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    ICICI Pru Future Perfect Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    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.

    Eligibility - Who is the ICICI Pru Future Perfect Plan for?

    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)
    5 years 3 45
    7 years 1 58
    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
    • 5 years PPT – 60 years
    • Rest (7, 10, 15, 20 years PPT) – 70 years
    Premium payment option Limited Pay
    Premium Payment Term 5, 7, 10, 15, and 20 years
    Type of plan Non-linked Insurance Plan

    Sum Assured and Premium Range - What you Get and What it Costs?

    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
    5 Rs.40,000
    7 Rs.18,000
    10 Rs.12,000
    15 Rs.9,600
    20 Rs.8,400
    Premium Payment Modes Annual, Half-yearly, Monthly

    *Premiums vary based on age, location, plan term and other factors

    Plan Coverage - What the ICICI Pru Future Perfect Plan Covers?

    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

    Benefits in Detail:

    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.

    Add-On Plans – Additional Coverage under the ICICI Pru Future Perfect Plan:

    There are no add-on plans under the ICICI Pru Future Perfect Plan.

    Exclusions - What the ICICI Pru Future Perfect Plan doesn’t Cover?

    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.

    Other Key Features:

    The other main features of the ICICI Pru Future Perfect Plan are:

    Particulars Details
    Free-look Period If dissatisfied, policy can be cancelled within:
    • 15 days from the receipt of the policy document, if it is not purchased through Distance marketing
    • 30 days from the receipt of the policy document, if it is purchased through Distance marketing
    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

    Tax Benefits – How you can save with the ICICI Pru Future Perfect Plan?

    Under the Future Perfect Plan, policyholders can avail tax benefits as per prevailing tax laws.

    Other Benefits of ICICI Pru Future Perfect Plan:

    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:

    • Option of getting a financial advisor from the company
    • Online request for a call back from ICICI
    • Brochure of the Future Perfect Plan available for download on the company website
    • Easy comparison with other plans available
    • Option of tracking your policy application online
    • Facility to purchase the policy online
    • Finding the nearest ICICI Prudential branch

    Why you should Buy the ICICI Pru Future Perfect Plan from ICICI Prudential?

    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.

    Frequently Asked Questions (FAQs):

    1. What is the minimum eligible age for a premium payment term of Five years under the ICICI Pru Future Perfect Plan?

      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.

    2. Are there any deductions when the policy is cancelled during the free-look period?

      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.

    3. What is the Sum Assured on Death under the ICICI Pru Future Perfect Plan?

      A. Sum Assured on Death under this plan is calculated as highest of:

      • 10 X (Annualized Premium + underwriting extra premium, if any + loadings for model premiums, if any)
      • Minimum guaranteed sum assured on maturity
      • Absolute amount assured to be paid on death
    4. Can I take a loan under the ICICI Pru Future Perfect Plan? If yes, then what is the maximum quantum of loan that I can avail under this plan?

      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.

    5. What is the minimum annual premium for a PPT of 5 years under the Future Perfect Plan of ICICI Pru?

      A. The minimum annual premium for a Five year PPT is Rs.40, 000 under the ICICI Pru Future Perfect Plan.

    6. Can the Future Perfect Plan from ICICI Prudential be revived once it is discontinued?

      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

    7. How is the GMB (Guaranteed Maturity Benefit) calculated under this plan?

      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.

    8. What are the benefits that I can avail after surrendering the ICICI Pru Future Perfect Plan?

      A. Once you surrender your policy, you can avail higher of the following benefits:

      • Special Surrender Value (SSV)
      • Guaranteed Surrender Value (GSV) plus Surrender Value of accumulated Gas
    9. Can I change my policy term and premium payment term, at any time during the term of the policy?

      A. No, once chosen at policy inception, policy term and premium payment term of the plan cannot be changed later.

    10. In case the nominee of the policy is a minor, who receives the money after the policy matures?

      A. In case the nominee is a minor, an appointee can receive the money on behalf of the minor.