ICICI Pru Smart Insurance Plan Plus Calculator

ICICI Pru Smart Insurance Plan Plus Calculator

ICICI Pru Smart Insurance Plan Plus (UIN: 105L204V03) is a unit-linked, non-participating life insurance plan available in two variants: Wealth, built for a higher investment focus, and Assure, which carries a higher life cover and adds a Family Income Benefit - a monthly payout to your family for the remaining Premium Payment Term if death occurs during the policy term. This calculator projects your fund value at maturity under both variants, 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

Unlike many ULIPs, this plan charges zero Premium Allocation Charge and zero Policy Administration Charge - every rupee of premium is invested from Year 1. Only a Mortality Charge (the cost of the life cover) is deducted before the balance grows at the assumed rate, net of the Fund Management Charge for your chosen fund:

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

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), your attained age, and a protection loading that is higher for the Assure Variant
• r - assumed gross investment return for the scenario (4% or 8% p.a.)
• FMC - annual Fund Management Charge rate for the chosen fund (0.40%-0.50% p.a., among the lowest modeled on this site)

Wealth Boosters

From the 10th policy year onwards, and every 5th year after that, a Wealth Booster is added to the fund - sized as a percentage of the average fund value over the preceding 5 years. The rate itself depends on how you pay your premiums:

$$\text{Wealth Booster} = \begin{cases} 0.0150 \times \text{Average Fund Value (last 5 years)}, & \text{Single Premium} \\[4pt] 0.0325 \times \text{Average Fund Value (last 5 years)}, & \text{Regular / Limited Pay} \end{cases}$$

Life Cover (Sum Assured)

$$\text{Sum Assured} = \text{Premium} \times \text{Multiple}$$

For Regular/Limited Pay, the multiple is 10x (Wealth Variant) or 12x (Assure Variant) of the annual premium if entry age is under 45, dropping to 7x or 8x respectively from age 45 onwards. For Single Premium - which carries the lower IRDAI-mandated sum assured multiples that apply to single-premium ULIPs - the multiple is 1.25x (Wealth) or 1.5x (Assure) under age 45, and 1.10x (Wealth) or 1.25x (Assure) from age 45 onwards.

Family Income Benefit (Assure Variant)

The Assure Variant illustrates an additional monthly benefit equal to 0.5% of the Sum Assured, payable to your family for the remaining Premium Payment Term if death occurs during the policy term - on top of the life cover and fund value.

Charges Used in This Illustration

Charge	Rate
Premium Allocation Charge	0% - fully waived
Policy Administration Charge	0% - fully waived
Fund Management Charge	0.50% p.a. (Bluechip / Multi-Cap), 0.45% p.a. (Balanced Advantage), 0.40% p.a. (Income)
Mortality Charge	Per ₹1,000 of Sum at Risk, rising with attained age (from ~₹0.9 at age 25 to ~₹30 at age 75); loaded 20% higher for the Assure Variant
Wealth Booster	1.50% (Single Premium) or 3.25% (Regular/Limited Pay) of the average fund value over the preceding 5 years, credited from Year 10 and every 5th year after

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. Always check the official Benefit Illustration and policy document before buying.

How to Use This Calculator

1. Enter your Age at Entry.
2. Choose your Premium Payment Option - Single Premium (one-time), pay for the full Policy Term (Regular Pay), or stop paying earlier while cover continues for the full term (Limited Pay).
3. Enter the Premium Amount - annual for Regular/Limited Pay, or the one-time amount for Single Premium.
4. Choose the Policy Term.
5. Choose your Plan Variant - Wealth for a higher investment focus, or Assure for a higher life cover plus the Family Income Benefit.
6. Choose a Fund Option based on your risk appetite.
7. Submit to see your projected Life Cover, total premiums paid, projected fund value at maturity under both assumed return scenarios, an approximate net yield, the Family Income Benefit (if applicable), and a year-by-year fund value schedule.

Worked Example

A 30-year-old paying an Annual Premium of ₹1,00,000 for a 20-year Policy Term (Regular Pay), Wealth Variant, invested in the Bluechip Fund:

• Sum Assured: ₹10,00,000 (10x Annual Premium, since entry age is under 45)
• Total Premiums Paid: ₹20,00,000 (₹1,00,000 x 20 years)
• Projected Fund Value @ 4% p.a.: approximately ₹32,80,000
• Projected Fund Value @ 8% p.a.: approximately ₹52,40,000
• Approx. Net Yield @ 8% scenario: noticeably closer to the 8% assumed gross return than plans that charge allocation and admin fees, since only the mortality charge and a small Fund Management Charge are deducted

Important Notes

• This is market-linked, not guaranteed. The fund value depends entirely on the actual performance of the underlying fund. The 4% and 8% figures are illustrative assumptions mandated by IRDAI for comparison purposes, not a promise, floor, or ceiling on your actual returns.
• Wealth vs Assure is a trade-off between investment focus and protection: the Assure Variant carries a higher sum assured multiple, a higher mortality charge loading, and the Family Income Benefit, while the Wealth Variant keeps cover lower so charges stay minimal.
• Wealth Boosters are not guaranteed cash bonuses - they are additional units credited to your existing market-linked fund, and so are still subject to market performance afterwards.
• 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 Smart Insurance Plan Plus policy document and benefit illustration before making any purchase decision.