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 138 branches spread all over India and over 2586 employees, the company as managed to strive as one of the best insurance service provider to the people of India.
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:
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.
A participating insurance plan with the following benefits:
Eligibility:
Parameters |
Minimum |
Maximum |
Age |
8 years |
50 years for 15 year policy 45 years for 20 year policy |
Maturity Age |
Nil |
99 years |
Premium Payment Term |
15 years and 20 years |
|
Premium Paying Mode |
Annually, Semi Annually and monthly |
|
Premium Amount |
Rs.5500 |
Varies upon age at entry, minimum premium and basic Sum Assured |
Sum Assured |
Rs.7500 |
No Limit |
A non-participating endowment plan with the following benefits:
Eligibility:
|
Policy Term |
||
|
15 year |
25 year |
35 years |
Minimum Age |
8 |
8 |
8 |
Maximum Age |
60 |
50 |
40 |
Maximum Maturity Age |
75 years |
||
Policy Term |
15 |
25 |
30 |
Minimum Sum Assured |
Rs.170000 |
RS.200000 |
Rs.200000 |
Minimum Premium |
Rs.17000 |
||
Premium payment term |
5 years |
10 years |
15 years |
Premium Payment modes |
Yearly, half-yearly and monthly |
A non-participating endowment plan offering the following benefits:
Parameters |
Minimum |
Maximum |
Age |
18 years |
55 years for 10 year policy 50 years for 15 year policy |
Maturity Age |
Nil |
65 years |
Premium Payment Term |
Regular Pay |
|
Premium Paying Mode |
Annually and monthly |
|
Premium Amount |
Rs.5500 |
Varies upon age at entry, minimum premium and basic Sum Assured |
Payout period |
120 months for 10 year policy 180 months for 15 year policy |
|
Policy Term |
10 and 15 years |
A participating endowment pan with the following features:
Eligibility:
|
Policy Term |
|||
Policy Term |
10 year |
15 year |
20 year |
25 year |
Minimum Age |
8 years |
3 years |
91 days |
91 days |
Maximum Age |
50 years |
55 years |
50 days |
45 days |
Minimum Premium |
Rs.75000 |
Rs.50000 |
Rs.50000 |
Rs.50000 |
Premium payment term |
5,7 years |
7, 10 years |
7, 10 and15 years |
10, 15 and 20 years |
Premium Payment Mode |
Annually |
Annually, Semi Annually or Monthly |
||
Maximum Maturity Age |
70 years |
|||
Minimum Sum Assured |
Rs.350000 |
|||
Maximum Sum Assured |
No Limit |
|||
Maximum premium |
No Limit |
A non-participating endowment plan with the following benefits:
Eligibility:
Parameters |
Minimum |
Maximum |
Age |
8 years |
50 years for 16 year policy 45 years for 21 year policy |
Maturity Age |
Nil |
66 years |
Premium Payment Term |
12 years for 16 year policy 16 years for 21 year policy |
|
Premium Paying Mode |
Annually, Semi Annually and Monthly |
|
Sum Assured |
Rs.1 lakh for 16 year policy Rs.2 lakhs for 21 year policy |
Rs.5 Crore |
A participating plan which offers the following benefits:
Eligibility:
Parameters |
Minimum |
Maximum |
Age |
18 years |
50 years |
Maturity Age |
75 years |
|
Premium Payment Term |
15 and 20 years |
|
Premium Paying Mode |
Annually, semi-annually, quarterly and monthly |
|
Premium Amount |
Rs.6144 |
Varies upon age at entry, minimum premium and premium payment term |
Basic Sum Assured |
Rs.100000 |
No Limit |
A non-participating endowment insurance plan with the following features:
|
Policy Term |
||
|
10 year |
15 year |
20 year |
Minimum Age |
8 |
8 |
8 |
Maximum Age |
60 |
55 |
50 |
Maximum Maturity Age |
70 years |
||
Policy Term |
10 |
15 |
20 |
Minimum Sum Assured |
Rs.75000 for limited pay and Rs.100000 for regular pay, subject to a maximum of Rs.2500000. |
||
Minimum Premium |
Rs.6000 |
||
Maximum Premium |
Depends upon the maximum sum assured |
||
Premium Payment modes |
Yearly, half-yearly, quarterly and monthly |
A participating endowment plan with the following benefits:
Eligibility:
|
Policy Term |
||
|
12 year |
15 year |
20 year |
Minimum Age |
23 |
20 |
18 |
Maximum Age |
55 |
55 |
50 |
Maximum Maturity Age |
85 |
90 |
90 |
Premium Payment Term |
12, 15 and 20 years |
||
Minimum Sum Assured |
Rs.125000 |
||
Maximum Sum Assured |
No Limit |
||
Minimum Premium |
Rs.12000 |
||
Maximum Premium |
No Limit |
||
Premium Payment modes |
Yearly, half-yearly and monthly |
A non-participating annual income plan with the following benefits:
Eligibility:
Parameters |
Minimum |
Maximum |
Age |
8 years |
55 years |
Maturity Age |
18 years |
65 years |
Policy Term |
7 years |
20 years |
Premium Payment Term |
Varies |
|
Premium Paying Mode |
Annually, Semi Annually and monthly |
|
Payout Period |
Equal to premium payment term |
|
Premium Amount |
Rs.24000 |
No Limit |
Sum Assured |
11 times the annualized premium |
A participating endowment plan offering the following benefits:
Eligibility:
|
Policy Term |
|
|
16 year |
20 year |
Minimum Age |
8 |
8 |
Maximum Age |
49 |
45 |
Maximum Maturity Age |
65 |
|
Premium Payment Term |
5 or 7 |
7 or 10 |
Minimum Sum Assured |
Rs.120000 |
|
Maximum Sum Assured |
No Limit |
|
Minimum Premium |
Rs.15000 |
|
Maximum Premium |
No Limit |
|
Premium Payment modes |
Yearly, half-yearly and monthly |
An online non participating endowment plan with the following benefits:
Eligibility
|
Policy Term |
||
|
10 year |
15 year |
20 year |
Minimum Age |
18 |
18 |
18 |
Maximum Age |
55 |
50 |
40 |
Maximum Maturity Age |
65 years |
||
Premium Payment Term |
Regular pay |
||
Minimum Sum Assured |
Varies upon age at entry, minimum premium and premium payment term |
||
Maximum Sum Assured |
No Limit |
||
Minimum Premium |
Rs.20000 |
||
Maximum Premium |
No Limit |
||
Premium Payment modes |
Yearly, half-yearly, quarterly and monthly |
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.