The Pramerica Life Insurance Company has its headquarters located at Gurgaon and it is identified to be as one of the fastest upcoming life Insurance companies of India among the rest. The organization offers a wide range of life insurance policies for the individuals as well as groups that takes care of their various financial needs including the retirement planning, the savings, and the wealth creation. Presently, the company has a total of 126 branches housing a total of 3906 employees.
The Pramerica Life Insurance organization offers ULIP Plans to the customers that provide the dual benefit of the market linked returns as well as life insurance coverage under the single plan. Let us have a look at the different types of policies that are offered by the company along with the features and the benefits of all of the plans in details.
The following are the major types of Pramerica Life ULIP Plans. All of these cater to a variety of needs of the different types of users. One can opt for any of them, whichever they feel suits their needs and budget.
The Pramerica Life Smart Wealth+
The Pramerica Life Smart Wealth+ is identified as a non-participating unit-linked insurance plan which facilitates the process of wealth creation for the planned milestones of life.
Features
Benefits
Maturity Benefit: On survival of the Life Insured till maturity date, the fund value will be paid to the Policyholder.
Death Benefit: On unfortunate demise of the Life Insured during the Policy Term, the Policy will pay Death Benefit which is equal to higher of Sum Assured or Fund Value subject to a minimum of 105% of Premium paid.
Eligibility
The Pramerica Life Wealth+ Ace
The Pramerica Life Wealth+ Ace is identified as a single premium unit linked insurance plan, which assists an individual in achieving the planned milestones by creating investment opportunities, thus facilitating the individual with a financially secured as well as protected future for the loved ones.
Features:
Persistency Units: The Company will add persistency units to your unit account at the end of every 5th year, starting from 10th Policy Anniversary, provided they fall within the Policy Term
Systematic Transfer Plan: Avail the option of investing specific amounts on monthly intervals basis, through our 'Systematic Transfer Plan'
Benefits
Maturity Benefit: On maturity, fund value including the value of persistency units will become payable.
Death Benefit: In the event of death, the Policy pays higher of Sum Assured less Partial Withdrawals (if applicable) or Fund Value (including the value of persistency units) or 105% of Premium paid.
Systematic Transfer Plan (STP): With Systematic Transfer Plan (STP), one can invest a specific amount in a regular fashion in one or more of the four funds mentioned below, and decide the proportion of money he/she would like to invest in each fund at monthly intervals subject to minimum of 10% of single premium. This gives the advantage of rupee cost averaging. Thus, the insured buys more units when markets are down and fewer units when markets are up, thereby reducing the average cost of purchase of units in the funds selected. Apart from choosing the amount, the Policyholder also needs to choose the duration/ period over which he/she would like to avail STP from the available options of 6 or 12 months.
Persistency Units: As a commitment towards investors wealth creation objective, while the Policy is in force, Persistency Units as a percentage of average fund value at preceding 36 monthly anniversaries, will be added to the Policyholder's unit account at the end of every 5th Policy year starting 10th Policy Anniversary until the end of the Policy Term.
Eligibility
The Pramerica Life Insurance organization offers ULIP Plans to the customers that provide the dual benefit of the market linked returns as well as life insurance coverage under a single plan.
Documents Required
The Policyholder is required to fill up the application form containing accurate medical details, which also requires an address proof and the other KYC documents. Even then, medical tests may be needed in certain cases depending on the Sum Assured and the person’s age. The documents that are necessary to be insured under the insurance plan are all subject to the sum assured amount that is chosen and the premiums that are paid for it. Below mentioned are some of the primary documents that are required for an individual to get insured under the plan:
Why you should opt for Pramerica Life Smart Wealth+?
The Pramerica Life Smart Wealth+ is identified as a non-participating unit-linked insurance plan which facilitates the process of wealth creation for the planned milestones of life.
How to pay a premium? What are the modes of payment available?
In order to pay the premium, the below-mentioned modes are made available for the payment of the Pramerica Life Insurance:
How can I check policy status for Pramerica Life ULIP Plans?
The Policy status can be easily checked by logging in onto the customer portal by taking the help of the User ID and the created password, and then checking in on the Policy Details icon available on the screen.
What is the policy renewal process for Pramerica Life ULIP Plans?
For the purpose of renewing the policy under the Pramerica Life Insurance, one has 2 basic options available at their disposal:
The Cheque pick up facility may also be opted for, wherein a company’s official representative would collect the cheque from the doorstep of the customer.
For the online payment service, one needs to visit the portal by using the user id and the password and then key in the policy number for the purpose of renewing the same. The Online payment can be completed with the help of a credit card, debit card as well as Net banking is made available.
What is the company’s process to settle a claim for Pramerica Life ULIP Plans?
For the purpose of settling the claim, an individual needs to fill up and submit all of the mandatory documents as stated on the company website for the specific category of the claim, as well as a canceled cheque along with a passport size photograph. On getting the set of the documents at their end, the company initiates the process to settle the claims of the clients within a stipulated time period of 30 days.
What is the policy cancellation process for Pramerica Life ULIP Plans?
For the purpose of cancellation of any kind of existing policy, one must fill in a surrender form. They must fill it up completely and then dispatch the duly filled form to the office of the insurance company. All of the Necessary documents that are mentioned in the policy must be attached to it. On receiving the documents by the Office of the insurance company, the policy would be canceled.
What are Pramerica Life ULIP Plans in India?
The Pramerica Life Insurance organization offers ULIP Plans to the customers that provide the dual benefit of the market linked returns as well as life insurance coverage under the single plan. Currently, the company has four ULIP plans i.e. Pramerica Life Smart Wealth+, Pramerica Life Wealth Enhancer, Pramerica Life Wealth Maximiser and Pramerica Life Wealth+ Ace.
