Icici Pru Save N Protect Maturity Value Calculator

ICICI Prudential Save N Protect is a non-linked, non-participating, individual, savings-linked insurance plan that provides life cover and savings benefits. This calculator helps you estimate the maturity value of your investment based on the policy's performance.

How to Use This Calculator

To calculate the maturity value of your ICICI PRU Save N Protect policy:

Enter the policy term in years
Enter the annual premium amount
Select the policy's assumed annual return rate
Click "Calculate" to see your estimated maturity value

The calculator uses a simple compound interest formula to estimate the growth of your savings. Note that actual returns may vary based on market conditions and policy performance.

Formula Used

The maturity value (MV) is calculated using the compound interest formula:

MV = P × [(1 + r)^n - 1] / r Where: P = Annual premium amount r = Annual return rate (as a decimal) n = Policy term in years

This formula assumes that the premium is invested at the beginning of each year and that the return rate remains constant throughout the policy term.

Worked Example

Let's calculate the maturity value for a policy with:

Annual premium: ₹50,000
Policy term: 10 years
Assumed annual return: 6%

MV = 50,000 × [(1 + 0.06)^10 - 1] / 0.06 MV = 50,000 × [1.7908 - 1] / 0.06 MV = 50,000 × 0.7908 / 0.06 MV = 50,000 × 13.18 MV = ₹659,000

In this example, the estimated maturity value after 10 years would be ₹659,000.

Interpreting Results

The maturity value represents the total amount you would receive at the end of the policy term if you continue to pay the premiums and the policy performs according to the assumed return rate.

Key points to consider:

The actual return may be higher or lower than the assumed rate
Policy performance is subject to market conditions and investment risks
The maturity value does not include any bonus or additional benefits
You can withdraw the maturity amount or use it to purchase an annuity

This calculator provides an estimate only. For precise calculations, consult your policy documents or contact ICICI Prudential directly.

Frequently Asked Questions

What is the difference between maturity value and surrender value?: The maturity value is the total amount you receive at the end of the policy term. The surrender value is the amount you receive if you terminate the policy before maturity.
Can I withdraw the maturity value before the policy term ends?: No, the maturity value is only payable at the end of the policy term. You can withdraw the surrender value before maturity, but this may be less than the maturity value.
How does the assumed return rate affect the calculation?: The return rate represents the expected annual growth of your investment. A higher rate will result in a higher maturity value, while a lower rate will result in a lower maturity value.
Is the maturity value guaranteed?: The maturity value is an estimate based on the assumed return rate. The actual amount may vary depending on market conditions and policy performance.
Can I use the maturity value to purchase an annuity?: Yes, many insurance companies allow you to use the maturity value to purchase an annuity, which provides regular income payments.