ICICI Pru Future Perfect Plan

ICICI Prudential Future Perfect Plan is a specifically designed non-linked insurance plan offered by ICICI Life Insurance, which provides financial protection to the family of the insured along with the benefit of guaranteed return.

As a savings cum protection plan, this plan is best suitable for individuals who want to create a financial cushion for the future along with the benefit of insurance coverage. In order to help you know more about the plan, here we have discussed everything in details you need to know about ICICI Prudential Future Perfect Plan. 

Key Features of ICICI Prudential Future Perfect Plan

Let’s take a look at some of the salient features of ICICI Prudential Future Perfect Plan.

• This is a non-linked saving cum protection plan.
• The plan offers the benefit of guaranteed payment on the maturity of the policy.
• The plan offers the benefit of guaranteed additions at maturity.
• Tax benefit can be availed on the premium payment of the policy and maturity proceeds.
• ICICI Prudential Future Perfect Plan offers different policy terms and premium payment term to choose from.
• The policyholder can use the facility of a policy loan.

Eligibility Criteria of ICICI Prudential Future Perfect Plan

Let’s take a look at the eligibility criteria of ICICI Prudential Future Perfect Plan.

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Benefits Offered by ICICI Prudential Future Perfect Plan

ICICI Prudential Future Perfect Plan offers various different benefits to cater to the requirements of the insurance seekers. The plan not only offers the benefit of insurance coverage but also provides an opportunity to create a financial cushion for the future. Let’s take a look at the benefits offered by ICICI Prudential future Perfect Plan.

Death Benefit

In case of demise of the insured person due to any eventuality during the tenure of the policy, a death benefit is paid by the insurer to the beneficiary of the policy. The death benefit paid to the nominee is highest of:

1. 105% of total premium paid as of the date of demise.
2. The total sum assured amount plus accrued guaranteed additions bonus plus subsisting bonuses already accrued.

The sum assured amount as the death benefit is defined as, highest of

1. 10 times the annualized premium.
2. The minimum guaranteed sum assured on maturity.
3. Absolute amount assured to be paid on death.

Maturity Benefit

In case of survival of the insured person during the tenure of the policy and if all the premiums of the policy are dully paid till date, then maturity benefit is offered to the insured person at the end of the policy tenure.  The maturity benefit is higher of D or E.

D is guaranteed maturity benefit plus accrued guaranteed addition plus subsisting reversionary bonus plus a terminal bonus if any.

E is 100.1% multiplied by annualized premium plus loading for modal premium if any.

Tax Benefit

Under section 10(10D) and 80 C of Income Tax Act, the insurance holder is eligible to avail the benefit of tax exemption on the maturity proceeds and premium paid up to the maximum limit of Rs.1.5 lakhs.

Guaranteed Additions

If the insured survives the entire policy term and if all the premiums of the policy are dully paid till the maturity of the policy, then guaranteed addition is paid to the insured along with maturity benefit as a multiple of one annualized premium. In the case of lapse or paid-up policy, the guaranteed addition benefit is not paid to the insured.

Surrender Benefit

If the tenure of the policy is 10 years, the insured will acquire surrender value after completion of 3 full policy years. In case the premium payment tenure of the policy is less than 10 years, the insured will acquire surrender value after completion of 2 full policy years. on surrender of the policy, the insured will receive guaranteed surrender value plus the accrued guaranteed addition value and special surrender value.

Documents Required for the Purchase Process of ICICI Prudential Future Perfect Plan

ICICI Prudential Future Perfect Plan can be purchased online in a simple and hassle-free way. Here are some of the important documents that should be kept handy while purchasing the plan online.

1. Thoroughly filled proposal form.
2. Age proof of the individual
3. Identity proof of the individual
4. Address proof of the individual

Other Details of ICICI Prudential Future Perfect Plan

• Grace Period-In case the policyholder fails to pay the premium of the policy within the premium paying tenure then 30 days of the grace period is offered by the insurer to the insured during which they can clear all the due premiums.
• Free-look Period- A free-look period of 15 days from the date of policy initiation is offered by the insurance company during which the policyholder can cancel the policy if he/she is not satisfied with the terms and conditions of the policy.