = InstalmentPremium \times InstalmentsPerYear \times PPT$$

Guaranteed Sum Assured. A fixed multiple of the Annualized Premium, guaranteed from day one of the policy:

$$SumAssured = 10 \times AnnualizedPremium$$

Guaranteed Addition. Accrues at an illustrative rate of ₹55 per ₹1,000 of Sum Assured, for every year the policy is in force:

$$AnnualAddition = \frac{SumAssured}{1000} \times 55$$ $$TotalGuaranteedAdditions = AnnualAddition \times PolicyTerm$$

Maturity Benefit. Paid only if the life insured survives to the end of the Policy Term:

$$MaturityBenefit = SumAssured + TotalGuaranteedAdditions$$

Death Benefit. Payable any time during the Policy Term, this is the higher of the Sum Assured, 11 times the Annualized Premium, or 105% of premiums paid to date - a standard guaranteed floor used across traditional Indian savings plans - plus the Guaranteed Addition accrued so far:

$$DeathBenefit(year) = \max\left(SumAssured,\; 11 \times AnnualizedPremium,\; 1.05 \times PremiumsPaidToDate(year)\right) + AnnualAddition \times year$$

How to Use

1. Enter your Age at Entry and the Annualized Premium you plan to pay each year.
2. Choose your Premium Payment Term and Policy Term (the Policy Term must be equal to or longer than the Premium Payment Term).
3. Select your Premium Payment Mode (Yearly, Half-Yearly, Quarterly, or Monthly).
4. Submit to see your premium, Sum Assured, Guaranteed Additions, maturity benefit, and the year-by-year death benefit schedule.

Worked Example

A 35-year-old chooses an Annualized Premium of ₹1,00,000, a 10-year Premium Payment Term, a 20-year Policy Term, paying yearly.

• Sum Assured: 10 × ₹1,00,000 = ₹10,00,000
• Annual Guaranteed Addition: (₹10,00,000 / 1000) × 55 = ₹55,000
• Total Guaranteed Additions (over 20 years): ₹55,000 × 20 = ₹11,00,000
• Maturity Benefit: ₹10,00,000 + ₹11,00,000 = ₹21,00,000
• Death Benefit (Year 1): max(₹10,00,000, 11 × ₹1,00,000, 1.05 × ₹1,00,000) + ₹55,000 = ₹11,55,000

This is an illustrative model of the plan's benefit structure, not a reproduction of ICICI Prudential's official rates - always refer to the insurer's benefit illustration before buying a policy.