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

Investing in your child's future:A wise decision & a loving choice
  • Insurer pays premium in case of loss of life of parent

  • Create wealth for child’s aspirations

  • Tax Free maturity amount+

  • 12+ plans available

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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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:

  Minimum Maximum
Entry Age (Last Birthday) 18 years 55 years
Maturity Age (Last Birthday) - 65 years
Policy Term (PT) in years 15, 20, 25
Premium Paying Term (PPT) in years 7, 10, 15
Premium Paying Frequency Annual, half-yearly, monthly
Premium 12,000 Depends on age, SA, term and PPT
Sum Assured 100,000 5 crores

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₹10,000/Month
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₹1 Crore*
*Standard T & C Apply

Details About Premium

Annual premium in Rupeesfor a male with SA 100,000

Policy Term / Age (years) 15 20 25
35 21,992 16,691 12,617
45 23,001 18,366 14,173

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.

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Invest ₹10K/Month YOU GET ₹1 Crores* For Your Child View Plans
Invest ₹8K/Month YOU GET ₹80 Lakhs* For Your Child View Plans
Invest ₹5K/Month YOU GET ₹50 Lakhs* For Your Child View Plans
Standard T&C Apply *

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.

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Start Investing ₹10,000/Month
& Get ₹1 Crore*
*Standard T & C Apply
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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