ICICI Pru Shubh Raksha Life Calculator

ICICI Pru Shubh Raksha Life Calculator

ICICI Pru Shubh Raksha Life (UIN: 105N160V03) is a non-linked, non-participating, individual, pure risk premium life insurance plan. Unlike its sibling Shubh Raksha Credit, this plan is not tied to any loan - it provides a standalone Level Sum Assured for the full policy term, so your family gets a fixed pay-out regardless of what debts you do or don't hold. This calculator gives you an illustrative estimate of the premium and a year-by-year cover schedule - it does not replace the insurer's official benefit illustration.

Who this plan is for

Anyone who wants simple, standalone term life cover - not linked to a specific loan

• to protect their family's income and expenses if they are no longer around. It suits both people who don't have a loan to protect and people who already have loan cover elsewhere and want additional, independent protection.

Plan Options

• Level Term (Pure Protection): the lowest-cost option. Premiums buy death cover only - if the life assured survives the full policy term, no maturity amount is paid.
• Level Term with Return of Premium (ROP): the same level death cover, but at a higher premium that includes a savings component. If the life assured survives to maturity, all base premiums paid over the Premium Paying Term are returned as a lump-sum Maturity Benefit.

$$\text{Maturity Benefit (ROP)} = \text{Annual Base Premium} \times \text{Premium Paying Term}$$

Premium Paying Options

• Regular Pay: premiums paid every year for the full Policy Term.
• Limited Pay: premiums paid for a shorter period than the full Policy Term (10 or 15 years less), after which cover continues with no further premium due.

Within either option you can also choose how often you pay - yearly, half-yearly, quarterly, or monthly - which changes the size of each instalment (more frequent instalments carry a small loading). You can also add an optional Accidental Death Benefit rider, which pays an additional lump sum if death is caused by an accident.

How the illustrative premium is estimated

The calculator applies an illustrative tabular mortality rate (₹ per ₹1,000 of Sum Assured) that increases with age and policy term, adjusted for gender and smoking habit, with a rebate for high Sum Assured:

$$\text{Annual Risk Premium} = \frac{\text{Sum Assured}}{1000} \times \text{Rate per 1{,}000}$$

For the Return of Premium option, this risk premium is loaded slightly (ROP pools carry a marginally higher risk charge) and a level savings component is added on top, sized so that the total base premiums paid over the Premium Paying Term equal the Maturity Benefit.

Worked example

A 30-year-old non-smoking male chooses a Sum Assured of ₹25,00,000 over a 25-year Policy Term, Regular Pay, paid yearly. Choosing the Level Term option gives the lowest yearly premium, with no maturity payout. Switching to Level Term with Return of Premium raises the yearly premium, but returns all base premiums paid as a lump sum if he survives to age 55.

How to use this calculator

1. Enter your age, gender, and smoking/tobacco habit.
2. Enter the Sum Assured and Policy Term you want.
3. Choose a Plan Option (Level Term or Return of Premium), a Premium Paying Option, and a payment mode.
4. Optionally add the Accidental Death Benefit rider.
5. Submit to see the premium payable, total premium over the paying term, the Maturity Benefit (if applicable), and a year-by-year cover schedule.

This tool is for illustration only. Actual premiums depend on medical underwriting, the insurer's current rate card, and applicable taxes - always confirm the exact figure with ICICI Prudential Life Insurance or a licensed advisor before buying a policy.