Pramerica Life Term Insurance

Pramerica Life Family First protection plan is a monthly benefit term insurance plan to support the family, in case of insured's death. Let's take a look at its key features below:

• Premiums are required to be paid for the entire duration of the plan under the Regular Pay option.
• Annual, semi-annual, quarterly and monthly options are the available premium payment modes.
• The minimum entry age is 18 years and maximum entry age is 50 and the maturity age is 65 years.
• Minimum policy term is 10 years and maximum policy term is 30 years.
• In case of insured's death, then the beneficiary will receive 20 times the monthly income chosen at time of inception as lump sum. There on monthly income will be paid to the beneficiary from the date of their death or till the end of the Policy tenure, subject to a minimum guaranteed 48 monthly installments.
• The plan can be further enhanced by taking two riders, Death benefit and Critical illness riders.
• Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change.

Riders

Pramerica Life Traditional Accidental Death Benefit Rider: In case of an accident of the insured, the beneficiary will get additional sum assured. It is in addition to the basic death benefit under the base plan.

Pramerica Life Traditional Critical Illness Rider: This Rider provides protection cover in case the Life Insured is diagnosed with/undergoes any of the 10 critical illnesses/ conditions/surgeries namely Aorta Surgery, Blindness, Cancer, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Organ Transplant, Paralysis and Stroke. If one were diagnosed with any of these specified illnesses, the critical illness benefit would be paid in lump sum subject to a survival period of 30 days. The base plan continues even after payment under this additional benefit.

Pramerica Life Family Income

Pramerica Life family income term life insurance is a non-participating decreasing term plan. The benefits are in the form of monthly payouts. Let's look at the features of this policy:

• Premiums are required to be paid for the entire duration of the plan under the Regular Pay option.
• The minimum entry age is 18 years and maximum entry age is 55 and the maturity age is 65 years.
• Minimum policy term is 5 years and maximum policy term is 30 years
• In case of the death of the insured, the beneficiary can avail payable death benefit income on monthly basis or lump sum.
• If opted for monthly option, then the beneficiary will receive income from the date of death till the end of policy tenure, subject to a minimum guaranteed 36 monthly installments
• If the beneficiary opts for a lump sum at the time of claim, the same will be paid as the discounted value of future monthly payments.
• The plan gives you an option of enhancing the protection cover for your family by attaching additional covers through riders.
• Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change.

Riders

Pramerica Life Traditional Accidental Death Benefit Rider: In case of an accident of the insured, the beneficiary will get additional sum assured. It is in addition to the basic death benefit under the base plan.

Pramerica Life Traditional Critical Illness Rider: This Rider provides protection cover in case the Life Insured is diagnosed with/undergoes any of the 10 critical illnesses/ conditions/surgeries namely Aorta Surgery, Blindness, Cancer, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Organ Transplant, Paralysis and Stroke. If one were diagnosed with any of these specified illnesses, the critical illness benefit would be paid in lump sum subject to a survival period of 30 days. The base plan continues even after payment under this additional benefit.

Pramerica Life TruShield Term Insurance

Pramerica Life TruShield is a plan designed to take care of the insured’s family’s financial needs in his or her absence. This is a plan that provides pure life insurance cover along with return of premium on maturity if the insured survives the tenure of the policy. Let’s look at the features of this policy:

• The minimum entry age is 18 years and maximum entry age is 55 for 10 years plan, 50 for 15 years plan and 45 for 20 years plan. The maturity age is 65 years.
• Life insurance cover, along with additional shield covers payable on the death of the insured. Additional shield cover will not be given in case of Reduced Paid-Up policies.
• Premiums can be paid under limited period on or in one single payment.
• Level cover or reducing cover options available in Death benefit. In Level cover, death sum assured remains constant and it reduces over the policy term in reducing cover.
• Premiums will be paid back (excluding extra premiums if any), if insured survives the completion of policy term.
• Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change.

Riders: The plan does not offer any additional riders.

Pramerica Life U-Protect is a Term insurance plans. It has been designed to ensure that the insured's family is secure and leads a comfortable life, even if he or she is not around. It is a simple plan that gives high coverage at economical premium payables.

• The minimum entry age is 18 years and maximum entry age is 55 and the maturity age is 65 years.
• Premiums are required to be paid for the entire duration of the plan under the Regular Pay option.
• Annual, semi-annual, quarterly and monthly options are the available premium payment modes.
• Minimum sum assured under this plan is Rs. 25, 00,000 and minimum annual premium is Rs 4,000.
• Female premium rates are lower than male premium rates.
• Low premium rates for non-smokers.
• No maturity benefit is available in this plan.
• Tax Benefit under Section 80C (Up to Rs. 1.5 Lacs) and 10(10D) of the Income Tax Act for premiums paid and for any claim received. Tax laws are subject to change.

Riders

Pramerica Life Traditional Accidental Death Benefit Rider: In case of an accident of the insured, the beneficiary will get additional sum assured. It is in addition to the basic death benefit under the base plan.

Pramerica Life Traditional Critical Illness Rider: This Rider provides protection cover in case the Life Insured is diagnosed with/undergoes any of the 10 critical illnesses/ conditions/surgeries namely Aorta Surgery, Blindness, Cancer, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Organ Transplant, Paralysis and Stroke. If one were diagnosed with any of these specified illnesses, the critical illness benefit would be paid in lump sum subject to a survival period of 30 days. The base plan continues even after payment under this additional benefit.

Let's have a look at the procedure that needs to be followed for a proper claim process:

1. Notifying the claim

There are 4 convenient ways to notify the claim:

• In person: Walk into any of the DHLF Pramerica Life branches

• Email : claims@pramericalife.in

• Telephone: 1800-102-7070

2. Steps to registering the claim

• Completely filled claim form
• Original policy bond
• Recent photo of nominee/beneficiary
• Death certificate of the insured
• FIR and Post-Mortem report in case of an accident
• Proof to identify relationship with the deceased
• Proof of bank account
• Some additional documents might be asked as per requirements to expedite claim process

3. Timeline for claim settlement

Claim settlement period is within 30 days from the receipt of last pending document. In some cases where further investigation is required, time for settlement might get extended beyond 30 days.

4. Claim Decision

The company will send a letter to the claimant regarding the claim decision on the communication address.

5. Claim Payout

Claim payout will be done through NEFT as per the guidelines issued by IRDAI.