DHFL Pramerica Child Plans

3.9 / 5 based on 22 User Reviews
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DHFL Pramerica Child Plans

Two types of child plans offered by DHFL Pramerica Life Insurance Company which are traditional plans. The plans are:

What is a child plan?

A child plan is one insurance plan which has been specifically designed only for the benefit of the child’s future. When, as a parent, you decide to invest in a child insurance plan, you undertake to assure that your child’s future will be secured no matter whatever your future holds. If you have a minor child, buying a child insurance plan becomes all the more necessary because the child needs your protection. Child plans which the insurance companies sell have a very unique design which is done only considering the child’s welfare. These types of insurance plans are either offered as a traditional plan or as a unit linked insurance plan. Traditional plans are those types of plans which have a long-term perspective and they keep the premiums for a longer tenure. Up on maturity, a fixed benefit is paid which is stated at the tie of buying the plan. If the policyholder dies during this tenure, a fixed benefit is also payable which is called a death benefit. Traditional plans also earn bonuses which further increase the child’s fund. Unit linked plans are linked to market returns where the premiums paid are invested in the market. As the market grows, so does your money and on maturity or on earlier death the fund value is paid. Child plans have a unique feature of an inbuilt rider which is called the Premium Waiver or Waiver of Premium Rider. These riders are useful when the parent’s life is insured under the plans. The rider states that if the parent of the child dies amidst the plan continuance, the child will not be deprived of the benefits earlier promised. The premiums which are due will be paid by the insurance company and the plan will run on the original terms. A specified amount of death benefit will be paid to the nominee immediately as death occurs. Thereafter, the plan continues by the payment of premiums by the insurance company. As the plan matures, the maturity benefit will again be paid and then the plan will terminate. So a child insurance plan pays two benefits when death occurs making it ideal for the child’s future financial requirement.

Generally a parent is insured under the plan but sometimes, the insurance plan may be designed to cover the life of a minor child. In these cases, the child will be the life insured and the parent will be the policyholder who will be supposed to pay the premiums. Since the parent pays the premiums, if he dies, the inbuilt premium waiver rider will kick-in here also. Again the premiums will be contributed by the insurance company while the child will be able to enjoy an insurance cover. There are two additional clauses in this type of plan. One is the deferment clause whereby the child is not immediately covered by the plan. There will be deferment period or the waiting period in the initial couple of years during which though the plan will be in force, the Sum Assured coverage will not. If the child dies during the deferent period, the company will only be liable to return the premiums which were paid till the death of the child and not the Sum Assured amount. After the deferment period is over, the risk cover will commence. Another clause is the Vesting clause. Since the parent is paying the premium and the child is a minor, the parent is the policyholder. On Vesting, the child becomes the policyholder of the child plan. After Vesting, the child can also make a nomination in the plan which was not required earlier. The Vesting date is the policy anniversary which falls after the child attains 18 years of age.

DHFL Pramerica Life Insurance Company Limited is headquartered in Gurgaon and is one of the fastest growing life Insurance companies. A wide range of life insurance solutions is provided for both individuals and groups taking care of the various financial needs such as retirement planning, savings and wealth creation and securing the child’s future. At present it has 72 branches, 2707 employees. It is a joint venture between Dewan Housing Finance Corporation Limited (DHFL), India’s second largest private sector housing finance company and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. DPLI represents the coming together of two renowned financial services organizations with a legacy of business excellence spread over decades. The life insurance joint venture agreement between the two partners was signed in July 2013. At DPLI, they are committed to providing quality financial advice to our customers. They also guide and enable our customers to make informed insurance decisions to meet their life’s short term and long term financial goals. 

DHFL Pramerica Future Idols Gold+

A traditional child insurance plan protecting the child’s financial future the features include:

  • This plan is eligible to earn bonuses declared by the company
  • There are two options of paying the premiums which are Regular Pay and Limited Pay
  • When the plan matures, the value payable is 125% of Sum Assured + the accrued bonuses and any available Final Bonus
  • If the insured dies, the Death Sum Assured which is higher of 10 or 7 times the yearly premium depending on the age of the insured or 125% of basic Sum Assured is paid to the nominee provided a minimum of 105% of premiums paid. Interim Bonus and any Final Bonus is also paid with the Death Sum Assured.
  • The policyholder has a choice to take the death benefit either in lump sum or in instalments. In the latter case, 50% of the benefit is paid immediately on death and thereafter, 1% of the basic Sum Assured is paid monthly post death till the end of the term for a minimum of 36 months. Moreover, on maturity, 125% of the basic Sum Assured is again paid to the nominee
  • Loans are available up to a maximum of 80% of Surrender Value

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

65 years

Policy Term

15, 20 or 25 years

Premium amount

Rs.10, 800

Depends on the coverage, tenure and age

Sum Assured

Rs.1.5 lakhs

Rs.5 crores

Premium Payment Term

8 years

25 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

DHFL PramericaRaksha +

Another traditional child insurance plan to take care of the child’s future. The features and benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for a limited tenure only.
  • Annual Guaranteed Additions accrue every year @30% which also increases by another 10% after every 3 years
  • On maturity, the basic Sum Assured multiplied by the Guaranteed Maturity Factor is payable to the policyholder.
  • The Guaranteed Maturity Factor varies with the plan tenure and is paid @150% if the plan term is 10 years, 175% if the term is 15 years and 200% if the term is 20 years
  • In case of death of the insured during the tenure of the plan, the Death Sum Assured which is higher of 10 or 7 times the annual premium depending on the age of the insured or the basic Sum Assured multiplied by the Guaranteed Maturity Factor is paid to the nominee subject to a minimum amount of 105% of all premiums paid till the date of death. The accrued Guaranteed Additions are also paid along with the Death Sum Assured
  • The policyholder has a choice to avail the death benefit in lump sum or in instalments. In the latter case, 100% of the basic Sum Assured is paid immediately on death and thereafter, 2% of the basic Sum Assured is paid monthly post death till the end of the term for a minimum of 36 months. Moreover, on maturity, the basic Sum Assured multiplied by the Guaranteed Maturity Factor is again paid to the nominee
  • Loans can be availed under the plan up to a maximum of 80% of the Surrender Value

Eligibility Details

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

65 years

Policy Term

15, 20 or 25 years

Premium amount

Rs.12,000

Depends on the coverage, tenure and age

Sum Assured

Rs.1 lakh

Rs.5 crores

Premium Payment Term

7, 10 or 15 years

Premium Paying Frequency

Yearly, half-yearly or monthly

 

Applying for a Child Plan from the company:

Online

The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

Intermediaries

Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Child Plans through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Child Plans under the Personal tab.
  2. Click New Quotes to compare and choose from top insurance providers.
  3. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
  5. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  7. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  8. This will take you to the insurer’s website. Fill in the necessary details to buy the plan.

Other Plans :

        DHFL  Pramerica life Insurance

        DHFL  Pramerica Investment Plans

DHFL Pramerica Child Plans - FAQs

1. How to pay premium? What are the modes of payment available?

The following modes for payment are available for DHFL Pramerica Life Insurance:

  • Online or NEFT transfer
  • Through ECS
  • Through Cash or cheque at select branch office.
  • At SBI branches
  • At Axis branches

For online transaction, please visit e-portal.

2. How can I check policy status for DHFL Pramerica child plans?

Policy status can be checked by login into the personal account with the help of user Id and password and then clicking on the Policy Details tab.

 

3. What is the policy renewal process for DHFL Pramerica child plans?

For renewing a policy under DHFL Pramerica Life Insurance, there are 2 basic options:

  • Paying online
  • Cheque pick up facility

For paying online, you must visit the portal with the user id and password and enter the policy number for renewing it. Online payment options with the aid of debit card, credit card and Net banking is available.

Cheque pick up facility can also be opted, wherein the company’s staff will get the cheque from your doorsteps.

4. What is the company’s process to settle claim for DHFL Pramerica child plans?

For settling claim, you need to fill in and submit the mandatory documents as listed in the website for the particular category of claim, along with a cancelled cheque and a passport size photograph. Upon receiving the set of documents, the company endeavors to settle the claims within a time frame of 30 days.

5. What is the policy cancellation process for DHFL Pramerica child plans?

For cancellation of any existing policy, you must fill in the surrender form , fill it up completely and dispatch it to the head office. Necessary documents needs to be attached with it such as mentioned in the policy along with surrender charges. Upon receiving of the above, the policy will be cancelled on records for the holder.

For new users, a period of 15 days is given, wherein you can surrender the policy, clearing stating the reason for the same.

DHFL Pramerica Child Plans Reviews

TOTAL REVIEWS (22)
Kiran
Kinnaur
July 07, 2016

Child Plan

Child insurance plan of my child is wonderful and it's service is up to the mark. Policy cover is very much and all expenditure is through policy only. Claims are easy to cleared which is possible only by the fast service given by the staff members of the company.

Dixit
Ahmedabad
June 28, 2016

Good Policy

My farther gave me child insurance plan which has some nice benefits. the policy coverage is high and the returning amount is very good. Service facilitate by the executives is fantastic. Good future plan which make my dreams come true. Thanks dad.

NAMAN
Navi_mumbai
May 20, 2016

Best Plan

I have child plan for my child from dhfl pramerica life insurance. Policy coverage is high 89% and the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Good future investment which save taxes. Really good job guys, I like the terms and conditions of the policy.

Mankaran
Meerut
May 20, 2016

Good Policy Coverage

The child plan for my child which i buy from dhfl pramerica life insurance. Policy coverage is high 90% and the premium is low. Claims are easy to get because of the fast service provided by the executives and staff members. Daily updates are also mailed to me time to time. Fine policy good work. Good future investment and it save tax also.

Lokesh
Indore
May 20, 2016

Future Savings

I own an awesome dhfl pramerica child plan for my child. The claim is high and the policy coverage is 92%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. I'm satisfied with the policy and its terms and conditions.

Karan
Lonavla
May 20, 2016

Excellent Policy

My policy is dhfl pramerica child plan for my child is really good. The policy is nice with good benefits. Good policy coverage ~90% and claiming amount is Rs.33 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. Good future investment with saving tax too.

Jitender
Jaswant_nagar
May 20, 2016

Okay Okay

By online searching i found awesome dhfl pramerica child plan. The claim is high and the policy coverage is 84%. Service you provided is fast and very quick. Daily updates are mail and texted to me. The policy is good for future investment and it saves taxes also. The policy updates are mailed to me daily. Satisfactory for me.

Harish
Gwalior
May 20, 2016

Fair Deal

I bought dhfl pramerica child plan for my child which is very good. The policy has many benefits like good investments for future and it save taxes also. Policy coverage is 87% and the claims are around 34 L after policy ends. Fair Terms and Conditions.

Gautam
Palwal
May 20, 2016

Perfect

The best child policy plan i bought from dhfl pramerica life insurance and the policy plan is awesome. The policy coverage is 91% and the claims are 38 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Good for tax saving too.

Deepak
Fatehgarh
May 20, 2016

Normal Policy

I have dhfl pramerica child insurance plan. Policy coverage is 87% and the claims are high. Premium is low and the services are fast and with great response from executives and staff members of the company. Good future investment and it saves taxes. The executives and staff members behave well with there customers. Very good policy plan.

Saahir
Kolkata
May 20, 2016

Trustworthy

I purchase dhfl pramerica child plan. Policy coverage is good 82% but the premium is low. Service provided is bit slow and claims are good and Rs.30 L is the amount i get after policy get end. The updates regarding policy is send to me regularly. I just wanted to say that satisfactory policy plan. Good future investment, I like it.

Arnav
Rai_bareilly
May 20, 2016

Power Plan

Superb child policy plan which provided by dhfl pramerica life insurance. The policy coverage is 89% and the claims are ~Rs.36 L after policy ends. The investment is ~Rs.10.1 K quarterly per year. Services are great and fast too. Great work guys. Good future investment with tax saving. The daily updates are send to me regularly.

Esha
Manipal
May 20, 2016

Wonderful

I purchase dhfl pramerica child plan. The policy coverage is 87% and the claims are good with low premiums. Service you provided is very quick and the behaviour of the executives and staff members is nice. Good future investment and it reduces taxes also. Nice plan, I like it.

Rajveer
Faizabad
May 20, 2016

Awesome

The best child plan i buy from dhfl pramerica life insurance and the policy is awesome. The policy coverage is 92% and the claims are 35 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Service you provided is very quick and on time. Fantastic future investment with great interest.

Tushar
Zahirabad
May 20, 2016

Manageable Policy

The DHFL pramerica life insurance is the best insurer in the market, cheap and affordable. I buy child plan for my child. The policy is nice, Good policy coverage ~86% and claiming amount is Rs.33 L after policy get mature. But the service is bit slow, please improve it. And the behaviour of the executives and staff members are nice. The updates about the policy is mailed or texted to me regularly. Satisfactory for me.

Yogesh
Nagpur
May 20, 2016

Coverage Is Good

I purchase dhfl pramerica child plan which has very good policy coverage ~84%. The service is also good, fast and on time. The claims are high ~ 31 L and claiming process is easy because the executive and staff members providing good response and quick services. Good investment with tax savings. Daily updates are send to me regularly. Nice work.

Uttam
Port_blair
May 20, 2016

Satisfactory Policy

DHFL pramerica child plan is the policy for my child. The service is fast and the policy coverage is approx. 79%. The claims are okay but the claiming process is bit lengthy. Executives and staff members are doing great work with good response. Okay policy and good for tax saving. Good for middle class person. Please improve the policy services and online facilities. Manageable for me.

Manisha
Deoli
May 20, 2016

Average Policy

I purchase dhfl pramerica child plan which is an average one. The policy provide wide range of plans. My policy coverage is good 69%. Service is nice and work is done in short period of time. Claims are high and the payback amount is 29 L after policy get mature. The service provided by the executives and staff members are really nice. Good future security which save taxes too. I like it.

Isha
Gurgaon
May 20, 2016

Super Policy

I have the best child policy i bought from dhfl pramerica life insurance and the policy plan is awesome. The policy coverage is 87% and the claims are Rs.32 L after policy get mature. The investment is low and the returns are high. Good future plan with tax protection. Daily updates send me regularly. I like the policy.

Pooja
Greater_noida
May 20, 2016

Fine Policy

I have dhfl pramerica child plan and the benefits are many. Policy coverage is good 85% and the payback amount is 34 L when policy ends. Claims are easily get due to great services facilitate by executives of the company. Nice future investment and it saves taxes also. The policy terms and conditions are very reliable, Good job.

Abhinav
Ahmednagar
May 20, 2016

Good

DHFL pramerica child plan is good policy. Policy have various benefits but the policy coverage is the best ~90% is covered in the policy. Claims are high and the premiums are low. Service is good. Nice future investment which saves tax also. The behaviour of executives is very calm. The updates regarding policy is mailed to me time to time.

Nitin
Kanpur
May 12, 2016

Above Average

I bought dhfl pramerica child plan. The policy is good with better benefits. The policy coverage is high ~ 84%. Claims are high and the claiming process is easy because the service provided by the executives is nice and on time. The behaviour of the staff members is very nice. Good future investment with tax saving.