DHFL Pramerica ULIP Plans

4 / 5 based on 22 User Reviews
*Please note that the quotes shown will be from our partners

DHFL Pramerica Life Insurance Company Limited has its headquarters in Gurgaon and is termed to be one of the fastest growing life Insurance companies in India among others. The company provides a wide range of life insurance solutions for individuals as well as groupsto take care of the various financial needs of every individual including retirement planning, savings and wealth creation. Currently the company has 72 branches with 2707 employees. The company is a venture between Dewan Housing Finance Corporation Limited (DHFL), which is India’s second largest housing finance company in the private sector and Prudential International Insurance Holdings, Ltd. (PIIH), which is a fully owned subsidiary of Prudential Financial, Inc. (PFI), which is a financial services company. DPLI thus represents the merger of two well- known financial services companiesknown for business excellence spread over decades. The life insurance joint venture agreement between the two partners was signed in July 2013 and the company was formed.

What are ULIPs?

Unit Linked Insurance Plans (ULIPs) are plans developed by insurance companies on the basis of the features of a mutual fund where the premiums paid by the policyholder are invested in a corpus which is then invested in stocks and shares of different companies functioning in the capital market. The total value of the corpus in accordance with market valuation divided by the total number of securities purchased depicts the Net Asset Value (NAV) which is the price of one unit. The premium which the policyholder pays is invested in the chosen fund at the fund’s prevailing NAV which changes daily. ULIPs promise good returns and insurance coverage making them a package plan. The common features of every ULIP are as follows:

  • The company has different available funds and the premiums paid will be invested in one or a combination of available funds. The choice of investment depends on the policyholder and his risk appetite.
  • Premiums paid are then subject to charges like administrative charges, fund management charges, mortality charges, etc.
  • The extent of coverage depends on the amount of premium paid by the policyholder.
  • There is a 5 year lock-in period during which the fund value cannot be withdrawn. Post the lock-in period, the policyholder can make partial withdrawals from the fund value
  • The policyholder can also switch between the available funds if he wants to change his investment strategy.

DHFL Pramerica ULIP Plans

DHFL Pramerica Life Insurance Company sells ULIP Plans to its customers which provide dual benefit of market linked returns and life insurance protection under the same plan. Let us see the different types of plans offered by the company an d the features and benefits of each of the plans in details.

DHFL Pramerica Smart Wealth+ Plan –

A  unit linked insurance plan where the premiums paid are invested in the market for linked returns. The plan’s features and benefits are:

  • Regular Pay or Limited Pay option of premium payment is available.
  • After deducting the charges, the premium is invested in a choice of 4 available funds as per the discretion of the policyholder. The available funds are Debt Fund, Balance Fund, Growth Fund and Large Cap Equity Fund.
  • There is an option called Fund Conservation at Maturity under which the Fund Value is partially credited to the Debt Fund every 6 months in the last 3 years of the policy tenure. This is done to protect the fund value from market volatility in the last few years of policy maturity.
  • Persistency Units are added in the 10th, 15th and the 20th year @1% of the average Fund Value over the last 36 months prior to the addition.
  • The Fund Value is payable on maturity which can be either taken in lump sum or in instalments within 5 years post maturity under the Settlement Option.
  • When the insured dies, higher of the Sum Assured net of any partial withdrawals made or the Fund Value is paid with a minimum of 105% of all premiums paid till the date of death.
  • One free partial withdrawal is allowed annually with a minimum value of Rs.10, 000 after the completion of 5 policy years
  • Four free switches are allowed annually to switch between funds and premium redirection facility is also available for redirecting subsequent premiums to a different fund.
  • The plan can be customized by adding the DHFL Pramerica Unit Linked Accidental Death Benefit Rider for added protection.
  • Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

8 years

55 years

Maturity Age

-

75 years

Policy Term

20 years

Premium amount

Rs.30, 000

No limit

Sum Assured

5 Pay – 10 or 7 times the annual premium depending on age

10, 15 or 20 Pay – 10 times the annual premium

No limit

Premium Payment Term

5, 10, 15 or 20 years

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

DHFL Pramerica Wealth+ Ace Plan –

A  unit linked insurance plan under which premium is paid only at plan commencement in one lump sum. The plan has the following features:

  • The premium is paid only at the commencement of the plan under the Single Pay option
  • The premium net of charges can be invested under the Systematic Transfer Option or can be invested by the policyholder himself from a choice of 5 available funds.
  • Under the Systematic Transfer Option, the net premium is first invested in the Liquid Fund which has low risk and from there the units are gradually moved to a fund chosen by the policyholder. This feature allows the policyholder to use the benefit of rupee-cost averaging.
  • The policyholder may otherwise choose to invest the net premium in any fund from the available funds which are Debt Fund, Balance Fund, Growth Fund, Large Cap Equity Fund and Liquid Fund.
  • The plan provides addition of Persistency Units in the 10thyear and subsequently every 5 years @1.5% or 2% of the average Fund Value over the last 36 months prior to the addition depending on the premium
  • Fund Value is payable on maturity which can be either availed in lump sum or within 5 years post maturity in instalments under the Settlement Option.
  • When the insured dies, higher of the Sum Assured net of any partial withdrawals made or the Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death.
  • One free partial withdrawal is allowed annually with a minimum value of Rs.10, 000 after the completion of 5 policy years
  • Four free switches are allowed annually to switch between available funds.
  • The plan can be customized by adding the DHFL Pramerica Unit Linked Accidental Death Benefit Rider for added protection.

Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Eligibility Details

 

Minimum

Maximum

Entry Age

90 days

65 years

Maturity Age

-

75 years

Policy Term

10 years

25 years

Premium amount

Rs.65, 000

No limit

Sum Assured

1.25 or 1.10 times the single premium paid depending on the age of the policyholder

Rs.10 crores

Premium Payment Term

Single Pay

Premium Paying Frequency

Yearly, half-yearly, quarterly or monthly

 

Applying For ULIPs through PolicyBazaar

  1. On the PolicyBazaar homepage, click on ULIPs 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 ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP 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 ULIP Plans Reviews

TOTAL REVIEWS (22)
Dilpreet
Doda
July 07, 2016

ULIP Plan

The ulip plan is fantastic and it has some good benefits. Premium is less and returns are high. Service is quick and claims are easily sanctioned. Because of online service the no paperwork is mandatory. Renewal of the policy is also done by online portal which is easy to access.

Karan
Akhandnagar
June 28, 2016

Good

My ulip insurance policy is very good decision of mine. I'm really very happy with your assistance and service your provided these years. Nice policy coverage and easy to claim the claiming amount. Hassle free documentations. Nice internet service which can be accessed by anyone.

Manish
Dwarakanagar
May 19, 2016

Best Plan

I purchase dhfl pramerica ulip plan. The policy coverage is high ~89% and the premiums are low. The premiums are payed online and it reduce paperwork. The services are fast and response is quick from executives and staff members. The updates are regularly mailed to me. Good investment, I really like the policy.

Naveen
Uttarkashi
May 19, 2016

Wonderful Plan

DHFL pramerica ulip plan is one of the best policy. The plan works for me. Policy coverage is also good ~93% with good amount of claims. Service provided by you is great and the web services are also nice. This policy plan is good reducer of taxes and future investment also. I got regular updates, Good job guys.

Bhupendra
Patna
May 19, 2016

Tax Saver

I have dhfl pramerica ulip plan and it is good and the benefits are even better. Premium is low and payback are high. Claims and policy coverage is really awesome with good interest. The service is very quick and on time till now. Good investment with tax saving.

Varun
Panipat
May 19, 2016

Manageable Policy

I have dhfl pramerica ulip plan and it is good but the only thing is the service is bit slow rather than this all things are good. Like, policy coverage is 84% and claims are high but the investments are low. Please improve your services. The policy saves taxes too. Please improve the services. Manageable.

Chandan
Pipili
May 19, 2016

Okay Plan

My dhfl pramerica ulip plan is great. Policy coverage is high approx. 81% and the claims are high with good interest. The services provided by your executives and staff members are really very nice and always on time. Good future investment which saves tax also.

Lakshay
Buxar
May 19, 2016

Good Investment

DHFL pramerica ulip plan is great policy. The policy coverage is high 86% and the claims are good. Premiums are less ~29 K per year and the returns are around 32 L. Services are really fast and the response through executives and staff members are nice. Daily updates mailed to me timely. Good policy.

Kunal
Jorhat
May 19, 2016

Excellent Work

I purchase dhfl pramerica ulip plan. The policy coverage is 89% and the premiums are low. The claims are good and the procedure is very easy and cleared in short time period. The services are fast and on time. The behaviour of the executives and staff members are very nice. Nice future investment which saves taxes too. Good job guys.

Jayant
Varanasi
May 19, 2016

Poor Policy

I bought dhfl pramerica ulip plan. The policy coverage is low 65% and the claims are less. The premiums are comparatively high as the returns are not. Poor policy plan which has slow service too. No response from the staff members and the web site is not working most of the time. Not satisfied. Please improve the policy and services.

Harish
Saidabad
May 19, 2016

Normal Plan

DHFL pramerica ulip plan and policy is awesome with great benefits. Policy coverage is high approx. 93%. Claim are good around Rs.38 L after policy get mature and the service is really good with polite behaviour from executives and staff members. Daily updates regarding policy is mailed to me. Nice job guys.

Gaurav
Manesar
May 19, 2016

High Coverage

I purchase dhfl pramerica life insurance and product is ulip policy plan. Plan is good with low investment. Policy coverage is 90% and premium is fourteen thousand quarterly per year. Claims are ~Rs.35 L. Service you facilitate is really very good with fast interface of web services and from executives and staff members also.

Dinesh
Ghaziabad
May 19, 2016

Fair Policy

DHFL pramerica life insurance provides me ulip plan. I have to say this that the policy is very good and the terms and conditions are very reliable and flexible. Policy coverage is 89% and the service is okay with good behaviour from executives and staff members. Good tax saver, I like the policy.

Sandeep
Gurgaon
May 19, 2016

Quality Investment

Policy coverage is 91%, the claims are high and the claiming is easy because of the executives and the staff members. The services provided by you dhfl pramerica life insurance is very fast and on time. My ulip plan is having great benefits. The premiums is less ~37 K and the returns are ~Rs.39 L. Good investment which save taxes.

Abhinav
Iswarpur
May 19, 2016

Good Plan

I have dhfl pramerica ulip plan. The policy premium is low and the paybacks are high. The policy coverage is 85% and the claims are normal. Investment is 38 K per year and the returns are 1.25 times the sum assured. Services you provided is bit slow but manageable. This policy plan work's for me.

Waqar
Alwar
May 19, 2016

Above Average

I buy dhfl pramerica ulip insurance plan. The policy coverage is high ~89% and claims are high but investment is low. Service is nice and executives are available anytime for assistance. I like the policy very much. The policy saves taxes and it is good investment too. Daily updates are send to me timely. Good Plan.

Eshu
Muktsar
May 19, 2016

Good Policy Coverage

I purchase dhfl pramerica ulip plan. The policy coverage is good approx. 90% and the policy claims are high. The premiums are low and the paybacks are really very high. The services provided by the executives and the staff members are good and on time. Good investment and tax saving. I love the policy.

Tanmay
Jammu
May 19, 2016

Trustworthy

DHFL pramerica ulip plan is one of the best plan ever. Thanks for good services, the premiums are less and coverage is high ~82%. Service you provided is super sonic, Claiming procedure get so simple and easy. The web services and services provided by staff members and executives are fast and on time. Good investment which save taxes too. Good Plan.

Umakant
Ahmedabad
May 19, 2016

Satisfactory

My ulip plan is with dhfl pramerica life insurance. The policy plan is very nice with low premiums. The policy coverage is high ~85% and claims are good. Perfect policy for future investments and the policy saves taxes also. The behaviour of the executives and staff members are good.

Omesh
Kolkata
May 19, 2016

Average Policy

I have dhfl pramerica ulip plan which is very nice with good benefits. The policy coverage is high ~87% and claims are high too. It can be manage online too. It avoiding the hassles of unnecessary paperwork. Good services with quick response. The behaviour of the executives is very nice.

Prabhjot
Chennai
May 19, 2016

Good

DHFL pramerica life insurance and i took ulip plan. It can easily buy on online and avoiding the hassles of unnecessary paperwork. The policy coverage is 87% and the claims are high which can easily be cleared without any waiting because of fast services provided by the executives and staff members of the company.

Vishal
Calicut
May 12, 2016

High Returns In Low Premium

I buy dhfl pramerica ulip plan and the policy provides better service then others. The large team are working with the company for good performance and provides great outcomes with good care. The policy coverage and claims are high as compared to premium which is low. The service is fast and the behaviour of the staff members is nice. Good future investment.