DHFL Pramerica Term Insurance Plans

4.2 / 5 based on 22 User Reviews
*Please note that the quotes shown will be from our partners

The fastest growing life insurance company in its sector, DHFL Pramerica Life Insurance Company is based out of Gurgaon which is the company’s headquarters. The company has 72 branches, 2707 employees and provides a diversity of life insurance solutions 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. 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.

 What are Term Insurance Plans?

Term plans are the basic form of insurance plans which provide insurance benefit if the policyholder dies prematurely. The term life insurance plans have a range of period and the policyholder is supposed to select the suitable tenure and the amount of coverage required by him. The company will then decide the amount of premium which the policyholder will be needed to pay so that he can buy the insurance cover. Death benefit is the only benefit payable under the plan which is paid

DHFL Pramerica Term Plans

Various types of term insurance plans are being offered by the company with differentiated features. The plans are discussed below for a better understanding.

DHFL Pramerica Term Plan -Family First Plan

A term insurance plan where the benefits are paid out in monthly instalments. Let’s take a look at the important points:

  • Premiums are required to be paid for the entire plan duration under Regular Pay option of premium payment.
  • The plan promises multiple benefits in case of insured’s death during the tenure of the plan. The benefits include lump sum benefit as well as guaranteed monthly benefits.
  • On death, 20 times the monthly income is paid immediately to the nominee. Thereafter, a fixed monthly income which was chosen at inception is paid to the nominee following the month of death till the end of the term subject to a minimum period of 4 years.
  • The plan can be customized by adding two available riders which are DHFL Pramerica Traditional Accidental Death Benefit Rider and DHFL Pramerica Traditional Critical Illness Rider.
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

50 years

Maturity Age

-

65 years

Policy Term

10 years

30 years

Monthly Benefit

Rs.4000

No limit

Annual Premium Amount

Rs.2000

No limit

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

DHFL Pramerica Term Plan - Family Income Plan

A decreasing term insurance plan where the benefits are payable in monthly instalments. The plan benefits are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
  • Upon death of the insured the death benefit is payable which can be taken in monthly instalments or in one lump sum
  • In case of availing monthly instalments, a fixed monthly income chosen at the inception of the plan is payable following the month of death till the end of the plan tenure subject to a minimum of 3 years or 36 monthly payments.
  • In case the nominee wishes to avail a lump sum benefit, the discounted value of all future monthly incomes will be paid to him.
  • The plan can be customized by adding two available riders which are DHFL Pramerica Traditional Accidental Death Benefit Rider and DHFL Pramerica Traditional Critical Illness Rider.
  • The plan offers differential premium rates for male and female lives
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

65 years

Policy Term

5 years

30 years

Monthly Benefit

Rs.2000

No limit

Annual Premium Amount

Rs.1000

No limit

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly, half-yearly, quarterly or monthly

 

DHFL Pramerica Term Plan - U Protect Plan

A simple term insurance plan giving higher coverage levels at minimal rates o premiums. The features with benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
  • In case of death of the insured during the tenure of the plan, Sum Assured is given to the nominee
  • The plan can be customized by adding two available riders which are DHFL Pramerica Traditional Accidental Death Benefit Rider and DHFL Pramerica Traditional Critical Illness Rider.
  • The plan offers differential premium rates for male and female lives
  • Lower premium rates for healthy non-smokers
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Eligibility Details                                                                    

 

Minimum

Maximum

Entry Age

18 years

55 years

Maturity Age

-

65 years

Policy Term

10 years

30 years

Sum Assured

Rs.25 lakhs

No limit

Annual Premium Amount

Rs.4000

No limit

Premium Payment Term

Equal to policy term

Premium Payment Frequency

Yearly or half-yearly

 

What is Decreasing Term Life Insurance?

Decreasing term life insurance is a kind of term life insurance where the sum assured decreases as the policy period proceeds. The rate at which the value decreases is pre-determined. It is important to remember that though the sum assured decreases, the premium remains constant throughout the policy. A decreasing term plan is usually bought to protect the family members against a mortgage and so it is also known as mortgage protection insurance.

How does decreasing term life insurance work?

In a decreasing term plan, the sum assured or the death benefit reduces throughout the policy period. This is because such a plan is normally bought to cover a mortgage or a loan. So as with time you pay off the loan, the sum assured decreases as well. Let us understand this with an example. Rajesh buys a house for Rs. 50 lacs. He takes a loan of Rs. 40 lacs from the bank for 30 years. He has to pay Rs. 10,000 every month (and Rs. 1,20,000 annually) as the EMI. As a result, his term plan’s face value also decreases by Rs. 1,20,000 every year. By the end of the term (which is equivalent to the loan period, i.e. 30 years), the face value will reach zero and he will not be entitled to get anything back. However, if he happens to die during the tenure of the policy, his nominees will receive the sum assured which will be similar to the remaining loan amount. They can then use the money to repay the loan

 Applying for a Term 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 DHFL Pramerica Term Insurance through PolicyBazaar

  1. On the PolicyBazaar homepage, click on Term Insurance 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. You will have to fill in the necessary details to buy the plan.

 

Other Plans :

        DHFL  Pramerica life Insurance

        DHFL  Pramerica Investment Plans

DHFL Pramerica Term Insurance 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.

Alternatively, you can pay through customer helpline options, which allow money transfer through telephonic medium or by a credit card.


2. How can I check policy status for DHFL Pramerica term insurance 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 term insurance 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 term insurance 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 term insurance 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 Term Insurance Plans Reviews

TOTAL REVIEWS (22)
Madhu
Jiaganj
July 07, 2016

Term Insurance

I have term insurance plan and very good one. Policy cover maximum scenarios and its premium is less. Service is fantastic provided by members of company. Claims are simple to clear by online or manually. Online service is easy to use.

Akash
Agra
June 28, 2016

Good

The policy coverage is high and claims are good which very easy to clear because your guys are really very good responsive team. The investment is low but the returns are high. Good term insurance plan which makes my life easier. I like the insurance policy and internet service too.

Bhavya
Nizamabad
May 18, 2016

Excellent Policy

My dhfl pramerica term insurance plan is nice. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. Good investments which reduces taxes. I like the plan.

Varun
Zahirabad
May 18, 2016

Manageable Policy

My policy is not that good because the service is bit slow, the policy coverage is little low, Claims are not enough, premiums are high, Executives and staff members help when ever needed. Manageable policy, Please improve the service for better result.

Chandan
Kolkata
May 18, 2016

Perfect

I have term insurance policy plan from dhfl pramerica life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services is super. Good behaviour shown by executives and staff members. Good investment which save taxes.

Abhinav
Kolkata
May 18, 2016

Fantastic Deal

The dhfl pramerica term insurance plan i have is great. The policy coverage is high with high claiming amount. The premiums are low and the payback returns are approx. rs.39 L. The service provided by the executives and the staff members is good with nice behaviour. Good investments for future. I'm satisfied.

Sumeet
Newada
May 18, 2016

Good Plan

My dhfl pramerica term insurance plan is awesome. The policy coverage is high ~92% and the claims are approx. 40 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. Daily updates mailed to me timely. I like the plan.

Dinesh
Greater_noida
May 18, 2016

Above Average

I purchase dhfl pramerica life insurance policy and the product is term insurance plan. The premiums are ~Rs.36 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future. Daily updates are send to me. Good job, I like the plan.

Gautam
Sonipat
May 18, 2016

Very Nice

Great dhfl pramerica term insurance plan i got recently. They has good speed and responsive for any query and for any help. Policy coverage is 87% and the claims are good with easy claiming process. The investment is good and it saves taxes also. Good investment with tax saving.

Harish
Jaipur
May 18, 2016

Better Plan

The dhfl pramerica term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are good and the payback amount is around Rs.37 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings.

Jayant
Haridwar
May 18, 2016

Normal Policy

The dhfl pramerica term policy plan i have is not as i expected. The policy coverage is 68% and the claims are less. The premiums are 22 K twice a year. Services is fast and the behaviour of the executives and staff members is good. Some improvement needed in the web site. Manageable policy plan. Please increase the coverage and services.

Kamal
Ahmedabad
May 18, 2016

Nice Policy

The dhfl pramerica term insurance plan is good. Policy coverage and claims are high with low investments. The executives and staff members behave well with the customers and providing nice outputs. The daily updates are mailed and texted to me regularly. It saves taxes. Good investment for future.

Lakshay
Lucknow
May 18, 2016

Manageable

I got dhfl pramerica term insurance plan. The policy plan is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice. The terms and conditions are good.

Prabhjot
Nilgiris
May 18, 2016

Okay Plan

Policy coverage is less around 71% and the premiums are low around 21 K twice a year. Service are good and always on time till now. The claims are cleared easily due to quick response from the executives and staff members. Please improve your policy coverage for better performance. My dhfl pramerica term insurance plan is satisfactory for me.

Omesh
Haldwani
May 18, 2016

Power Plan

DHFL pramerica term insurance plan is one of the best policy. The policy coverage is 89% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums. Good tax saver too.

Ishita
Faizabad
May 18, 2016

Above Average

The dhfl pramerica term insurance plan i have is not as i expected. The policy coverage is 69% and the claims are less. The premiums are 21 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Good tax saving benefit.

Umakant
Hyderabad
May 18, 2016

Fair Policy

The dhfl pramerica term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 88%. Claims are are good and the payback amount is around Rs.32 L after the policy get mature. Internet services is great with easy interface and vast variety of policies are there with full descriptions. Good policy.

Tanmay
Bangalore
May 18, 2016

Easy Returns

Great term insurance policy plan i got from dhfl pramerica life insurance. They has good in facilitate the fast services. Policy coverage is 86% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members are very nice.

Prashant
Gautam_buddha_nagar
May 18, 2016

Coverage Is Good

My dhfl pramerica term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is around Rs.35 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings. I like the plan.

Eshu
Lonavla
May 18, 2016

Average

I have dhfl pramerica term insurance plan. Policy coverage is good ~87% and the premiums are low approx. 36 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Good future investment and it reduces my taxes too.

Yajan
Darjeeling
May 18, 2016

Good

DHFL pramerica life insurance is one of the perfect insurance providers, i took term insurance policy plan from them. The policy is good in service and it can be buy and accessed from online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Because of online facility, it reduces the paper work and the waiting part is erased.

Chirag
Jorhat
May 12, 2016

Power Plan

DHFL Pramerica term insurance plan is great. They has good speed and responsive for any query and for any help. Policy coverage is 88% and the claims are good with easy claiming process. The investment is good and it saves taxes also. Daily updates are send to me regularly.