ICICI Prudential Life Insurance
ICICI Pru Future Perfect Policy

ICICI Pru Future Perfect Plan

We all have certain dreams in our life to fulfill and a family to keep protected and secure. For this, we need to build a financial corpus that can help us attain our goals smoothly. To make your journey easier, ICICI Prudential Life Insurance Company has come up with an excellent plan, ICICI Pru Future Perfect, that helps to grow your wealth through two guaranteed features in the plan called Guaranteed Additions (GA), and Guaranteed Maturity Benefit (GMB) with the promise of protecting your hard-earned money. This policy is flexible enough to offer you the facility to customize the policy according to your needs, and with which you can get life cover for the entire policy term. To know more about this plan, have a look at the following mentions.

Eligibility Criteria

Premium payment optionLimited pay
Premium payment term5 years7 years10 years15 years20 years
Policy term10 years to 15 years12 years to 17 years15 years to 20 years20 years to 25 years25 years to 30 years
Minimum annual premiumRs. 40,000Rs. 18,000Rs. 12,000Rs. 9600Rs. 8400
Minimum basic sum assured on deathRs. 4 lakhsRs. 1,80,000Rs. 1,20,000Rs. 96,000Rs. 84,000
Minimum age at entry3 years1 year91 days
Maximum age at entry45 years58 years55 years50 years45 years
Age at maturity

Minimum – 18 years

Maximum – 60 years

Minimum – 18 years

Maximum – 70 years

Premium paying frequencyYearly, half-yearly, and monthly

What Are The Benefits of ICICI Pru Future Perfect?

This plan has come up with a sack full of benefits and facilities that help you to build your financial corpus so that you can live your life peacefully and achieve your dreams without any hassles. Here are detailed descriptions of these benefits. Have a look.

Death Benefit:

In case of the unfortunate and untimely demise 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 Sum Assured on Death, plus subsisting bonuses already accrued (Bonuses consist of accrued reversionary bonuses, interim bonus, and terminal bonus if any), plus accrued guaranteed additions, or 105% of all the premiums received till the date of death. The 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 an active policy on which all due premiums are paid, the following will be payable:

Maturity Benefit = Higher of Guaranteed Maturity Benefit (GMB) + accrued Guaranteed Additions + subsisting reversionary bonuses already accrued to the policy, if any + terminal bonus, if any, or 100.1% X (annualized premium plus loadings for modal premiums, if any).

Surrender Benefit:

The policy will acquire a Guaranteed Surrender Value after payment of all premiums for at least two consecutive years. On the surrender of the policy, you will get higher of the following:

  • Guaranteed Surrender Value Plus Guaranteed Surrender Value of any subsisting bonus and Guaranteed Surrender Value of guaranteed additions, as applicable.
  • Special Surrender Value (SSV).

However, no benefits will be payable under the policy if you discontinue your premiums before your policy has acquired a surrender value.

Tax Exemption Benefits:

With this plan, you can reduce your taxable income by investing up to Rs. 1.5 lakhs under Section 80C. the money you get as maturity or death benefit is also tax-free. Tax benefits under the policy are subject to terms and conditions under Section 80C, 10 (10D), and other provisions of the Income Tax Act, 1961.

Free Look Period:

If you are not satisfied with the terms and conditions of the policy, you have the option to return the policy document to the Company with reasons for cancellation within 15 days from the date you received it, if your policy is not purchased through Distance marketing, and 30 days from the date you received it, if your policy is an electronic policy or if the policy is purchased through Distance marketing.

Key Highlights of ICICI Pru Future Perfect

Apart from the above benefits and facilities, this plan has presented certain special advantages and features that have made the plan unique and popular among consumers. To know about those features, have a look at the following mentions.

Guaranteed Maturity Benefit:

The minimum guaranteed sum assured on maturity is the Guaranteed Maturity Benefit (GMB). It is paid only if the policy is in-force, and all the due premiums are paid. 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:

Guaranteed additions are additional benefits that you will get at the time of policy maturity. The insurance provider will calculate the guaranteed addition payout amount for you based on the policy term, premium payment term, age at the time of policy purchase, and the annual premium amount. During PPT, the GA will accrue on premium payment, and after PPT, GA will accrue at the beginning of the policy year.

Paid-up policy:

If you discontinue premium payment before your policy acquires a surrender value, your policy will lapse, and no benefits will be paid. However, you can revive the policy within five years from the due date of the first unpaid premium. If premium payment is discontinued after the policy has acquired a surrender value, the policy will continue as a ‘paid-up’ policy with reduced benefits as explained below:

  • Paid-up sum assured on death = Sum assured on death X (Total number of premiums paid/Total number of premiums payable).
  • Paid-up guaranteed maturity benefit = GMB X (Total number of premiums paid/Total number of premiums payable).
  • Paid-up guaranteed additions = Sum of all Gas at maturity X (Total number of premiums paid/Total number of premiums payable).

Revival of the policy:

A policy that has discontinued payment of premiums may be revived subject to underwriting and the following conditions:

  • The application for revival is made within 5 years from the due date of the first unpaid premium and before the termination date of the policy. Revival will be based on the prevailing Board approved underwriting policy.
  • The policyholder furnishes, at his own expense, satisfactory evidence of the health of the life assured as required by the Company.
  • The arrears of premiums together with interest at such rate as the Company may charge for late payment of premiums are paid. Revival interest rates will be set monthly and are equal to 150 basis points in addition to the prevailing yield on 10-year Government Securities. The interest rate applicable in February 2020 is 7.82% p.a. compounded half-yearly.

Loan Facility:

You can also avail of loans under this policy after the policy acquires surrender value. A loan amount of up to 80% of the Surrender Value can be availed. The Company shall be entitled to call for repayment of the loan with all due interest by giving three months’ notice if the amount outstanding is greater than the surrender value.

What Are The General Exclusions of ICICI Pru Future Perfect?

Understanding a policy is not completed if you do not go through the exclusions of the policy thoroughly. Therefore, to offer you a better idea of the policy, and to avoid future complications, here are the exclusions of ICICI Pru Future Perfect policy.

  • Anything that does not satisfy the terms and conditions of the policy and the company will fall under the category of exclusions.
  • If there is any kind of breach of law with criminal intent, that will be excluded from the policy permanently.
  • If the life assured whether sane or insane, commits suicide within 12 months from the date of Commencement of Risk under this policy, the policyholder or nominee, as applicable, will be entitled to a higher of 80% of the total premiums, including extra premiums if any paid till the date of death or surrender value as available on the date of death.
  • If the life assured whether sane or insane, commits suicide within 12 months from the date of revival of the policy, the higher of 80% of total premiums paid, including extra premiums, if any, till the date of death or surrender value as available on the date of death, will be paid.

How Does ICICI Pru Future Perfect Work?

After knowing the inclusions and exclusions of the policy, the next important thing to know is how this policy works. So, to give you a comprehensive idea of the policy, here is an example.

Mr. Gautam, a 36-year-old businessman, bought ICICI Pru Future Perfect policy for himself. Let us find out, how much premium amount he has to pay to avail of the benefits of the policy for the given data.

Age36 years
Premium payment term15 years
Policy term25 years
Policy forSelf
Premium payment modeYearly
Life coverRs. 6.05 lakhs
Premium amount (Including applicable taxes)Rs. 52,251
Maturity benefit on completion of the policy term

At an 8% rate – Rs. 21.65 lakhs

At a 4% rate – Rs. 11.85 lakhs

Frequently Asked Questions

Sum Assured on Death is defined as the highest of

  • 10 X (Annualized Premium + underwriting extra premium, if any + loadings for model premiums, if any),
  • Minimum guaranteed sum assured on maturity, or
  • Absolute amount assured to be paid on death.

For monthly premium frequency, 1/12th of times GA will be accrued every month on premium payment. For half-yearly premium frequency, 0.5 times GA will be accrued on premium payment.

A reversionary bonus, if any, will be declared each year during the term of the policy starting from the first policy year.

GSV has the following definitions:

  • Guaranteed Surrender Value of subsisting bonuses = Guaranteed Surrender Value Factors for subsisting bonuses X Subsisting bonuses accrued.
  • Guaranteed 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.

On the revival of a paid-up policy, the paid-up Sum Assured on death, paid-up GAs and paid-up GMB will be restored to the Sum Assured on death, GAs, and GMB applicable at the time of premium discontinuance. All applicable GAs and reversionary bonuses declared since premium discontinuance up to the date of revival, shall accrue to the policy and the contingent reversionary bonus attached to the policy will be reversed.

On cancellation of the policy during the free look period, the company will return the premium subject to the deduction of:

  • Stamp duty under the policy,
  • Expenses are borne by the Company on medical examination if any
  • The proportionate risk premium for the period of cover.

The premium payment term and policy term chosen at the inception of the policy cannot be changed afterwards.