ICICI Prudential Future Perfect Plan|Compare & Buy Online|Coverfox (2024)

Plan your next

INVESTMENT

for

Dream Home

Wealth Building

Retirement

Child's marriage

Child's education

Tax saving

Following are the salient features of ICICI Pru Future Perfect Plan

• It is a non-linked policy that offers guaranteed returns on investment.
• The policy provides guaranteed additions and tax-free maturity benefits.
• The policy provides life cover for 10 times the premiums paid to protect your family in case of the untimely death of the life insured.
• Policyholders can avail tax benefits on the maturity amount and premiums paid towards the policy.

Death benefit: ICICI Pru Future Perfect Plan pays a death benefit to the nominee in the event of the death of the policyholder. The death benefit paid is either sum assured plus guaranteed additions and bonuses, or minimum death benefit, or Guaranteed Maturity Benefit including Guaranteed Additions and Bonuses, whichever is higher. The minimum death benefit is equivalent to 105% of all premiums paid.

Maturity benefit: If the policyholder survives until the end of the policy term, the maturity benefit is payable, provided all due premiums are paid. Maturity benefit is payable as guaranteed maturity benefit along with guaranteed additions and other bonuses, or 100.1% of the annual premium, whichever is higher. Guaranteed Maturity Benefit is decided at the time of policy commencement, and it depends on the policy term, premium payment term, age and gender of the policyholder. Guaranteed Maturity Benefit (GMB) may be lower than your Sum Assured on death.

Surrender benefit: ICICI Pru Future Perfect Plan acquires a surrender value once the premium is paid for three full years in case of premium payment term of 10 years and above. For premium payment term below 10 years, the surrender value is acquired after 2 years of premium payment.

Bonus: The company offers a reversionary bonus under this plan, which is announced every year and gets added to the plan. The bonus amount depends on the returns earned by ICICI Pru Life Insurance. Though the bonus is announced each year, it is paid only at the time of policy maturity or death of the policyholder. The way the reversionary bonus is applied is different from other traditional plans. In this policy, the bonus is announced as a percentage of Guaranteed Maturity Benefit + all accrued reversionary bonuses paid earlier under your plan.

Terminal bonus is applicable in the year of maturity or death of the policyholder.

Following eligibility criteria must be met to apply for the ICICI Pru Future Perfect Plan.

• Sbi Life Smart Platina Assure| Sbi Life Smart Bachat| Hdfc Life Sampoorn Samridhi Plus| Lic New Bima Bachat
• Icici Prudential Future Perfect Plan| Lic Limited Premium Endowment Plan| Sbi Life Smart Women Advantage
• Sbi Life Smart Humsafar| Sbi Life Smart Samriddhi Plan| Tata Aia Life Secure 7 Plan| Tata Aia Pos Smart Income Plus

Loan option: Once the policy attains a surrender value, policyholders are eligible to take a loan against the plan. Policyholders can take a loan of up to 80% of the surrender value as a loan amount. In case the policyholder fails to repay it by a specified date, the policy is closed, and all benefits under the plans and the interest are considered void.

Tax benefit: Premiums paid under ICICI Pru Future Perfect Plan are eligible to avail tax benefits under Section 80C of the Income Tax Act, 1961. The benefits availed from the policy are also eligible for tax exemption as per Section 10(10D) of the Income Tax Act, 1961.Free-look period: In case the policyholder is not content with the policy terms, he/she has an option to return the same to the insurance company mentioning the reason for cancellation. Such cancellation should be made within 15 days from the date of receipt of the policy document by returning the same. This period is referred to as the free-look period. This free-look period for policies sold through distance marketing is 30 days. Upon such cancellation, the company will refund the premium, if paid.

Policy revival: The policyholder has an option to revive a lapsed policy within the revival period as specified by the insurance company. In order to restore a lapsed policy, it is mandatory to pay all due premiums and corresponding taxes along with the applicable interest. The company may charge fees for revival processing. The plan offers two years of revival period from the date of first unpaid premium. Once the policy is restored, all contractual benefits are reinstated.

Premium discontinuance: If the policyholder discontinues paying a premium before the policy attains a surrender value, no benefits are payable.

Grace period: Grace period is an additional time given to the policyholder after premium due date when the insurance policy is in-force with risk cover. ICICI Pru Future Perfect Plan offers a grace period of 30 days for plans with yearly, half-yearly, and quarterly premium payment frequencies. The grace period for plans with a monthly premium payment frequency is 15 days. The insurance policy remains in force during the grace period, and the insurance company will honour the claim, if it arises.

Applying for ICICI Pru Future Perfect Plan is rather simple. To begin with, the customer needs to submit the following documents to the insurance company. These documents include:

Age proof: Driving license, Passport, School/college certificate, PAN card can be submitted as an address proof.

Identity proof: PAN card, Aadhaar card, Birth Certificate, Voter ID, or driving license can be used as an identity proof.

Address proof: Utility bill, Aadhaar card, or bank account statement can be presented as an address proof.

Along with the documents listed above, the customer has to fill up the policy application form and also provide self-attested copies of the KYC documents.

ICICI Pru Future Perfect Plan is an ideal savings and protection policy. You can save money and get life protection with guaranteed benefits, additions and bonuses. It is a traditional life insurance plan where a part of the maturity amount is guaranteed, whereas the other part is variable and linked to the investment performance. The plan offers hybrid benefits of both, non-participating and traditional plans.

The policy offers Guaranteed Maturity Benefits, Accumulated Guaranteed Additions, Reversionary Bonus and Terminal Bonus. Policyholders are provided with the flexibility to choose the sum assured, premium payment frequency and premium payment term as per their requirement.The policy offers a free-look period of 15 days (30 days if the policy is sold through distance marketing channels) and a grace period to pay the due premium. The policyholder has an option to surrender the plan once premiums are paid for two/three full years. Premiums paid towards the policy and benefits received under ICICI Pru Future Perfect Plan are eligible to receive tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

ICICI Pru Future Perfect Plan is a limited premium plan that offers the dual benefit of savings and protection. It is an ideal plan that will help you to achieve your financial goals and secure your family’s future in your absence.