Pramerica Life Flexi Income Plan 

Eligibility Criteria for the Pramerica Life Flexi Income Plan

Features of the Pramerica Life Flexi Income Plan

Some of the key features of the Pramerica Life Flexi Income Plan include:

• Two Plan Options: The plan offers two options, Early Income and Early Income with Policy Continuation Benefit, allowing you to select the option that matches your financial goals.
• Guaranteed Income Payouts: The policy is guaranteed income throughout the policy term when the income start year has commenced.
• Life Insurance Protection: In the plan, there is a provision of life insurance cover during the entire policy period to secure your family financially.
• Flexible Premium Payment Term: You can choose a premium payment term of 6, 8, 10, or 12 years based on your financial capacity.
• Multiple Frequencies of Income Payout: Income payouts would be of two categories: annually, semi-annually, or monthly, as you prefer.
• Tax Benefits: The amount paid in terms of premiums and benefits obtained may be subject to tax benefits according to the existing rules on income tax.

You can explore more plans offered by the insurer by visiting the Pramerica Investment Plans section to compare different options and benefits.

Benefits of the Pramerica Life Flexi Income Plan

The plan offers both income benefits and financial protection for the family of the policyholder. Here are the benefits of the plan:

• Guaranteed Income Benefit: The policy is regular, where an income is paid out on a regular basis throughout the period of the policy, as long as the policy is still active and the premiums are paid.
• Maturity Benefit: At the expiry of the policy term, the life insured will receive a lump sum as a maturity amount as long as he survives. This is in addition to the Guaranteed Maturity Benefit as well as accrued loyalty boosters.
• Death Benefit: In the unfortunate event of the death of the life insured during the policy term, the nominee will receive the higher of:
  • Sum Assured on Death
  • 105% of the total premiums paid
  • The surrender value available on the date of death
• Policy Continuation Benefit: In case the Early Income with Policy Continuation Benefit is chosen, the benefits of income could continue to be received after the death of the life insured without the necessity to remit future premiums.

If you are looking for similar policies that combine savings with life cover, you can also check various investment plans available for long-term financial goals.

Riders Under the Pramerica Life Flexi Income Plan

Policyholders can enhance the protection offered by this plan through optional riders available with the policy.

Available riders include:

• Pramerica Life Critical Illness Rider
• Pramerica Life Accidental Death Benefit Rider
• Pramerica Life Accidental Total and Permanent Disability Rider
• Pramerica Life Waiver of Premium Rider

These riders can be added at the beginning of the policy or during policy anniversaries by paying an additional premium.

Policy Details of the Pramerica Life Flexi Income Plan

Understanding the policy conditions helps policyholders make informed decisions when choosing a long-term savings plan.

• Grace Period: A grace period of 15 days is provided to pay the monthly and 30 days to pay other modes of payment. With this, the policy remains active during this period.
• Revival: If the policy lapses due to non-payment of premiums, it may be revived within five years from the date the first unpaid premium was due by paying the outstanding premiums with the charged interest.
• Free Look Period: A free look period is given to the policyholders so that they can verify the terms and give back the policy in case they are not satisfied with what they see in the policy document.
• Surrender: The policy acquires surrender value after paying premiums for at least one complete policy year. The surrender amount will be paid according to policy conditions.
• Fund Switching: This feature is not applicable because the plan is a non-linked insurance plan.
• Loan: Once the policy acquires surrender value, you may be eligible to take a loan against the policy, subject to terms and conditions.

Exclusions Under the Pramerica Life Flexi Income Plan

Suicidal Clause

Suicidal cover is provided that the life insured commits suicide within 12 months of the commencement or reinstatement of the policy, the nominee will get 80% of the total premiums paid or the value of the surrender, whichever is higher.