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ICICI Prudential Future Perfect

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Key Features of ICICI Pru Future Perfect

  • Guaranteed amount paid on policy maturity
  • Plan has accrued Guaranteed Additions (GAs)
  • Tax benefits apply to premiums paid and benefits received

Eligibility criteria and other conditions

Premium payment option Limited Pay
Premium payment term (PPT) (years) 5 7 10 15 20
Policy term (years) 10 to 15 12 to 17 15 to 20 20 to 25 25 to 30
Minimum annual premium (`) 40,000 18,000 12,000 9,600 8,400
Min / Max age at entry (years) 3 / 45 1 / 58 91 days/ 55 91 days/ 50 91 days/ 45
Min / Max age at maturity (years) 18 / 60 18 / 70
Minimum Basic Sum Assured on Death 4,00,000 1,80,000 1,20,000 96,000 84,000
Premium paying frequency Annual / Half-yearly /  Monthly


Benefits you get from ICICI Prudential Future Perfect

  • Death benefit: On death of the life assured during the policy term, for a premium paying or fully paid policy, the following will be payable:
Death Benefit = Higher of (A,B), Where
A = Sum Assured on Death, plus subsisting bonuses already accrued, plus accrued guaranteed additions
B = 105% of all the premiums paid as on date of death

Sum Assured on Death is defined 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
Minimum guaranteed sum assured on maturity is the Guaranteed Maturity Benefit (GMB) Absolute amount assured to be paid on death is 10 times the Annualized Premium
  • Maturity benefit: On survival of the life assured till the end of the policy term for a policy on which all due premiums are paid, the following will be payable: Maturity Benefit = Higher of (D, E)
    Where,    D = Guaranteed Maturity Benefit (GMB)
    • accrued Guaranteed Additions
    • subsisting reversionary bonuses already accrued to the policy,  if any
    • terminal bonus, if any

E = 100.1% X (annualized premium plus loadings for modal premiums, if any)
Your GMB will be set at policy inception and will depend on age, policy term, premium, premium payment term and gender. Your GMB may be lower than your Sum Assured on death.

Guaranteed Additions (GAs) as a percentage of annualized premium is set out in the following table:

Policy year/ PPT 5 years or 7  years 10 years, 15 years or 20  years
1 - 5 8% 10%
6 - 10 10% 12%
11 - 15 12% 15%
16 onwards 15% 18%

- During PPT: GA will accrue on premium payment*
- After PPT: GA will accrue at the beginning of policy year


Surrender Benefit

If the PPT of your policy is 10 years or more, the policy will acquire a surrender value after payment of three full years’ premium. If PPT is less than 10 years, the policy will acquire a surrender value after payment of two full years’ premium.

On policy surrender, you will get higher of the following:
  • Guaranteed Surrender Value plus guaranteed surrender value of any subsisting bonus and guaranteed additions, as applicable.
  • Special Surrender Value (SSV).
  • Guaranteed Surrender value of subsisting bonuses =Guaranteed Surrender Value Factors for subsisting bonuses X Subsisting bonuses accrued
  • Surrender value of accrued GAs =Guaranteed Surrender Value Factors for guaranteed additions X Accrued GAs
  • These Guaranteed Surrender Value Factors convert the face value of accrued GAs and subsisting bonuses accrued, payable on maturity or earlier death, to their expected present value. These factors are guaranteed.
  • The SSV is not guaranteed.

Benefit Illustration for ICICI Pru Future Perfect – Limited Pay

Age at entry - 35 years
Premium paying mode - Yearly
Policy term - 20 years
Annual premium – Rs.30,000
Premium paying term - 10 years
Sum Assured on death – Rs.3,00,000
Benefits Benefits @ 4% ARR# Benefits @ 8% ARR#
Total Guaranteed Benefit on Maturity (A) = (i) +  (ii) Rs.3,11,550 Rs.3,11,550
Guaranteed Maturity Benefit (i) Rs.2,29,050 Rs.2,29,050
Guaranteed Additions on Maturity (ii) Rs.82,500 Rs.82,500
Estimated accrued reversionary bonuses (B) 0 Rs.1,11,306
Estimated terminal bonus (C) Rs.87,873 Rs.2,27,692
Estimated Maturity Benefit (A+B+C) Rs.3,99,423 Rs.6,50,548

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