ICICI Pru Sukh Samruddhi Calculator

ICICI Pru Sukh Samruddhi Calculator

What this calculator does

ICICI Pru Sukh Samruddhi (UIN: 105N188V03) is a non-linked, non-participating, individual savings life insurance plan. You pay a chosen Annualized Premium for a fixed Premium Payment Term (PPT), and the plan runs on for a Policy Term that can extend well beyond the PPT. Every policy year of the full Policy Term - not just while you're paying premiums - adds a Guaranteed Addition to your policy, calculated as a fixed percentage of your Annualized Premium that rises the longer your PPT. At maturity, you receive a Guaranteed Maturity Benefit made up of a Sum Assured on Maturity (a multiple of your Annualized Premium) plus every Guaranteed Addition accrued along the way - payable either as a single Lump Sum or spread across equal annual Instalments over 5, 10, or 15 years. If the life insured passes away during the Policy Term, a guaranteed Death Benefit is paid to the nominee instead.

Five choices shape the benefit:

• Age at Entry - your age when the policy starts.
• 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 30 years), which must be at least as long as the PPT.
• Maturity Payout Option - Lump Sum, or Instalments spread over 5, 10, or 15 years.

This calculator gives you an indicative estimate of:

• the premium payable per instalment and in total, based on your chosen payment mode
• the Sum Assured on Maturity
• the Total Guaranteed Additions accrued over the Policy Term
• the Guaranteed Maturity Benefit payable at the end of the Policy Term
• how that benefit is paid out, based on your chosen payout option
• a year-by-year schedule showing premiums paid to date, Guaranteed Additions accrued to date, 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 Additions. A fixed percentage of Annualized Premium credited at the end of every policy year for the full Policy Term - the percentage rises with a longer Premium Payment Term (4% for a 5-Pay, 4.5% for a 7-Pay, 5.5% for a 10-Pay, 6.5% for a 12-Pay):

$$GuaranteedAdditionsToYear(y) = AnnualizedPremium \times \frac{GARatePercent}{100} \times y$$

Sum Assured on Maturity. A multiple of Annualized Premium that also rises with a longer Premium Payment Term (5.5x for a 5-Pay, up to 10.5x for a 12-Pay):

$$SumAssuredOnMaturity = AnnualizedPremium \times SAMMultiple$$

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

$$MaturityBenefit = SumAssuredOnMaturity + GuaranteedAdditionsToYear(PolicyTerm)$$

Maturity payout. Taken as a Lump Sum, or split into equal annual instalments over the chosen Instalment Payout Term:

$$InstalmentAmount = \frac{MaturityBenefit}{InstalmentPayoutTermYears}$$

Sum Assured on Death and Death Benefit. The Sum Assured on Death is a multiple of the Annualized Premium - 10 times for entrants under 50, 7 times for entrants 50 and above, reflecting how insurers typically scale down the multiple for older entrants. The Death Benefit payable in any policy year is the higher of the Sum Assured on Death or 105% of premiums paid to date, plus any Guaranteed Additions already accrued:

$$SumAssuredOnDeath = AnnualizedPremium \times \begin{cases} 10 & \text{if } EntryAge < 50 \\ 7 & \text{if } EntryAge \ge 50 \end{cases}$$ $$DeathBenefit(y) = \max\left(SumAssuredOnDeath,\; 1.05 \times PremiumsPaidToDate(y)\right) + GuaranteedAdditionsToYear(y)$$

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. Choose a Maturity Payout Option - Lump Sum, or Instalments (and, if Instalments, an Instalment Payout Term of 5, 10, or 15 years).
5. Submit to see your premium, Sum Assured on Maturity, Guaranteed Additions, Guaranteed Maturity Benefit, payout breakdown, and the year-by-year benefit schedule.

Worked Example

A 32-year-old chooses an Annualized Premium of ₹1,00,000, a 10-year Premium Payment Term, a 20-year Policy Term, paying yearly, and opts for a Lump Sum at maturity.

• Total Premium Payable: ₹1,00,000 × 10 = ₹10,00,000
• Sum Assured on Maturity: ₹1,00,000 × 8.5 = ₹8,50,000
• Total Guaranteed Additions (over 20 years): ₹1,00,000 × 5.5% × 20 = ₹1,10,000
• Guaranteed Maturity Benefit: ₹8,50,000 + ₹1,10,000 = ₹9,60,000, paid as a Lump Sum
• Sum Assured on Death (entry age under 50): 10 × ₹1,00,000 = ₹10,00,000
• Guaranteed Additions to Year 1: ₹1,00,000 × 5.5% × 1 = ₹5,500
• Death Benefit (Year 1): max(₹10,00,000, 1.05 × ₹1,00,000) + ₹5,500 = ₹10,05,500

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.