ICICI Pru Super Protect Life Calculator

ICICI Pru Super Protect Life Calculator

ICICI Pru Super Protect Life (UIN: 105N180V02) is a non-linked, non-participating, individual, pure risk premium term life insurance plan aimed at higher Sum Assured protection needs. It offers a choice of cover structure - a constant Level Cover or an Increasing Cover that steps up automatically over the Policy Term - and a choice of how the death benefit is paid out. 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

People looking for substantial term cover (typically ₹25 lakh and above) who want either a straightforward fixed cover or built-in inflation protection through an automatically increasing Sum Assured, without needing to buy a fresh policy or go through underwriting again as their cover needs grow.

Cover Options

• Level Cover: the Sum Assured stays constant for the entire Policy Term - the lowest-cost option.
• Increasing Cover: the Sum Assured steps up by 10% of the original amount every 5 policy years, capped at 2x the original Sum Assured, to help the cover keep pace with inflation and rising responsibilities over a long policy term.

$$\text{Sum Assured in Year } n = \min\left(\text{Original SA} \times \left(1 + 0.10 \times \left\lfloor \frac{n-1}{5} \right\rfloor\right),\ 2 \times \text{Original SA}\right)$$

Death Benefit Payout Options

• Lump Sum: the full death benefit is paid as a single lump-sum payment.
• Lump Sum + Monthly Income: 50% of the death benefit is paid immediately as a lump sum, and the remaining 50% is paid out as equal monthly instalments over the next 10 years - useful for families who want part of the benefit as a steady income stream rather than a single payout.

A Terminal Illness Benefit is built into the plan at no extra cost - it accelerates part of the death benefit as a lump sum on diagnosis of a terminal illness. An optional Accidental Death Benefit rider can also be added, which pays an additional lump sum if death is caused by an accident.

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.

You can also choose how often you pay - yearly, half-yearly, quarterly, or monthly - which changes the size of each instalment.

How the illustrative premium is estimated

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

$$\text{Risk Premium}_n = \frac{\text{Sum Assured in Year } n}{1000} \times \text{Rate per 1{,}000}$$

These year-by-year risk premiums are totalled over the Policy Term and levelled into a single annual premium payable over the Premium Paying Term. The Lump Sum + Monthly Income payout option carries a small loading over pure Lump Sum, reflecting the cost of administering the staggered payout.

Worked example

A 32-year-old non-smoking male chooses a Sum Assured of ₹75,00,000 over a 30-year Policy Term, Regular Pay, paid yearly. Choosing Level Cover with a Lump Sum payout gives the lowest yearly premium. Switching to Increasing Cover raises the premium since the average cover over the term is higher, but the Sum Assured doubles by year 26. Choosing the Lump Sum + Monthly Income payout keeps the same total death benefit but pays half of it out as a 10-year income stream instead of a single sum.

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 Cover Option (Level or Increasing) and a Death Benefit Payout Option.
4. Choose a Premium Paying Option and a payment mode.
5. Optionally add the Accidental Death Benefit rider.
6. Submit to see the premium payable, total premium over the paying term, the death benefit range, the payout breakdown, 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.