Pramerica Life Family First Term Plan

Pramerica Life 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 Pramerica Life Insurance - Pramerica Life Insurance is a joint venture between 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. Pramerica Life 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 Pramerica Life Insurance.)

The benefits offered under Pramerica Life 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 Pramerica Life Critical Illness Rider and Pramerica Life 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

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.

Riders under Pramerica Life Family First Term Insurance

• Pramerica Life 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.
• Pramerica Life 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.

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.