Pramerica Life TruShiled plan is a non-participating non-linked term life insurance plan. The purpose of this plan is to provide protection in the form of financial security in case something happens to the policyholder in the near future. The plan provides pure life insurance cover along with return of premium on maturity.
Note: All information has been sourced from the official website of Pramerica Life.
Mentioned below are the features of Pramerica Life TruShiled plan:
Mentioned below are the benefits of Pramerica Life TruShiled plan:
Death Benefit - In case of death of the policyholder within the policy term, the insurer will pay Death Sum Assured in lump sum to the mentioned Nominee/Beneficiary/Dependent.
Additional Shield Cover - This is the death benefit payable in addition to the Death Sum Assured after Premium Payment Term is over and complete premiums payable under the policy has been paid.
Death Sum Assured for Limited or Regular Pay Option - The amount will be a highest of:
10 times of Annualized Premium or
Maturity Sum Assured; or
Absolute amount assured to be payable on death which is equal to Base Sum Assured (Option-A Level Cover option) or Reducing Sum Assured (Option-B Reducing Cover option), as applicable.
Note: Death Sum Assured shall be equal to 105% multiplied by all the premium paid# as on date of death.
Death Sum Assured for Single Pay Option - The amount will be a highest of:
125% of Single Premium in case Age at Entry is less than 45 years (110% of Single Premium in case Age at Entry is 45 years and above) or
Maturity Sum Assured; or
Absolute amount assured to be payable on death which is equal to Base Sum Assured (Option-A Level Cover option) or Reducing Sum Assured (Option-B Reducing Cover option), as applicable.
Note: Death Sum Assured shall at least be equal to 105% multiplied by all the premium paid# as on date of death.
Premiums Paid for this purpose is Premium exclusive of any underwriting extra, if any.
*The Annualized/Single Premium shall be the Premium payable in a Policy Year chosen by the Policyholder, excluding the underwriting extra Premiums and loadings for modal Premiums, if any.
Premium paid for this purpose is Premium exclusive of any underwriting extras, if any.
Maturity Benefit - On survival of Life Insured to Maturity Date within policy term, the amount payable will be equal to Maturity Sum Assured, where Maturity Sum Assured is defined as below:
| Premium Payment Option | Maturity Sum Assured |
|---|---|
| Limited Pay & Regular Pay | Total Premium Payable under the policy (excluding any underwriting extra, if any) |
| Single | Single Premium (excluding any underwriting extra, if any) |
The eligibility details are as follows:
| Eligibility | Criteria | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Age at Entry | Minimum: 18 Years Maximum: |
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| Maturity Age | 65 Years | ||||||||||||
| Policy Term | 7 years, 10 years, 12 years, 15 Years or 20 Years | ||||||||||||
| Premium Payment Term | Policy Term Premium Payment Term 7 years Regular Pay 10 years Single Pay, 5 Pay or Regular Pay 12 years Regular Pay 15 years Single Pay, 7 Pay or 12 Pay 20 Years Single Pay or 10 Pay |
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| Base Sum Assured | Minimum: Rs. 5,00,000 Maximum: Rs. 50 Crores, subject to underwriting as per Board approved underwriting policy |
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| Premium Payment Mode | Single, Annual and Monthly | ||||||||||||
| Minimum Annual Premium |
|
Note: Age as on last birthday
Discount on Premium:
| Premium Payment Term | Discount Offered |
|---|---|
| 1 | 2% |
| 5 | 12.5% |
| 7 | 17.5% |
| 10 | 25% |
| 12 | 35% |
For policies purchased online:
| Limited Pay Option | 2.75% |
| Regular Pay Option | 3.60% |
| Single Pay Option | 1.00% |
This policy comes with a grace period of 30 days.
You can surrender the policy post premium payment of three consecutive years for a 10 years Premium Paying Term.
You can revive the policy within two years of the first unpaid premium.
You are granted a free-look period of 15 days from the commencement of the policy.
A proposer 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.
If death occurs due to suicide, whether sane or insane, within twelve months of the date of commencement of risk or within twelve months from the date of revival of the Policy, then the insurer will pay an amount equal to higher of 80% of total Premium paid (excluding underwriting extra, if any), or Surrender Value as on date of death, if any.
With the Pramerica Life TruShiled plan, your entire family is protected in times of your absence. Pramerica Life provides superior quality services along with a vast portfolio of insurance products. Pramerica Life has also won several awards such as Most Popular and Best Website of the Year 2016 in the Insurance Category.
Who can buy Pramerica Life TruShiled plan?
It can be purchased by any individual between the ages of 18-45 years.
What is the sum assured in Pramerica Life TruShiled plan?
The minimum sum assured is ₹5 lakhs while the maximum sum assured is ₹50 crores.
Can I avail a loan against this policy?
No, Pramerica Life TruShield does not come with a loan against policy facility.
Are there any riders available in Pramerica Life TruShiled plan?
No, there are no riders available in Pramerica Life TruShield Term Insurance.
