Pramerica Life 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 Pramerica Life.
Mentioned below are the features of Pramerica Life Family Income Plan:
Mentioned below are the benefits of Pramerica Life 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 (Pramerica Life Traditional Accidental Death Benefit Rider or Pramerica Life 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.
The eligibility criteria for Pramerica Life Family Income Plan is as follows:
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 55 years |
| Policy Term | 5 years | 30 years |
| Benefit Expiry Age | NA | 65 years |
| Monthly Family Income | ₹2,000 | No limit |
| Premium | Depends 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 Option | Regular Pay | |
| Premium Payment Modes | Annual/Semi-annual/Quarterly/Monthly | |
Mentioned below are the premium details for a standard male life for an annual mode policy.
| Policy Term (yrs) | Age (yrs) | 9810 | Monthly Income for your family (₹) | ||
|---|---|---|---|---|---|
| 10,000 | 20,000 | 40,000 | |||
| 25 | Premium payable p.a. (₹) | 4,050 | 7,580 | 15,160 | |
| 40 | 7,350 | 14,480 | 28,960 | ||
| 30 | 2,850 | 14,480 | 10,200 | ||
| 40 | 4,480 | 8,480 | 16,960 | ||
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.
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.
Pramerica Life 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, Pramerica Life has become a market leader in the insurance sector. Pramerica Life Family Income Plan is one of the most successful term policies issued by Pramerica Life. The reason for its popularity stems from the feature of guaranteed income.
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.
