• Term Life
  • Investment

DHFL Pramerica Family Income Plan

DHFL Pramerica Family Income Plan is a non-participating decreasing benefit term plan which comes with the benefit of guaranteed payouts on a monthly basis. The plan will provide a monthly payout from the date of the policyholder’s demise till the end of the policy term (subject to a minimum guaranteed 36 monthly instalments).

Note: All information has been sourced from the official website of DHFL Pramerica.

Features of DHFL Pramerica Family Income Plan

Mentioned below are the features of DHFL Pramerica Family Income Plan:

  • It comes with guaranteed regular income on a monthly basis.
  • Option to select Rider Add-ons - DHFL Pramerica Traditional Accidental Death Benefit Rider and DHFL Pramerica Traditional Critical Illness Rider are the two riders available in this plan.
  • Attractive premium rates for male & female policyholders.
  • Option to select monthly income benefit.
  • Option to select the tenure of the plan.

Benefits of DHFL Pramerica Family Income Plan

Mentioned below are the benefits of DHFL Pramerica Family Income Plan:

  • In case of death of the policyholder within the policy term, the registered nominee/beneficiary/dependent would receive the monthly income benefit from the date of death till the end of the policy tenure, subject to a minimum guaranteed 36 monthly installments.

  • In case of lump sum benefit, the policyholder will get the discounted value of all future monthly income payable, discounted at the rate of return decided by the company from time to time.

  • The registered nominee/beneficiary/dependent will receive the respective rider benefits, if opted for (DHFL Pramerica Traditional Accidental Death Benefit Rider or DHFL Pramerica Traditional Critical Illness Rider).

  • The policyholder will be entitled to tax benefits under Section 80C, Section 80D and 10 (10D) of the Income Tax Act, 1961.

Eligibility Criteria for DHFL Pramerica Family Income Plan

The eligibility criteria for DHFL Pramerica Family Income Plan is as follows:

CriteriaMinimumMaximum
Entry Age18 years55 years
Policy Term5 years30 years
Benefit Expiry Age NA65 years
Monthly Family Income₹2,000No limit
PremiumDepends on the monthly income selected subject to the minimum of
₹1,000 p.a. (for annual, semi-annual & quarterly modes)
₹1,200 p.a. for monthly mode
Premium Payment OptionRegular Pay
Premium Payment ModesAnnual/Semi-annual/Quarterly/Monthly

Premium Details

Mentioned below are the premium details for a standard male life for an annual mode policy.

Policy Term (yrs)Age (yrs)9810Monthly Income for your family (₹)
10,00020,00040,000
25Premium payable p.a. (₹)4,0507,58015,160
407,35014,48028,960
302,85014,48010,200
404,4808,48016,960

Other Details of DHFL Pramerica Family Income Term Plan

  1. There are no surrender benefits available.
  2. You cannot avail a loan against this policy.
  3. Free-Look period stands at 15 days from the date of policy issuance.
  4. The grace period stands at 30 days, where mode of payment of premium is other than monthly and not more than 15 days, in the case of monthly mode.

Documents Required for DHFL Pramerica Family Income Plan

A prospective policyholder will have to submit their relevant KYC details - ID and Address Proof along with the Application/Proposal Form online. Medical check-ups/report will be required in some cases, based on the sum assured and the age of the policyholder.

Exclusions under DHFL Pramerica Family Income Plan

Suicide: If the life insured commits suicide within 12 months from the Policy commencement date or the date of revival of the policy, the company would pay an amount equal to 80% of the premiums paid (excluding any underwriting extra) as death benefit.

Review of DHFL Pramerica Family Income Term Plan

DHFL Pramerica commenced its operations in India in the year 2008. Since then, it is committed to providing protection and quality insurance service to all its customers. With multiple distribution channels and a PAN India presence, DHFL Pramerica has become a market leader in the insurance sector. DHFL Pramerica Family Income Plan is one of the most successful term policies issued by DHFL Pramerica. The reason for its popularity stems from the feature of guaranteed income.

FQAs on DHFL Pramerica Family Income Term PLan

Is there any waiting period for the risk cover?

No, the risk cover starts immediately post policy commencement and hence there is no waiting period.

Can I increase the monthly payout post policy commencement?

No, you can select the monthly payout option only during the time of buying the policy.

Can a member of the armed forces buy this plan?

Yes, all members of the armed forces can purchase this plan.

How does this plan work?

To begin with, you need to choose the monthly income benefit, tenure of the policy and the specific rider options. Next, you will be required to pay the premium. Post premium payment, the policy is delivered to your inbox within 12 hours.