ICICI Prudential Future Perfect

About ICICI Prudential Future Perfect

The ICICI Prudential Future Perfect plan is a non-linked insurance plan. The plan ideally works as a savings-cum-protection plan. It is a support through which you can accomplish your future goals – be it your children’s marriage, their education, or investment savings. The plan provides various additions and bonuses along with guaranteed benefits.

Let’s understand this plan in brief before getting into the details.

How Does the Plan Work?

Firstly, the individual decides the premium paying term and the policy term of his/her choice. The individual has to pay the minimum premium payable as per the PPT selected.
Now, let’s understand the various benefits offered with this plan:

• Guaranteed Maturity Benefits: The plan offers the highest of Option A or B as guaranteed maturity benefits if the insured individual survives the policy term. The options are as follows:

• Option A = Guaranteed maturity benefits + accrued guaranteed additions + subsisting bonuses, if any
• Option B = 100.1% of annualized premium + loadings for modal premiums, if any

Note: The fixed amount depends on various factors, such as age, gender, policy term, and PPT.

• Death Benefits: In case of unexpected death of the insured individual, the dependent receives the higher of the following:

• Accrued bonuses + sum assured
• 105% of the premiums paid as on the date of death

Note: Once the death benefit is paid by the insurance company, the policy is terminated and the coverage ends.

Why Should I Buy This Plan?

Along with all the benefits mentioned earlier, here are some more beneficial features of the ICICI Prudential Future Perfect plan:

• Tax Benefits – Premiums paid under the plan would be exempt from tax under Section 80(C) and the benefits received will be treated according to Section 10(10D).
  Note that these benefits are dependent on prevailing tax laws.
   
• Revival – If the policy is not surrendered, it can be revived within 2 years from the last unpaid premium date.
   
• Policy Loan – Up to 80% of the surrender value can be availed as a loan against the policy.
   
• Guaranteed Surrender Value – A policy shall receive guaranteed surrender value, accrued guaranteed additions, and special surrender value only if the policyholder has paid full premiums of the first 2 years if PPT is less than 10 years and first 3 years if the PPT is of 10 years.
   
• Free-look Period – The individual is advised to go through the policy thoroughly. If s/he finds any objections to the terms and conditions of the policy, then s/he can cancel the policy within 15 days by giving a signed written notice to the insurance company stating the reasons for objection of the policy along with the original policy document. Only then will the individual be entitled to a refund of the premium paid (excluding a few charges like stamp duty charges).

Who Should You Buy This Plan?

The ICICI Prudential Future Perfect plan is a perfect combination of protection and savings and proves to be of great support in fulfilling your goals. The minimum and maximum age to purchase this plan depends on the premium payment term chosen by the individual. The following table will guide further:

Riders

No riders are available with this plan.