• Term Life
  • Investment

DHFL Pramerica Family First Term Plan

DHFL Pramerica Family First Term Plan is a monthly benefit term policy, designed to protect one’s family in case of any financial gaps in their lives. The insurance policy not only offers resources which will take care of regular, everyday requirements, but also immediate pressing needs if any. The policy comes with a lump sum benefit as well as regular monthly income in case of the life assured's demise during the policy period.

About DHFL Pramerica Life Insurance - DHFL Pramerica Life Insurance is a joint venture between DHFL Investments Limited (DIL) and Prudential International Insurance Holdings, Ltd. (PIIH). It is one of the fastest growing insurers in India, headquartered in Gurgaon, Haryana. The insurance company offers a wide range of life insurance solutions for individuals as well as groups, like securing child’s future, retirement planning, savings and wealth creation. DHFL Pramerica seeks to provide protection and quality advice to its clients. The company was founded with a vision to provide financial access to the lower- and middle-class segment of the society. (Note - All the information listed on this page has been sourced from the official website of DHFL Pramerica Insurance.)

Features of DHFL Pramerica Family First Term Insurance

The features of DHFL Pramerica Family First Term Insurance are as follows:

  • Financial protection can be availed at a nominal cost.
  • Assured monthly income benefit until the end of the policy period to help cover recurring expenses in the event the insured is no more.
  • Lump sum benefit which is equal to 20 times the monthly benefit income chosen.
  • Guaranteed income for a minimum of 48 months over and above the lump sum pay out, even if a claim has been made in the last 4 years of the policy.
  • Additional risk covers through DHFL Pramerica Critical Illness Rider and DHFL Pramerica Accidental Death Benefit Rider.
  • Tax benefits as per prevailing tax laws.

Benefits of DHFL Pramerica Family First Term Plan

The benefits offered under DHFL Pramerica Family First Term Insurance are as follows:

  • Lump Sum Benefit: A lump sum equal to 20 times the monthly income is paid out right away to the policyholder’s family in case of his or her demise.
  • Monthly Income Benefit: To help the family members meet their daily expenses without any worry, a fixed monthly income is assured to them in the event of the life assured’s death during the policy period.
  • Guaranteed Income for 48 months: Guaranteed income is assured over and above the lump sum pay out, even if the claim is made in the last four years of the policy.
  • Additional Risk Coverage: The policyholder has the option of enhancing the protection of his or her plan with add-ons like DHFL Pramerica Critical Illness Rider and DHFL Pramerica Accidental Death Benefit Rider. Note - The beneficiary has the option of taking the monthly income as a lump sum, which will be equivalent to the discounted value of all future monthly income payable

Eligibility Criteria

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Minimum Age at Entry18 years
Maximum Age at Entry50 years
Policy Term10 years to 30 years
Maximum Maturity Age65 years
Minimum Annual Premium
Rs. 2000 for Annual, Semi-Annual and Quarterly modes
Rs. 2400 for Monthly mode
Minimum Monthly IncomeRs. 4,000
Lump Sum Death Benefit20 times of Monthly Income

Product details

To avail this policy, one has to follow the below steps:

Step 1: Select the monthly income required to meet the family’s everyday needs.

Step 2: Select the tenure for which the individual wishes to be insured.

Step 3: Select one or both of the optional additional benefits

Step 4: Work out the premium payable.

Premium Detail

Premiums are determined on the basis of the applicant’s age, income and policy term chosen, among other factors.

FrequencyMinimum Annual Premium
Annual, Semi-Annual and Quarterly modesRs. 2000
Monthly modeRs. 2400

Example:

TermMonthly Income (Rs.) 10,00020,00040,000
Age* (Years)Annual Premium# (Rs.)
25 years304,0707,58015,160
408,07015,54031,080
15 years303,0905,58011,160
404,8509,10018,200

*Assuming a healthy male life.

The above premium doesn’t include Goods and Service Tax

Other Details of DHFL Pramerica Family First Term Plan

Riders under DHFL Pramerica Family First Term Insurance

  • DHFL Pramerica Traditional Accidental Death Benefit Rider pays out an additional sum assured, as chosen under this rider, to the beneficiary in case of the insured’s demise due to an accident. This benefit is in addition to the basic death benefit under the base plan.
  • DHFL Pramerica Traditional Critical Illness Rider pays out in case the policyholder is diagnosed with or undergoes any of the 10 listed critical ailments. The covered conditions include Aorta Surgery, Blindness, Cancer, Heart Valve Surgery, Kidney Failure, Coronary Artery Bypass Surgery, Heart Attack, Major Organ Transplant, Paralysis and Stroke. When the insured is diagnosed with any of these listed illnesses, the critical illness benefit would be paid in a lump sum, subject to a survival period of 30 days. The base plan shall continue to remain in-force even after payment under this additional benefit.

Document required for DHFL Pramerica Family First Term Plan

An individual will have to submit certain documents to avail DHFL Pramerica Family First Term Insurance. The documents include:

  • Identity Proof -

    • PAN card,
    • Aadhaar card,
    • Passport, etc.
  • Address Proof

    • Aadhaar card,
    • Passport,
    • Driving license, etc.

Exclusion - DHFL Pramerica Family First Term Plan

Suicide: In the event the policyholder commits suicide within 12 months from the commencement of risk cover or the date of revival of the policy, the insurance company will pay an amount equal to 80% of the premiums paid (excluding any underwriting extra) as death benefit.

Reviews of DHFL Pramerica Family First Term Plan

“DHFL Pramerica Family First Term Insurance is easy on the pocket and provides adequate coverage. Thanks to this product, I am able to keep my wife and children protected. “

  • Aakash Kumar, Bangalore “Bought this after comparing different policies online. I found the benefits of DHFL Pramerica Family First Term Insurance better than some of the other options. I could buy this in very short time and there was no trouble.”
  • Ankita Nair, Sagar

FAQs on DHFL Pramerica First Term Plan

What is the minimum age to buy DHFL Pramerica Family First Term Insurance?

An individual must be at least 18 years of age to avail DHFL Pramerica Family First Term Insurance.

What are the benefits payable under DHFL Pramerica Family First Term Insurance?

In the event of the demise of the life assured during the policy period, the beneficiary would receive:

  • A lump sum benefit that is equal to 20 times the monthly income chosen.
  • A regular monthly income from the date of death until the end of the policy term, subject to a minimum guaranteed 48 monthly instalments.

Does DHFL Pramerica Family First Term Insurance pay out maturity benefits?

No. Since DHFL Pramerica Family First is a term insurance plan, it does not pay out any maturity benefits. The sum assured is only payable on the death of the life assured during the policy period.

What are the tax benefits available under DHFL Pramerica Family First Term Insurance?

Premiums paid toward DHFL Pramerica Family First Term Insurance are eligible for tax benefits as per Section 80C of the Income Tax Act, 1961. Death benefit(s) is tax free as per Section 10 (10D) of the Income Tax Act, 1961.

Is free-look period available for DHFL Pramerica Family First Term Insurance?

Yes. If an individual disagrees with the terms of the DHFL Pramerica Family First Term Insurance after having received the policy document, he or she can return the policy within 15 days of its receipt. The insurance company will return the premiums paid after deduction of stamp duty and any expenses incurred on medical examination.

How to revive DHFL Pramerica Family First Term Insurance if the policy has lapsed due to non-payment of premium?

If a policy has lapsed on account of non-payment of premium in the grace period, it can be revived subject to the following conditions:

a) The revival application is made within a period of 3 years from the date of the first unpaid premium and before the date of policy termination.

b) The applicant being the life insured provides satisfactory evidence of his or her health.

c) The arrears of premiums along with interest (at such rate as the insurer may levy for delayed premiums) are paid.

d) The policy revival may be on terms different from those applicable to the policy prior to it lapsing.

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