Pramerica Traditional Plans

Pramerica Life Insurance, headquartered at Gurgaon, India was launched in the year 2008.  Pramerica Life Insurance Company along with as its major stake holder, holding bout 74% of the company’s shares has evolved as one of the major insurance service providers in India. The company offers a variety of products in the form of term plans, Child Plans, Savings and Investment Plans which are available in both conventional or ULIPs form and pension plans. With about 72 branches spread all over India and over 2700 employees, the company as managed to strive as one of the best insurance service provider to the people of India.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium is not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity or as money back. Traditional Investment Plans have some of the basic features which are mentioned below:

• These plans are issued for a longer term perspective and money cannot be withdrawn from the plans.
• In case of stopping the premium payment, the plan becomes paid-up if at least three full years’ premiums have been paid. A paid-up plan has a reduced Sum Assured and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.
• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company’s profits and earn bonuses which are not true for non-participating plans.
• The plans may be issued either as Endowment Plans or Money Back Plans

PramericaTraditional / Investment Plans

Pramerica Life Insurance Company offers various types of Traditional / Investment Plans to its customers with attractive features and benefits. Here is the detailed list of plans along with their respective features and benefits.

Pramerica AajeewanSamriddhi:

A participating insurance plan with the following benefits:

• Offers whole life cover till the age of 99.
• Offers guaranteed accrued additions as well as bonuses at the time of maturity of the plan.
• Offers survival benefits consisting of accrued reversionary bonuses and accrued annual guaranteed additions. These benefits are paid to the policy holder once he reaches 65 years of age.
• Offers maturity benefits consisting of Basic Sum Assured and Total bonus. These benefits are paid to the policy holder once he reaches 99 years of age.
• Offers convenient and flexible premium payment term of 15 years or 20 years, dependinguponthe suitability of the customer.
• Offers death benefits in case of untimely death of the plan holder. The benefits to be given depend upon the total policy term as well as the expired term of the policy.

Eligibility:

Pramerica Flexi Cash:

A non-participating endowment plan with the following benefits:

• Offers the flexibility to pre pone the maturity date during the Flexi Benefit period.
• Offers bonus additions as well as guaranteed loyalty premium of 10% commencing from the second year of the plan issuance.
• Offers limited premium payment term, whereby, the premium has to be paid for 5, 10 or 15 years.
• In case of death, higher of the Sum assured or 10 times the annual premium (for entry age below 45 years) or 7 times the annual premium (for entry age above 45 years) is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• On maturity, the Sum Assured along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any is paid to the policyholder.

Eligibility:

Pramerica Magnum Assure:

A non-participating endowment plan offering the following benefits:

• On maturity, the Sum Assured is paid to the policyholder.
• Offers regular monthly income equal to a payout period which begins from the month of death of the policyholder or the maturity date of the plan.
• Payouts can be opted for in the form of a lump sum payment or as a monthly regular income by the nominee in case of death of the buyer.
• In case of death, higher of the Sum assured or 10 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.
• Eligibility:

Pramerica Premier Gain:

A participating endowment pan with the following features:

• On maturity or death, the Sum Assured along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any is paid to the policyholder or to the nominee of the plan.
• In case of death, higher of the Sum assured or 10 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.
• Offers guaranteed bonus additions as well as comprehensive insurance cover.

Eligibility:

Pramerica Roz Sanchay:

A non-participating endowment plan with the following benefits:

• On maturity, 150% of the Sum Assured along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any is paid to the policyholder.
• In case of death, higher of the Sum assured or 10 times the annual premium (for entry age below 45 years) or 7 times the annual premium (for entry age above 45 years) or 150% of the basic sum assured is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.
• Offers guaranteed bonus additions as well as comprehensive insurance cover.
• Offers limited premium payment term, whereby, the premium has to be paid for 12 or 16 years.

Eligibility:

Pramerica Sahajsurakhsha:

A participating plan which offers the following benefits:

• Offers whole life cover till the age of 75.
• Offers guaranteed accrued additions as well as bonuses at the time of maturity of the plan.
• Offers survival benefits consisting of accrued reversionary bonuses and accrued annual guaranteed additions. These benefits are paid to the policy holder once he reaches 75 years of age.
• Offers maturity benefits consisting of Basic Sum Assured and Total bonus. These benefits are paid to the policy holder once he reaches 75 years of age.
• Offers convenient and flexible premium payment term of 15 years or 20 years, dependingupon the suitability of the customer.
• Offers death benefits in case of untimely death of the plan holder. The benefits to be given depend upon the age of the policy holder at the time of plan issuance.

Eligibility:

Pramerica Smart Assure:

A non-participating endowment insurance plan with the following features:

• Offers maturity benefits consisting of Maturity Sum Assured and Maturity additions.
• In case of death, higher of the Sum assured or 11 times the annual premium (for entry age below 45 years) or 7 times the annual premium (for entry age above 45 years) is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Pramerica Cash Protect:

A participating endowment plan with the following benefits:

• On maturity, a survival benefitalong with Bonus Income and guaranteed income amounting to 6% of the sum assured is paid to the policyholder.
• A maturity benefit up to 50% of the sum assured along with bonus is paid.
• In case of death, higher of the 50% of the Sum assured or 11 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.

Eligibility:

Pramerica Smart Income:

A non-participating annual income plan with the following benefits:

• On maturity, an annual payouts for a duration equal to the payout period.
• Payouts can be opted for in the form of a lump sum payment or as a regular income by the nominee in case of death of the buyer.
• In case of death, higher of the Sum assured or 11 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Pramerica Smart Money Back:

A participating endowment plan offering the following benefits:

• Offers maturity benefits consisting of Basic Sum Assured and Total bonus.
• In case of death, higher of the Sum assured or 11 times the annual premium is paid including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Pramerica E Save:

An online non participating endowment plan with the following benefits:

• Offers maturity benefits as well as death benefits.
• Offers guaranteed additions.
• Offers Loan facilities to the policy holder in case of financial emergencies.
• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.
• Is available online.

Eligibility

Applying for a Traditional / Investment 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 Traditional Insurance through PolicyBazaar

1. On the PolicyBazaar homepage, click on Traditional 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. Fill in the necessary details to buy the plan.

Pramerica Traditional Plans - FAQs

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

The following modes for payment are available for 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 Pramerica traditional 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 Pramerica traditional plans?

For renewing a policy under 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 Pramerica traditional 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.

Alternatively, you can track the settlement process.

5. What is the policy cancellation process for Pramerica traditional 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.