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ICICI Prudential Life Insurance Premium Calculator

When you are planning to buy a life insurance plan, you first need to check the premiums online, compare the plans, and only then you can opt for an ideal life insurance plan for yourself. In that case, ICICI Prudential Life Insurance Premium Calculator is one of the best calculators because it can calculate your premium very accurately on the basis of the given data and has been designed in a customer-friendly manner to enrich the consumer experience. So, today we are going to talk about each detail that you need to know about these calculators under this insurer. Have a look at the below mentions.

Why Should You Use ICICI Prudential Life Insurance Premium Calculator?

Before going into the details, understand the benefits of the life insurance premium calculators that the company offers. The mentions are as follows. 

Hassle-free and easy – ICICI Prudential has made these premium calculators in such a way that all users can use them very easily if they follow the steps correctly.

More Accurate – If you calculate the premiums manually, there is a high risk of making mistakes. But this online calculator tool the company has already minimized chance the of human error. 

Time Saving – Not only does it provides the correct results, but also it takes much lesser time to calculate the premiums than the manual calculation. So, using this online tool saves time for you. 

Paperless Work – As a life insurance premium calculator is an online tool, therefore, it does not require pen and paper to calculate the premiums. So, you also do not have to keep track of the piles of papers, which is a very tiresome job. 

Free of Cost – ICICI Prudential Life Insurance Company offers this premium calculator free of cost. Therefore, without even paying a single penny, you can calculate the premiums very easily. So, it is also pretty cost-effective.

Financial Planning – Once you get to know how much premium you have to pay for your life insurance plan, you can plan your monthly or yearly expenses according to that so that you do not have to fall under any kind of financial pressure. 

Future Planning – Life insurance plans are there to offer you a handsome amount of money for your future expenditures. So, if you calculate the premiums, you already have an idea about how much money you have to save to secure your future dreams. So, in this way, these premium calculators help you to do the future planning so that your dreams come true.

How To Calculate The Premiums For ICICI Prudential Life Insurance plans?

Term Insurance Premium Calculator

ICICI Prudential term insurance calculator is an online tool that helps you to calculate the premium for your chosen term insurance plan. it also enables you to compare the premiums of different term insurance plans that are available under this insurer and to choose the most suitable one for yourself.

The detailed process of how to use it:

  • Go to the official website of the company and look for the Library tab that is available at the top of the homepage.
  • Multiple options will pop up before you. Choose the Tools and Calculators option. And from there, select the Term Insurance Premium Calculator option.
  • On the landing page, you need to provide necessary details such as date of birth, mobile number, annual income, occupation, education, etc. in the right places.
  • After that, click on the Check Premium option.
  • The premium amount for your given data will be displayed before you. In this way, you can choose the ideal term insurance plan under this insurer.

Retirement Planning Calculator

You need to start saving for the golden days of your retirement life so that you can live those days worry-free. In that case, the retirement calculator can help you by calculating the amount that you need to save for post-retirement days. ICICI Prudential retirement calculator calculates the amount almost accurately on the basis of the given data so that you can fulfill your dreams after your retirement.

The detailed process of how to use it:

  • Go to the official website of the insurer and click on the Library tab that is available at the top of the homepage.
  • Now, select the Retirement Planning Calculator option under the Tools and Calculators tab.
  • On the landing page, fill in the blanks with correct necessary details such as current age, desired retirement age, annual income, etc.
  • Be careful while putting the details as the premium amount will vary on the basis of your given details.
  • Once you are done providing the details, the retirement corpus that you need to build will be displayed before you and the premium amount that you need for that will also be shown.
  • This calculator also takes into account the future inflation rate while calculating the premium.

Home Loan Insurance Calculator

For every one of us, a home is a dream project for which we need to take a loan. This home loan depends on many factors such as the type of house, the area where you want to build your house, the inflation rate, your monthly income, etc. Taking into consideration almost every possible factor, this online tool helps you to calculate the approximate home loan and the premium amount that you have to pay for that policy.

The detailed process of how to use it:

  • Go to the official website of ICICI Prudential Life Insurance Company and find the Tools and Calculators tab under the Library tab that is available at the top of the homepage.
  • After that, click on the Home Loan Insurance Calculator tab and fill in the blanks with required details such as your personal details, your current salary, occupation, etc.
  • Then, click on the Get Quote option. The premium amount for your chosen home loan insurance plan will be displayed before you. If satisfied, you can pay the premium by choosing the suitable mode of payment of your convenience and buying the plan.

Cancer Insurance Calculator

Cancer has become a global headache. For that reason, ICICI Prudential Life Insurance Company has come up with a health insurance plan that is specially designed for critical ailments like cancer and heart diseases. And their cancer insurance calculator is an online tool that helps to calculate the premium amount for that plan on the basis of your medical background and health risks. In this way, this tool can give you an estimate of how much amount you need to secure yourself against cancer and how much premium amount you have to pay for that as well.

The detailed process of how to use it:

  • Go to the official website of the insurer and click on the Tools and Calculators tab available under the Library tab.
  • From there, select the Cancer Insurance Calculator option.
  • On the landing page, you need to put certain details such as your gender, date of birth, whether you are a tobacco user, etc.
  • Once you are done with putting the necessary details, click on the Check Premium option.
  • Your job is done. For your given data, you can now view the premium amount.

How Do Premium Calculators Work For ICICI Prudential Life Insurance?

For your better understanding of the function of the premium calculator under this insurer, here is an example.

Mr. Sharma, a 37-years-old Kolkata-based businessman, wants to buy a term insurance plan to secure his and his family’s future. He has been thorough in the life insurance market, and after much speculation, he has chosen ICICI Prudential Life Insurance Company. Now, he wants to find out the suitable life cover, and also the premium amount for the term insurance plan that he has to pay.

For this, he visits the official website of the company and uses the Term Insurance Calculator facility that is available under the Tools and Calculators tab of the Library option of the homepage. Upon clicking that online tool, a form appears before him, and he fills up the form with required details such as his date of birth, annual income, educational qualification, annual income, etc. Once he is done with putting all the necessary credentials, he clicks on the Check Premium option and finds out the type of life cover he needs. he also goes for one add-on cover, 34 Critical Illness Cover. Now, on the basis of everything, he observes the premium amount he has to pay. In the following table is the synopsis of what he has found out on the basis of the following criteria.

ParametersDetails
GenderMale
Tobacco userNo
Age37 years
Annual incomeRs. 10 lakhs to Rs. 19.9 lakhs
OccupationSelf-employed (Businessman)
Life coverRs. 1 crore
Policy term23 years
Add-on cover34 Critical illness cover (Rs. 15 lakhs)
Premium payment termRegular
Monthly premium amount (Including taxes)Rs. 2275
Premium break-up

Base Premium – Rs. 1,537 per month

Critical Illness – Rs. 738 per month