ICICI Pru Super Protect Credit Calculator
ICICI Pru Super Protect - Credit (UIN: 105N176V03) is a non-linked, non-participating, group, pure risk premium life insurance plan. It is offered through partner banks and NBFCs (lenders) to their borrowers under a group master policy, so that if the life assured borrower passes away during the loan tenure, the sum assured pay-out can be used to close the outstanding loan instead of becoming a burden on the family. This calculator gives you an illustrative estimate of the premium and the year-wise cover schedule for your loan - it does not replace the insurer's official Customer Information Sheet or Benefit Illustration.
Who this plan is for
Anyone taking a home loan, personal loan, business loan, or any other credit facility from a partner lender can be offered Super Protect - Credit cover at the time of loan disbursal. Because it is a group scheme distributed through the lender rather than an individually underwritten policy, onboarding is typically simpler and premiums are usually collected either as a one-time Single Premium added to the loan, or as a Regular Premium paid every year alongside the loan repayment.
Cover Basis: Single Life vs Joint Life
- Single Life: cover is on the primary borrower only.
- Joint Life (Co-Borrower): cover extends to both the primary borrower and a co-borrower (for example, a jointly-held home loan), with the death benefit payable on the first of the two deaths. Because only one payout is ever made, a Joint Life premium costs more than a Single Life premium on the primary borrower alone, but less than the sum of two fully independent covers.
Cover Type: Level vs Reducing
- Level Sum Assured: the cover stays equal to the original loan amount for the entire tenure, regardless of how much of the loan has been repaid.
- Reducing Sum Assured: the cover reduces every year in line with the loan's outstanding balance (calculated the same way a bank calculates a reducing-balance EMI loan), so it always tracks what is actually still owed. This option is usually cheaper since the average cover over the tenure is lower.
The outstanding balance on a reducing-balance loan of principal P, monthly interest
rate i, and total tenure of n months, after k months have elapsed, with monthly
instalment E, is:
Premium Payment Options
- Single Premium: one lump-sum premium paid once at loan disbursal, covering the full loan tenure.
- Regular Premium: premiums paid every year, re-rated each year for the borrower's increasing age and (under Reducing cover) the falling loan balance.
How the illustrative premium is estimated
The calculator applies an illustrative tabular mortality rate (₹ per ₹1,000 of sum assured) that increases with the borrower's age, with a rebate for high loan amounts (a common feature of group scheme pricing). Under Joint Life, the primary borrower's rate and a discounted co-borrower rate are combined to reflect the first-death payout:
A Single Premium is estimated as a discounted lump sum equivalent of the total regular-pay premiums that would otherwise be paid, year by year, over the full tenure.
Worked example
A 35-year-old primary borrower takes a ₹30,00,000 home loan for 15 years at 9% interest, on a Single Life, Reducing cover basis, paid as a Single Premium. The calculator computes the year-wise outstanding loan balance, applies the tabular rate for each year of the borrower's age, discounts the sum of those yearly costs into a one-time premium, and shows the resulting Single Premium along with a year-by-year schedule of the loan balance, cover amount, and equivalent annual cost.
How to use this calculator
- Enter the primary borrower's age, and the co-borrower's age if choosing Joint Life.
- Enter the loan amount, tenure, and interest rate.
- Choose Single Life or Joint Life, Level or Reducing cover, and a premium payment option.
- Submit to see the premium payable, the total premium over the tenure, and the yearly loan balance / cover / premium schedule.
This tool is for illustration only. Actual premiums depend on the lender's group scheme rates, medical underwriting where applicable, and applicable taxes - always confirm the exact figure with your lender or ICICI Prudential Life Insurance before buying a policy.