- About Coverfox
ICICI Pru Future Perfect Plan is a non-linked life insurance policy that offers the dual benefit of savings as well as protection. The plan offers Guaranteed Maturity Benefits, Accumulated Guaranteed Additions, Reversionary Bonus and Terminal Bonus. The policy offers coverage with the flexibility to choose the sum assured, premium payment frequency and premium payment term as per your requirement.
Following are the salient features of ICICI Pru Future Perfect Plan
Death benefit: ICICI Pru Future Perfect Plan pays a death benefit to the nominee in the event of the death of the policyholder. The death benefit paid is either sum assured plus guaranteed additions and bonuses, or minimum death benefit, or Guaranteed Maturity Benefit including Guaranteed Additions and Bonuses, whichever is higher. The minimum death benefit is equivalent to 105% of all premiums paid.
Maturity benefit: If the policyholder survives until the end of the policy term, the maturity benefit is payable, provided all due premiums are paid. Maturity benefit is payable as guaranteed maturity benefit along with guaranteed additions and other bonuses, or 100.1% of the annual premium, whichever is higher. Guaranteed Maturity Benefit is decided at the time of policy commencement, and it depends on the policy term, premium payment term, age and gender of the policyholder. Guaranteed Maturity Benefit (GMB) may be lower than your Sum Assured on death.
Surrender benefit: ICICI Pru Future Perfect Plan acquires a surrender value once the premium is paid for three full years in case of premium payment term of 10 years and above. For premium payment term below 10 years, the surrender value is acquired after 2 years of premium payment.
Bonus: The company offers a reversionary bonus under this plan, which is announced every year and gets added to the plan. The bonus amount depends on the returns earned by ICICI Pru Life Insurance. Though the bonus is announced each year, it is paid only at the time of policy maturity or death of the policyholder. The way the reversionary bonus is applied is different from other traditional plans. In this policy, the bonus is announced as a percentage of Guaranteed Maturity Benefit + all accrued reversionary bonuses paid earlier under your plan.
Terminal bonus is applicable in the year of maturity or death of the policyholder.
Following eligibility criteria must be met to apply for the ICICI Pru Future Perfect Plan.
|Minimum and maximum age at entry||Premium payment term||Minimum age||Maximum age|
|5 years||3 years||45 years|
|7 years||1 year||58 years|
|10 years||91 days||55 years|
|15 years||91 days||50 years|
|20 years||91 days||45 years|
|Minimum age at maturity||18 years|
|Maximum age at maturity|
5 years premium paying term – 60 years
7,10,15 and 20 years premium paying terms – 70 years
|Sum assured||Minimum: 84,000 , maximum: 4,00,000|
|Premium payment option||Limited pay|
|Premium paying term||5, 7, 10, 15 and 20 years|
|Premium payment modes||Yearly, half-yearly and monthly|
|Premium payment term||Policy term||Minimum annual premium|
|5 years||10-15 years||Rs. 40,000|
|7 years||12-17 years||Rs. 18,000|
|10 years||15-20 years||Rs. 12,000|
|15 years||20-25 years||Rs. 9600|
|20 years||25-30 years||Rs. 8400|
Loan option: Once the policy attains a surrender value, policyholders are eligible to take a loan against the plan. Policyholders can take a loan of up to 80% of the surrender value as a loan amount. In case the policyholder fails to repay it by a specified date, the policy is closed, and all benefits under the plans and the interest are considered void.
Tax benefit: Premiums paid under ICICI Pru Future Perfect Plan are eligible to avail tax benefits under Section 80C of the Income Tax Act, 1961. The benefits availed from the policy are also eligible for tax exemption as per Section 10(10D) of the Income Tax Act, 1961. Free-look period: In case the policyholder is not content with the policy terms, he/she has an option to return the same to the insurance company mentioning the reason for cancellation. Such cancellation should be made within 15 days from the date of receipt of the policy document by returning the same. This period is referred to as the free-look period. This free-look period for policies sold through distance marketing is 30 days. Upon such cancellation, the company will refund the premium, if paid.
Policy revival: The policyholder has an option to revive a lapsed policy within the revival period as specified by the insurance company. In order to restore a lapsed policy, it is mandatory to pay all due premiums and corresponding taxes along with the applicable interest. The company may charge fees for revival processing. The plan offers two years of revival period from the date of first unpaid premium. Once the policy is restored, all contractual benefits are reinstated.
Premium discontinuance: If the policyholder discontinues paying a premium before the policy attains a surrender value, no benefits are payable.
Grace period: Grace period is an additional time given to the policyholder after premium due date when the insurance policy is in-force with risk cover. ICICI Pru Future Perfect Plan offers a grace period of 30 days for plans with yearly, half-yearly, and quarterly premium payment frequencies. The grace period for plans with a monthly premium payment frequency is 15 days. The insurance policy remains in force during the grace period, and the insurance company will honour the claim, if it arises.
Applying for ICICI Pru Future Perfect Plan is rather simple. To begin with, the customer needs to submit the following documents to the insurance company. These documents include:
Age proof: Driving license, Passport, School/college certificate, PAN card can be submitted as an address proof.
Identity proof: PAN card, Aadhaar card, Birth Certificate, Voter ID, or driving license can be used as an identity proof.
Address proof: Utility bill, Aadhaar card, or bank account statement can be presented as an address proof.
Along with the documents listed above, the customer has to fill up the policy application form and also provide self-attested copies of the KYC documents.
Suicide clause: In case the life insured dies due to suicide within 12 months from the date of commencement of the plan, the nominee is entitled to receive 80% of the premiums paid. In case the policyholder commits suicide within 12 months from the date of revival, either 80% of the total premiums paid till the death or surrender value, whichever is higher is payable.
ICICI Pru Future Perfect Plan is an ideal savings and protection policy. You can save money and get life protection with guaranteed benefits, additions and bonuses. It is a traditional life insurance plan where a part of the maturity amount is guaranteed, whereas the other part is variable and linked to the investment performance. The plan offers hybrid benefits of both, non-participating and traditional plans.
The policy offers Guaranteed Maturity Benefits, Accumulated Guaranteed Additions, Reversionary Bonus and Terminal Bonus. Policyholders are provided with the flexibility to choose the sum assured, premium payment frequency and premium payment term as per their requirement. The policy offers a free-look period of 15 days (30 days if the policy is sold through distance marketing channels) and a grace period to pay the due premium. The policyholder has an option to surrender the plan once premiums are paid for two/three full years. Premiums paid towards the policy and benefits received under ICICI Pru Future Perfect Plan are eligible to receive tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.
ICICI Pru Future Perfect Plan is a limited premium plan that offers the dual benefit of savings and protection. It is an ideal plan that will help you to achieve your financial goals and secure your family’s future in your absence.
What is the minimum eligible age of policyholder for a premium payment term of Five years under the ICICI Pru Future Perfect Plan?
The minimum age to enter this plan is three years for a five-year premium payment term under this plan
Are there any deductions when the plan is cancelled during the free-look period?
If the policyholder is not satisfied with the plan and cancels the same during the free-look period, the insurance company returns the premium by deducting the stamp duty charges, medical expenses and proportionate risk premium for the term.
What is the Sum Assured on Death under the policy?
The sum assured payable on death under this policy is payable as the highest of:
Can I take a loan against the policy? If yes, then what is the maximum amount of loan that I can avail under this plan?
Yes, you can avail loan facility for an amount of up to 80% of the surrender value as loan. The company allows you to avail loan under the plan, once it reaches a surrender value.
What is the minimum yearly premium for a payment term of 5 years under the Future Perfect Plan of ICICI Pru?
The minimum annual premium for a five-year premium payment term is Rs. 40,000.
Can the Future Perfect Plan be revived once it is discontinued?
Yes, it is possible to revive the policy even after discontinued payment of premiums. However, the revival application must be within 24 months from the due date of the first unpaid premium.
How is the Guaranteed Maturity Benefit calculated under this plan?
The guaranteed maturity Benefit is decided at the time of commencement of the policy and depends on policy terms such as premium payment term, policy term, age and gender of the policyholder.
What are the benefits that one can avail after surrendering the policy?
Upon surrender, one can avail higher of the following:
Can I change my policy term and premium payment term (PPT), at any time during the policy term?
No, it is not possible to change the policy term and premium policy term at any time after policy inception.
In case the nominee is a minor, who receives the money after the policy matures?
In case the nominee or beneficiary is minor, an appointee on behalf of the nominee can receive the money.