Pramerica Life Rakshak+ Plan

Pramerica LifeRakshak+ is a traditional Endowment plan to take care of the child’s future needs in case of the unfortunate death of the policyholder. The plan also creates a corpus for financial requirements of the child

Key Features

• It is a non-participating plan with limited premium payment option
• The death benefit payable can be taken in lump sum or monthly instalments
• Annual Guaranteed Additions are credited every policy year

Benefits

• Annual Guaranteed Additions are added @ 30% which increases by 10% every 3 years
• On death of the policyholder, Death Sum Assured + Accrued Annual Guaranteed Additions is payable
• The death Sum Assured is higher of 10 times (if age is <45 yrs.) or 7 times (if age is >=45 yrs.) the annual premium or base Sum Assured * Guaranteed Maturity Multiple (GMM) Factor
• The death SA can be taken either in lump sum or 100% of the base SA is payable on death and GMM * Base SApayable on the maturity date and 2% of the base SA to be paid in monthly instalments from death till maturity date for a minimum of 36 months
• The death SA should not be lower than 105% of all premiums paid till death
• On Maturity, base SA* GMM +accrued Annual Guaranteed Additions is paid
• GMM factor depends on the policy term and is 150% for  a10 yr. term, 175% for 15 yr. term and 200% for 20 yr. term
• Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.

Product Specification:

Details About Premium

Annual premium in Rupeesfor a male with SA 100,000

Policy Details

Grace Period: 30days’ grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value if at least 2 full years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.

GSV = GSV % of Premiums paid + GSV% of accrued Annual Guaranteed Additions

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Inclusions

• Loan isavailable under the plan to a maximum of 80% of the Surrender Value

Exclusions

• In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.