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 features of Pramerica Life Family First Term Insurance are as follows:
The benefits offered under Pramerica Life Family First Term Insurance are as follows:
| Eligibility | Criteria |
|---|---|
| Minimum Age at Entry | 18 years |
| Maximum Age at Entry | 50 years |
| Policy Term | 10 years to 30 years |
| Maximum Maturity Age | 65 years |
| Minimum Annual Premium | Rs. 2000 for Annual, Semi-Annual and Quarterly modes Rs. 2400 for Monthly mode |
| Minimum Monthly Income | Rs. 4,000 |
| Lump Sum Death Benefit | 20 times of Monthly Income |
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.
Premiums are determined on the basis of the applicant’s age, income and policy term chosen, among other factors.
| Frequency | Minimum Annual Premium |
|---|---|
| Annual, Semi-Annual and Quarterly modes | Rs. 2000 |
| Monthly mode | Rs. 2400 |
Example:
| Term | Monthly Income (Rs.) | 10,000 | 20,000 | 40,000 |
| Age* (Years) | Annual Premium# (Rs.) | |||
| 25 years | 30 | 4,070 | 7,580 | 15,160 |
| 40 | 8,070 | 15,540 | 31,080 | |
| 15 years | 30 | 3,090 | 5,580 | 11,160 |
| 40 | 4,850 | 9,100 | 18,200 | |
*Assuming a healthy male life.
The above premium doesn’t include Goods and Service Tax
Riders under Pramerica Life Family First Term Insurance
An individual will have to submit certain documents to avail Pramerica Life Family First Term Insurance. The documents include:
Identity Proof -
Address Proof
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.
“Pramerica Life 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. “
What is the minimum age to buy Pramerica Life Family First Term Insurance?
An individual must be at least 18 years of age to avail Pramerica Life Family First Term Insurance.
What are the benefits payable under Pramerica Life Family First Term Insurance?
In the event of the demise of the life assured during the policy period, the beneficiary would receive:
Does Pramerica Life Family First Term Insurance pay out maturity benefits?
No. Since Pramerica Life 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 Pramerica Life Family First Term Insurance?
Premiums paid toward Pramerica Life 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 Pramerica Life Family First Term Insurance?
Yes. If an individual disagrees with the terms of the Pramerica Life 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 Pramerica Life 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.
