ICICI Pru Future Perfect grows your wealth with the promise of protecting your money.This is done through two guaranteed features in the plan
- Guaranteed Additions (GA)1
- Guaranteed Maturity Benefit (GMB)2
What are Guaranteed Additions?
GA between 8-18% of your annual premium would be added to your investment every year, on premium payment.Guaranteed Additions (GAs) help to grow your money. For details on GA, please check the table below:
|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%|
What is Guaranteed Maturity Benefit?
Guaranteed Maturity Benefit (GMB)2 is the guaranteed lump sum payable at the end of the policy term.
You will get two types of bonus with this plan that may help to grow your investment further.
- Reversionary bonuses
- Terminal bonuses
Reversionary Bonus if any, is the bonus declared every year as a percentage of (Guaranteed Maturity Benefit + Accrued Revisionary Bonuses). It is payable on death of the life assured or maturity of the policy.
Terminal bonus is a one-time bonus declared at the time of the maturity for participating policy.
Premium payment and maturity proceeds will be tax free under section 80C and 10(10D) respectively.
You get tax benefits under two sections of Income Tax Act:
- Section 80 C : All premium payments made during a financial year to ensure that your life insurance plan remains active, will get tax deductions. As per the law, the maximum limit to claim tax benefit has been kept at ` 1,50,000/- per annum.
- Section 10(10D) : Any proceeds received under a life insurance policy, including the sum allocated by way of bonus on such policy is exempt from tax.
If you are in need of money, you can take a loan on the policy which is up to 80% of the Surrender Value. You can take this loan from 2nd or 3rd year onwards depending on the policy term.
You can avail a loan against the policy up to 80% of the current surrender value of the policy at an attractive interest rate of 8.18%** per annum. If the Premium Paying Term of your policy is 10 years or more, the policy will acquire a surrender value after payment of three full years’ premium. If Premium paying term is less than 10 years, the policy will acquire a surrender value after payment of two full years’ premium.
ICICI Pru Future Perfect provides you and your family all-round protection. In case of an unfortunate event during the policy term, your family receives a lump sum amount.
How much money will my family receive in my absence?
Your family will receive the higher of:
- A fixed Sum Assured including accrued Guaranteed Additions and accrued Bonuses4
- Guaranteed Maturity Benefit including accrued Guaranteed Additions and accrued Bonuses4
- Minimum Life Cover that is equal to 105% of sum of premiums paid till date5