ICICI Pru Future Perfect Plan is a non-linked insurance plan that enables savings as well as provides you the comfort of guarantees. Under this plan, you receive Guaranteed Maturity Benefit (GMB), accumulated Guaranteed Additions (GAs), reversionary bonuses, and terminal bonus, if any. The plan also offers a life cover with a flexibility to choose the Sum Assured, premium payment term, and premium payment frequency as per your requirement.
Following eligibility criteria must be met when applying for the Future Perfect Plan from ICICI Pru:
|Minimum and Maximum age at entry||Premium Payment Term (PPT)||Minimum age (years)||Maximum age (years)|
|10 years||91 days||55|
|15 years||91 days||50|
|20 years||91 days||45|
|Minimum age at maturity||18 years|
|Maximum age at maturity||
|Premium payment option||Limited Pay|
|Premium Payment Term||5, 7, 10, 15, and 20 years|
|Type of plan||Non-linked Insurance Plan|
The Sum Assured, premium range, the frequency of payment, and the payment mode under the ICICI Pru Future Perfect Plan is given in the table below:
|Premium Policy Term||PPTs (years)||Policy term (years)|
|5||10 – 15|
|7||12 – 17|
|10||15 – 20|
|15||20 – 25|
|20||25 – 30|
|Minimum Annual Premium||PPTs (years)||Minimum annual premium|
|Premium Payment Modes||Annual, Half-yearly, Monthly|
*Premiums vary based on age, location, plan term and other factors
Given below are the benefits covered under the ICICI Pru Future Perfect Plan:
|Death Benefit||Higher of Sum Assured plus accrued bonuses and GAs, and 105 % of the sum of premiums paid as on date of death|
|Maturity Benefit||Higher of GMB (accumulated GAs and other bonuses) and 100.1% of annualised premium (plus loadings for modal premiums)|
|Surrender Benefit||Payable as Guaranteed Surrender Value (GSV) plus any accumulated GAs (Guaranteed Additions) or Special Surrender Value (SSV), whichever is higher|
|Loan Benefit||Up to 80% of the Surrender Value can be availed as loan|
|Guaranteed Maturity Benefit||Depends on premium, policy term, premium payment term, gender, and age|
|Tax Benefit||Can be availed as per prevailing Income Tax laws|
Death Benefit: Under the Future Perfect Plan, Death Benefit is payable to the nominee on the death of the Life Assured. It is paid either as Sum Assured plus GAs, or or Minimum Death Benefit, whichever is higher. Minimum Death Benefit is equivalent to 105% of total premiums paid.
Maturity Benefit: On survival of the Life Assured, Maturity Benefit is granted to the surviving policyholder at the end of the policy term, provided all premiums are paid on time. It is payable as GMB along with GAs and other bonuses, or 100.1% of annualised premiums, whichever is higher. GMB is decided at the beginning of the policy and is decided by policy term, premium payment term, age, gender, etc.
Surrender Benefit: The policy acquires a surrender value after payment of three full years of premium in case the PPT of the policy is 10 years or above. For PPT below 10 years, surrender value is acquired after two years of premium payment.
Loan Benefit: Once the policy reaches a surrender value, you are eligible to take a loan under the policy. You can take up to 80% of the surrender value as a policy loan. In case, the policyholder availing a loan fails to repay it by the specified date, the policy is foreclosed and all benefits and interest are considered void.
There are no add-on plans under the ICICI Pru Future Perfect Plan.
Suicide Clause: Whether sane or insane, if the Life Assured commits suicide within a year from the date of inception of the policy, the nominee is entitled to get 80% of the premiums paid. In case the incident occurs within a year from policy revival, either 80% of premiums paid till the date of death or surrender value, whichever is higher is payable.
If dissatisfied, policy can be cancelled within:
|Policy Revival||Policy revival is possible within two years from the due date of the first unpaid premium, provided the policyholder provides satisfactory evidence of his or her health|
|Premium Discontinuance||If policy is discontinued before the policy reaches a surrender value, no benefits is payable|
Under the Future Perfect Plan, policyholders can avail tax benefits as per prevailing tax laws.
Along with the key benefits and features of the ICICI Pru Future Perfect Plan, there are other advantageous benefits useful to the policyholder. They are:
The ICICI Pru Future Perfect Plan offers dual assurance of life cover as well as guaranteed benefits, along with additional bonuses that help you build an investment corpus. It is an ideal savings and protection plan that will help you achieve your goals and secure your family’s future in your absence. ICICI Prudential Life Insurance believes in customer satisfaction before anything else. The company focuses on implementing cost-effective products, offering high quality of services, deliver consistent fund performance and a hassle-free experience.
A. The minimum eligible age for the plan is 3 years for a Five year premium payment term under the Future Perfect Plan of ICICI Pru.
A. If the policy is cancelled during the free look period, the premium is returned by deducting the stamp duty charges as well as medical expenses borne by the company and the proportionate risk premium for the period of cover.
A. Sum Assured on Death under this plan is calculated as highest of:
A. Yes, you can take up to 80% of the surrender value as loan, under the plan. ICICI allows you to take a loan under this policy once it acquires a surrender value.
A. The minimum annual premium for a Five year PPT is Rs.40, 000 under the ICICI Pru Future Perfect Plan.
A. Yes, the policy can be revived even after discontinued payment of premiums, provided the revival application is made within two years from the due date of the first unpaid premium
A. The GMB is decided at the commencement of policy and depends on policy conditions such as premium payment term, policy term, premium, gender, and age.
A. Once you surrender your policy, you can avail higher of the following benefits:
A. No, once chosen at policy inception, policy term and premium payment term of the plan cannot be changed later.
A. In case the nominee is a minor, an appointee can receive the money on behalf of the minor.