ICICI Pru Future Perfect Calculator

ICICI Pru Future Perfect Calculator

What this calculator does

ICICI Pru Future Perfect (UIN: 105N153V05) is a non-linked, non-participating, individual life insurance savings plan that combines guaranteed savings with life cover. You choose a Sum Assured (calculated as a multiple of the Annualized Premium you pay), and the plan adds a Guaranteed Addition to this Sum Assured for every year the policy is in force - at a rate that steps up the longer the policy has run. On top of that, a one-time Loyalty Addition, sized as a percentage of the Sum Assured that scales with how long your Policy Term is, is paid out at maturity. If the life insured passes away during the Policy Term, a guaranteed Death Benefit - which is always at least as high as the Sum Assured - is paid to the nominee instead.

Three choices shape the benefit:

• Annualized Premium - the yearly premium amount you commit to paying.
• Premium Payment Term (PPT) - how many years you pay premiums (5, 7, 10, or 12 years).
• Policy Term - the total number of years the policy runs before maturity (10 to 30 years), which must be at least as long as the PPT.

This calculator gives you an indicative estimate of:

• the premium payable per instalment and in total, based on your chosen payment mode
• the Guaranteed Sum Assured fixed at inception
• the total Guaranteed Additions accumulated by maturity across the policy-year bands
• the Loyalty Addition paid once at maturity
• the total Maturity Benefit payable at the end of the Policy Term
• a year-by-year schedule showing the accrued Guaranteed Addition and the death benefit payable in that policy year

Formula Used

Eligibility. Entry age must be between 18 and 60 years, the Policy Term must be at least as long as the Premium Payment Term, and the policy must mature by age 75:

$$EntryAge + PolicyTerm \le 75 \qquad \text{and} \qquad PolicyTerm \ge PPT$$

Premium payable. The Annualized Premium you enter is loaded slightly for more frequent payment modes (reflecting the insurer's cost of collecting premiums more often):

$$InstalmentPremium = AnnualizedPremium \times ModeFactor$$ $$TotalPremiumPayable = InstalmentPremium \times InstalmentsPerYear \times PPT$$

Guaranteed Sum Assured. A fixed multiple of the Annualized Premium, guaranteed from day one of the policy:

$$SumAssured = 10 \times AnnualizedPremium$$

Guaranteed Addition. Accrues every policy year at an illustrative rate per ₹1,000 of Sum Assured, and that rate steps up the longer the policy has run:

$$Rate(year) = \begin{cases} 30 & year \le 5 \\ 45 & 6 \le year \le 10 \\ 60 & year > 10 \end{cases}$$ $$TotalGuaranteedAdditions = \sum_{year=1}^{PolicyTerm} \frac{SumAssured}{1000} \times Rate(year)$$

Loyalty Addition. A one-time bonus paid at maturity, sized as a percentage of the Sum Assured that scales with the Policy Term chosen:

$$LoyaltyRate(PolicyTerm) = \begin{cases} 5\% & PolicyTerm \le 10 \\ 8\% & 11 \le PolicyTerm \le 20 \\ 12\% & PolicyTerm > 20 \end{cases}$$ $$LoyaltyAddition = SumAssured \times LoyaltyRate(PolicyTerm)$$

Maturity Benefit. Paid only if the life insured survives to the end of the Policy Term:

$$MaturityBenefit = SumAssured + TotalGuaranteedAdditions + LoyaltyAddition$$

Death Benefit. Payable any time during the Policy Term, this is the higher of the Sum Assured, 11 times the Annualized Premium, or 105% of premiums paid to date - a standard guaranteed floor used across traditional Indian savings plans - plus the Guaranteed Addition accrued so far (the Loyalty Addition is only paid at maturity, not on death):

$$DeathBenefit(year) = \max\left(SumAssured,\; 11 \times AnnualizedPremium,\; 1.05 \times PremiumsPaidToDate(year)\right) + \sum_{y=1}^{year} \frac{SumAssured}{1000} \times Rate(y)$$

How to Use

1. Enter your Age at Entry and the Annualized Premium you plan to pay each year.
2. Choose your Premium Payment Term and Policy Term (the Policy Term must be equal to or longer than the Premium Payment Term).
3. Select your Premium Payment Mode (Yearly, Half-Yearly, Quarterly, or Monthly).
4. Submit to see your premium, Sum Assured, Guaranteed Additions, Loyalty Addition, maturity benefit, and the year-by-year death benefit schedule.

Worked Example

A 35-year-old chooses an Annualized Premium of ₹1,00,000, a 10-year Premium Payment Term, a 20-year Policy Term, paying yearly.

• Sum Assured: 10 × ₹1,00,000 = ₹10,00,000
• Guaranteed Additions: years 1-5 at ₹30/1000 (₹30,000/yr) = ₹1,50,000; years 6-10 at ₹45/1000 (₹45,000/yr) = ₹2,25,000; years 11-20 at ₹60/1000 (₹60,000/yr) = ₹6,00,000 - Total: ₹9,75,000
• Loyalty Addition (Policy Term 20 falls in the 11-20 band, 8%): ₹10,00,000 × 8% = ₹80,000
• Maturity Benefit: ₹10,00,000 + ₹9,75,000 + ₹80,000 = ₹20,55,000
• Death Benefit (Year 1): max(₹10,00,000, 11 × ₹1,00,000, 1.05 × ₹1,00,000) + ₹30,000 = ₹11,30,000

This is an illustrative model of the plan's benefit structure, not a reproduction of ICICI Prudential's official rates - always refer to the insurer's benefit illustration before buying a policy.