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DHFL Pramerica Term Insurance

DHFL Pramerica is offering a wide variety in choice of term insurance plans to suit your individual needs. They provide a wide range of life insurance solutions for individuals as well as groups, taking care of various financial protection needs of their customers.

One of the fastest growing Life Insurance Company in India

DHFL has served over 12 million customers across India and have a wide network of 102 branches across India. Term insurance plans will provide financial support to the beneficiary’s family if the insured dies during the policy term.

Benefits of buying DHLF Pramerica Term Insurance

  • Economical: Comprehensive cover and financial security for your family at affordable cost.
  • Riders for enhanced cover: Additional coverage through option of riders - DHFL Pramerica Critical Illness Rider and DHFL Pramerica Accidental Death Benefit Rider
  • Payment options on premiums: Options in premium payments as in One time or for limited period.
  • Attractive premium rates: Attractive premium for male and females. Lower premiums for non-smokers.
  • Flexible death benefit: Level cover or reducing cover option in death benefit.
  • Maturity Benefit: Get all premiums paid back upon survival till completion of policy term.
  • Tax Benefit: Get tax benefits as per prevailing tax laws on the premium paid.

Types of DHFL Pramerica Term Insurance Plans

DHFL Pramerica Family First Term Insurance

DHFL Pramerica 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

DHFL Pramerica 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.

DHFL Pramerica 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.

DHFL Pramerica Family Income

DHFL Pramerica Family Income

DHFL Pramerica 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

DHFL Pramerica 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.

DHFL Pramerica 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.

DHFL Pramerica TruShield Term Insurance

DHFL Pramerica TruShield Term Insurance

DHFL Pramerica 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.

DHFL Pramerica U-Protect Term Insurance

DHFL Pramerica U-Protect is a term insurance plan. 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

DHFL Pramerica 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.

DHFL Pramerica 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.

Exclusions DHFL Pramerica Term Insurance

  • 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.

  • No benefits shall be payable in respect of any claim associated (either directly or indirectly), voluntarily or involuntarily with any of the following:

    • Any Pre-existing Medical Condition;
    • Any illness related medical condition which first manifests itself within 90 days of the risk acceptance date or reinstatement date, whichever is later;
    • Opportunistic disease associated with AIDS or the Life Insured being infected with HIV;
    • The Life Insured performing service in any military, police, paramilitary or similar organization;
    • The Life Insured taking part in any strike, industrial dispute, riots, etc.;
    • The Life Insured taking part in any criminal or illegal activity;
    • Self-inflicted injury, suicide or attempted suicide, whether in a sane or an insane state;
    • The Life Insured being under the influence of, or the Life Insured abusing, any drugs, alcohol, narcotic or psychotropic substance not prescribed by a registered medical practitioner;
    • Nuclear reaction, radiation or contamination.
  • Please refer to the Additional Rider Benefits brochures on DHFL Pramerica website for in detail exclusions pertaining to the DHFL Pramerica Traditional Accidental Death Benefit Rider and DHFL Pramerica Traditional Critical Illness Rider.

Claim process of DHFL Pramerica Term Insurance

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

Notifying the claim

There are 4 convenient ways to notify the claim:

  • In person: Walk into any of the DHLF Pramerica branches
  • Online: www.dhlfpramerica.com
  • Email : claims@dhlfpramerica.com
  • Telephone: 1800-102-7070

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

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.

Claim Decision

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

Claim Payout

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

Review of DHFL Pramerica Term Insurance

DHLF Pramerica Term Insurance Plans are offering much required financial protection for family in case of death of insured. The plans are offering good options of lump sum payment or monthly income as death benefits. Rider like traditional accident death benefit and traditional critical illness further enhance the protection in the plans. Company is encouraging healthy lifestyle for insured by offering them low premiums. Concessions in premium for females in U-protect term insurance plan are a welcome measure taken by the company. The claim process is also a standard one pertaining to guidelines laid by IRDAI.

FAQ's on DHFL Pramerica Term Insurance

How does this plan work?

  • Choose the monthly income benefit that you would like your family to receive every month.
  • Choose the tenure of the plan.
  • Choose any or both the optional riders if you wish to.
  • Work out the premium payable.
  • Once the cover period begins, the benefits would be paid in case of eventualities.

How will the benefits be paid under the following scenarios

Case 1: In a 15-year (180 months) Family First Plan with face amount of Rs. 4,000 Monthly Family First, if the insured person dies in, say, the 120th month, the beneficiary will receive Rs 4,000 monthly income installment for the month of death and the remaining 60-months period plus a lump sum of Rs.80,000 (20 x 4000) with the first monthly payout.

Case 2: In a 15-year (180 months) Family First Plan with face amount of Rs.4,000 Monthly Family First payout, if the insured person dies anytime during the last 48 months, the beneficiary will receive minimum guarantee 48 monthly installments plus a lump sum of Rs.80,000 (20 x 4000) with the first monthly payout

What if I discontinue paying premiums but want to restart subsequently?

If you have discontinued premium payments for some reason and the policy has lapsed, you can restart it within three years from the premium due date. If three years have passed, the policy will be terminated. If 90 days have passed since premium due date, the policy will be reinstated at the request of the policyholder without medical declaration or examination; if 90 to 180 days have passed, a medical declaration will be needed; and if over 180 days have passed, a medical examination will also be needed. All premiums that would have been payable from the date of default up to the proposed date of reinstatement will need to be paid by you/policyholder with interest.

Can I change the beneficiary during the tenure of the policy?

Yes, you can change the beneficiary anytime during the policy before the term completion date.

How much insurance do I need?

The amount of life insurance coverage needed will depend on several different factors such as the number of dependents and their basic needs, the lifestyle you wish for your family to enjoy, the amount of loans you have, children’s education expenses, etc. Considering all the above factors, you can decide on a monthly income figure that would be needed in the unfortunate event of you not being there.

DHFL Pramerica Term Insurance