ICICI Prudential Life Insurance Premium Calculator
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  • How to use the calculator
  • Factors affecting premiums
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ICICI Prudential Life Insurance Premium Calculator

ICICI Pru Life Premium Calculator is an online tool that helps you calculate your life premium to make an informed decision. You can calculate your life insurance premium within a few clicks by entering basic details such as your name, gender, age, annual income, smoking habits, education qualification, and city of residence.

ICICI Prudential offers this free tool for everyone to calculate their premiums at their convenience. Having life insurance is necessary to secure the future of your loved ones even in your absence. It is one of the most important and best investments one can make.

How does the ICICI Pru Life Calculator work?

To understand the workings of the ICICI Prudential Life Insurance Premium Calculator let’s take a simple example:

Suppose Mr. Anuj is a 30-year-old nonsmoker who works as an Assistant Marketing Manager at a startup. He wants to purchase life insurance to secure his family as he is the sole breadwinner in the family. He wants to pay the premium for 15 years with a sum assured of Rs 1 crore. Enter the following details in the ICICI Prudential Life Insurance Calculator and hit on the ’Check Premium’ option. The calculator will show the premiums.

FrequencyTotal Premium Including Taxes
MonthlyRs 1,815
Half-yearlyRs 10,757
YearlyRs 21,247

How to use the ICICI Life Insurance Calculator?

ICICI Life Insurance Calculator is a free tool available for everyone to calculate their life insurance premium. Firstly you have to visit the official website of ICICI Prudential Life Insurance. Then you have to enter some basic details in the calculator.

The basic details required to calculate the premium amount are:

  • Policyholder’s Age
  • Sum Assured
  • Policy Tenure
  • Smoking Habits
  • Age
  • Educational Qualification
  • Smoking/ Tobacco consumption

The calculator will show you the premium amount. It is calculated monthly, half-yearly, and yearly and is inclusive of 18% GST.

Benefits of using ICICI Prudential Life Insurance Premium Calculator

ICICI Prudential Life Insurance Premium Calculator offers multiple benefits to individuals who are willing to buy a life insurance plan from ICICI Prudential. Here are some of the benefits of using this calculator:

  • Easy comparison:
    This calculator helps you compare different life insurance plans and choose the suitable one. You can calculate the premium sitting at your home at your convenience. It eliminates the need for middlemen or insurance brokers.
  • Helps to manage your budget:
    Knowing your life insurance premium in advance helps to manage your overall budget. This helps you in financial planning and making other core decisions in life.
  • Avail life insurance at discounted premiums:
    You can calculate your life insurance with the ICICI Pru Life Premium Calculator and if you purchase the policy online you can avail of various discounts and offers. It reduces the overall premium cost.
  • Save time and resources:
    Using the ICICI Pru Life Premium Calculator saves you time and resources that are used in performing manual calculations to know the premium amount. The calculator provides you with an instant premium within a few seconds of entering the details.

Factors Affecting the ICICI Life Insurance Premiums

Certain factors affect the life insurance premium for an individual. Some of the factors are:

  • Policyholder’s Age:
    The policyholder’s age impacts the life insurance premium of an individual. The higher the age of the policyholder, higher is the premium charged, and vice versa.
  • Profession:
    If an individual is involved in risky and life-threatening professions such as skydiving, mining, construction activities, underground activities, etc the insurer may charge a higher premium to them as the risk involved is high.
  • Smoking habits:
    A smoker or tobacco consumer is charged a higher premium as compared to a non-smoker. This happens because they are more likely to develop heart disease or cancer.
  • Tenure of the policy:
    The tenure of the policy directly affects your premium. The higher is the tenure of your policy the greater will be the premium charged and vice versa.
  • Sum Assured:
    The sum assured chosen by the policyholder affects their premium amount. The higher the sum assured the greater will be the premium charged and vice versa.

Conclusion

Using the ICICI Pru Life Premium Calculator helps you compare different plans and choose the one that fits your needs. It is a free tool that can be used by anyone at their convenience. Moreover, buying a life insurance plan online is recommended as you can get various discounts, and eliminates the charges of insurance brokers and middlemen.

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ICICI Prudential Life Insurance Premium Calculator: FAQs

1. Are there any charges for using the ICICI Life Insurance Premium Calculator?

No, there are no charges for using the ICICI Pru Life Premium Calculator. It is a free tool available for everyone to compare and choose the right plan.

2. How does the ICICI Prudential Life Premium Calculator work?

You have to visit the official website of ICICI Prudential Life Insurance and enter the basic details such as age, occupation, gender, education details, smoking habits, etc. It will calculate the life insurance premium.

3. Does ICICI Prudential offer any discounts on buying life insurance online?

Yes, ICICI Prudential offers a 5% discount on buying life insurance online.

4. On what basis does the ICICI Prudential Life Insurance Calculator calculate premiums?

ICICI Pru Life Premium Calculator calculates the premium based on several factors such as the age of the policyholder, gender, smoking habits, profession, etc.

5. Does the ICICI Prudential Life Insurance Calculator provide exactly accurate results?

The result of the ICICI Pru Life Calculator is an estimate based on the information provided. However, ICICI Prudential provides you with the exact premium amount when you buy the policy.

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Himanshu Kumar

Written By: Himanshu Kumar

Himanshu is a seasoned content writer specializing in keeping readers engaged with the insurance industry, term and life insurance developments, etc. With an experience of 2 years in insurance and HR tech, Himanshu simplifies the insurance information and it is completely visible in his content pieces. He believes in making the content understandable to any common man.

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