Most people aspire towards upgrading their lifestyle and ensuring their dreams and aspirations are secured. Not only do you need to save your money but also grow it to fulfil your dreams. A plan like ICICI Pru Future Perfect provides you with the benefit of growing your savings as well as protection for your loved ones. The key benefits this plan offers are:
1. Protection for your savings
This plan ensures that your savings are safe irrespective of market conditions. It offers a guaranteed* lump sum payout at maturity and additional bonuses^ that help increase your returns.
* Terms and Conditions applied
2. Premium payment flexibility
This plan lets you choose how you pay your premiums. You have the option to go for yearly, half-yearly, or monthly payments as per your convenience.
3. Life cover~
You can ensure that your loved ones are financially secured even in case of uncertainties. Under this plan, your loved ones receive a lump sum payment as life cover~ in the event of your unfortunate demise. This amount ensures that their dreams and aspirations are secured. The lump sum payment will also include any additional benefits received during the policy term in the form of bonuses^ and other additions.
4. Maturity Benefit
- Guaranteed Maturity Benefit^^ (GMB) – This is the guaranteed amount that is paid as a lump sum at the end of the policy term. The amount will be specified at the start of the policy. It will depend on factors like the premium payment term, premium amount, policy term and more
- Guaranteed Additions` (GA) – These additional benefits are received on the premiums paid over the policy term and are added to the amount paid at maturity
- Bonuses - These may be added every year in the form of reversionary bonuses^, if declared and a terminal bonus^, which may be declared at the end of the policy term.
This plan helps you grow your savings by providing several bonuses^ and additions that help increase your returns. Some of these benefits are as follows:
5. Tax$ benefit
With this plan, you can save taxes as well. The premiums paid under the policy offer tax$ benefits under Section 80C of the Income Tax Act, 1961. The lump sum amount received on maturity of the policy is also tax-free$ subject to conditions under Section 10(10D) of the Income Tax Act, 1961.
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^ Consists of vested reversionary bonuses, interim bonus and terminal bonus, if any. Reversionary bonuses may be declared every financial year and will accrue to the policy if it is premium paying or fully paid. Reversionary bonuses will be applied through the compounding bonus method. All reversionary bonuses will be declared as a proportion of the sum of the GMB and the accrued reversionary bonuses, if any. Reversionary bonus once declared is guaranteed and will be paid out at maturity or on earlier death. A terminal bonus may also be payable at maturity or on earlier death.
~ Life cover is the benefit payable on death of the Life Assured during the policy term.
^^ Guaranteed Maturity Benefit (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 (GAs) are additional benefit that will be added throughout the policy term, if all premiums due till that year are paid. GAs as a percentage of annualized premium is set out in the following table:
|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%|
During Premium Paying Term (PPT) GA will accrue on premium payment and after PPT, GA will accrue at the beginning of policy year.
$ Tax benefits are subject to conditions under Section 80C, 10(10D), 115BAC and other provisions of the Income Tax Act, 1961. Good and Service tax and Cesses, if any will be charged extra as per prevailing rates. Tax laws are subject to amendments made thereto from time to time. Please consult your tax advisor for more details.
ICICI Pru Future Perfect UIN 105N153V02