ICICI Pru Wish Calculator

ICICI Pru Wish Calculator

What this calculator does

ICICI Pru Wish (UIN: 105N198V01) is a non-linked, non-participating, individual life insurance savings plan built for parents saving toward a child's future milestone - higher education, a professional course, or marriage. The parent is the Life Assured; the benefit is designed to reach the child at a Benefit Payout Age you choose (18, 21, 24, or 25).

The plan's standout feature is the Life Insurance Cover Continuance Benefit: if the parent passes away during the Policy Term, an immediate lump-sum Death Benefit is paid to the family right away, all future premiums are waived, and the policy itself continues uninterrupted - so the full Maturity Benefit still reaches the child at the originally chosen Benefit Payout Age, exactly as planned.

This calculator gives you an indicative estimate of:

• the Maturity Benefit payable to the child at the Benefit Payout Age
• the Guaranteed Additions that accrue every policy year from Year 6 onward
• the Death Benefit payable immediately to the family if the parent dies during the Policy Term, with the policy continuing for the child regardless
• a year-by-year schedule showing the phase, premium paid to date, Guaranteed Additions accrued, and the Death Benefit for that policy year

Formula Used

Eligibility. Parent's Age at Entry must be 18-55 years and Child's Current Age must be 0-15 years. The Policy Term is the gap between the Child's Current Age and the chosen Benefit Payout Age, and must be at least 5 years. The Premium Payment Term (PPT) must not exceed the Policy Term, and the parent's age at maturity must not exceed 75:

$$PolicyTerm = BenefitPayoutAge - ChildAge \ge 5 \qquad \text{and} \qquad PPT \le PolicyTerm$$ $$ParentAge + PolicyTerm \le 75$$

Guaranteed Additions accrue at the end of each policy year from Year 6 onward, at a rate (of Annualized Premium) that rises with a longer Premium Payment Term:

$$GARate(PPT) \in \{3.5\%, 4.0\%, 4.5\%, 5.0\%, 5.5\%\} \text{ for } PPT \in \{5, 7, 10, 12, 15\}$$ $$TotalGuaranteedAdditions = GARate(PPT) \times AnnualizedPremium \times \max(0,\ PolicyTerm - 5)$$

Sum Assured on Maturity is a guaranteed multiple of total premiums payable over the PPT, rising slightly with a longer PPT:

$$SAMultiple(PPT) \in \{1.02, 1.05, 1.08, 1.10, 1.12\} \text{ for } PPT \in \{5, 7, 10, 12, 15\}$$ $$SumAssuredOnMaturity = SAMultiple(PPT) \times (AnnualizedPremium \times PPT)$$ $$MaturityBenefit = SumAssuredOnMaturity + TotalGuaranteedAdditions$$

Death Benefit. The Sum Assured on Death multiplies the Annualized Premium by 10x if the parent's entry age is under 45, or 7x otherwise. The Death Benefit paid at any point is the highest of this Sum Assured, 7 times the Annualized Premium, or 105% of premiums paid to date - and is paid immediately, with the policy continuing for the child:

$$DeathBenefit(year) = \max\left(SumAssured,\; 7 \times AnnualizedPremium,\; 1.05 \times PremiumsPaidToDate(year)\right)$$

How to Use

1. Enter the Parent's Age at Entry and the Child's Current Age.
2. Enter the Annualized Premium you plan to pay each year.
3. Choose the Benefit Payout Age (18, 21, 24, or 25) matching the child's milestone.
4. Choose a Premium Payment Term no longer than the resulting Policy Term.
5. Pick your preferred Payment Mode.
6. Submit to see the Maturity Benefit, Guaranteed Additions, Death Benefit, and the year-by-year schedule.

Worked Example

A 32-year-old parent with a 3-year-old child chooses an Annualized Premium of ₹1,00,000, a Benefit Payout Age of 21, a 10-year Premium Payment Term, paying yearly.

• Policy Term: 21 - 3 = 18 years
• Sum Assured on Death: parent's age 32 is under 45, so 10 × ₹1,00,000 = ₹10,00,000
• Total Premiums Payable: ₹1,00,000 × 10 = ₹10,00,000
• Sum Assured on Maturity: 1.08 × ₹10,00,000 = ₹10,80,000 (PPT 10 rate)
• Guaranteed Addition years: 18 - 5 = 13 (Years 6 through 18)
• Total Guaranteed Additions: 4.5% × ₹1,00,000 × 13 = ₹58,500
• Maturity Benefit: ₹10,80,000 + ₹58,500 = ₹11,38,500, paid to the child at age 21
• Death Benefit (Year 1): max(₹10,00,000, 7 × ₹1,00,000, 1.05 × ₹1,00,000) = ₹10,00,000, paid immediately, with all future premiums waived and the policy continuing so the child still receives ₹11,38,500 at age 21

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.