ICICI Prudential Future Perfect

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

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

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%

Note:
- 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).

Where,

• 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.

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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