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ICICI Prudential Future Secure Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
ICICI Prudential Future Secure Plan
ICICI Prudential Future Secure Plan is a Participating Endowment Plan with Bonus facility.
How it works– In this plan, premium needs to be paid till the end of the Policy Tenure.
On Policy Maturity, the Sum Assured + Vested Reversionary Bonus + Terminal Bonus (if any) would be paid as Maturity Benefit to the Life Insured and the policy would be terminated.
However, if the Life Insured dies within the Policy Tenure, then the nominee would receive the Sum Assured + accrued Reversionary Bonus + Terminal Bonus (if any) + Interim Bonus as Death Benefit and the policy would terminate. However, the risk on a child’s child starts only after the child is at least 7 years old.
This Plan also has additional riders like Accident and Disability Benefit Rider, Critical Illness Rider and an Income Benefit Rider.
Key Features of ICICI Prudential Future Secure Insurance Plan
It is a Participating Endowment Plan
If the Life Insured dies within the Policy Tenure, the Sum Assured + accrued Reversionary Bonus + Terminal Bonus (if any) + Interim Bonus is paid to the nominee as Death Benefit
The risk cover on a child’s life starts after the child is at least 7 years old
On Policy Maturity, the Sum Assured + Vested Reversionary Bonus + Terminal Bonus (if any) is paid as Maturity Benefit
This Plan also has 3 additional riders
There is Large Sum Assured discount in this plan for Sum Assured more than Rs 2 lakhs
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from ICICI Prudential Future Secure Insurance Policy
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + accrued Reversionary Bonus + Terminal Bonus (if any) + Interim Bonus as Death Benefit and the policy terminates. However, the risk on a child’s child starts only after the child is at least 7 years old.
Maturity Benefit – On Policy Maturity, the Sum Assured + Vested Reversionary Bonus + Terminal Bonus (if any) would be paid as Maturity Benefit to the Life Insured and the policy would be terminated.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in ICICI Prudential Future Secure Policy
Minimum
Maximum
Sum Assured (in Rs.)
1,00,000
No Limit
Policy Term (in years)
10
30
Premium Payment Term (in years)
Equal to PT
Entry Age of Life Insured (in years)
0
60
Age at Maturity (in years)
18
70
Premium (in Rs.)
6000 p.a.
No Limit
Payment modes
Yearly, Half-Yearly and Monthly
Sample illustration of premium amount in ICICI Prudential Future Secure Plan
The below illustration is for a healthy Male (non-tobacco user) age opting for a Sum Assured = Rs. 1,00,000 with Policy Term = 10 and 15 years respectively
Additional Features and Benefits of ICICI Prudential Future Secure Plan
Riders – There are 3 additional riders available in this plan
Accident and Disability Benefit Rider,
Critical Illness Rider and
Income Benefit Rider
What happens if?
You stop paying the premium – – If you stop paying the premiums the policy lapses and all benefits cease. However, the policy can also be revived within 2 years from the due date of the first unpaid premium and before the date of maturity of the policy.
You want to surrender the policy – The policy acquires a Surrender Value after 3 policy years.
Minimum Guaranteed Surrender Value= 35% of the base policy premiums paid – 1st year’s premium
You want a loan against your policy – Loan facility is available after the policy acquires a Surrender Value upto 80% of the Surrender Value.
