Icici Prudential Save N Protect Calculator
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Reviewed by Calculator Editorial Team
ICICI Prudential Save N Protect is a comprehensive savings plan that offers protection against life events like death, critical illness, or permanent disability. This calculator helps you estimate the maturity value of your investment, considering the plan's features and tax benefits.
How ICICI Prudential Save N Protect Works
The ICICI Prudential Save N Protect plan is designed to provide financial security to your loved ones in case of unforeseen events. The plan offers:
- Regular premium payments that grow tax-free
- Protection benefits in case of death, critical illness, or permanent disability
- Maturity benefits that can be used for various purposes
- Flexibility in choosing the plan term and premium payment term
The plan operates on a no-lapse guarantee, ensuring that your premiums continue to be deducted even if you stop paying, until the maturity date.
Important Note
The actual benefits and features may vary based on the specific plan variant and policy terms. Always review the policy document for complete details.
Using the Calculator
Our calculator helps you estimate the maturity value of your ICICI Prudential Save N Protect investment. Simply enter the required details and click "Calculate" to get an estimate.
The calculator uses the following formula to compute the maturity value:
Formula
Maturity Value = (Annual Premium × (1 + Annual Interest Rate)^Plan Term) - Total Premium Paid
Where:
- Annual Premium is the amount you pay each year
- Annual Interest Rate is the expected annual return on your investment
- Plan Term is the duration of the plan in years
- Total Premium Paid is the sum of all premiums paid during the plan term
Worked Example
Let's consider an example to understand how the calculator works:
| Parameter | Value |
|---|---|
| Annual Premium | ₹50,000 |
| Annual Interest Rate | 6% |
| Plan Term | 20 years |
| Total Premium Paid | ₹1,000,000 |
Using the formula:
Maturity Value = (₹50,000 × (1 + 0.06)^20) - ₹1,000,000
Maturity Value ≈ ₹1,250,000 - ₹1,000,000 = ₹250,000
Note
This is an estimate based on the provided inputs. The actual maturity value may vary based on market conditions and policy terms.
Frequently Asked Questions
What is the minimum and maximum investment amount for ICICI Prudential Save N Protect?
The minimum investment amount typically starts from ₹5,000, and there is no upper limit. However, the exact amount may vary based on the plan variant and policy terms.
How is the maturity value calculated in the plan?
The maturity value is calculated based on the sum of all premiums paid, the plan's interest rate, and the plan term. The exact calculation may vary based on the specific plan variant.
What are the tax benefits associated with this plan?
The ICICI Prudential Save N Protect plan offers tax benefits under Section 80C of the Income Tax Act. The premiums paid are eligible for a tax deduction of up to ₹1.5 lakh per year.
Can I withdraw the maturity amount before the plan term ends?
No, the maturity amount can only be withdrawn after the completion of the plan term. Partial withdrawals are not allowed.