Pramerica Life Guaranteed Return On Wealth Plan

Eligibility Criteria for the Pramerica Life Guaranteed Return on Wealth Plan

Features of the Pramerica Life Guaranteed Return on Wealth Plan

Here are the key features of the plan:

• Guaranteed Benefits: The plan offers guaranteed benefits provided the policy has been taken and the premiums are paid punctually.
• Several Plan Choices: The policyholders are allowed to select between income and income with a lump sum, income with a high lump sum, and a lump-sum payout.
• Premium Payment Payable in Flexible Period: Premiums are payable after 5, 8, 10, or 12 years, depending on the policy arrangement that is selected.
• Flexible Income Period: Income payouts can be selected for 10, 15, 20, or 25 years. With guaranteed benefits and flexible policy terms, Pramerica Life Traditional Plans help individuals plan for future financial needs.
• Income Frequency Choice: Income payouts can be received annually or monthly.
• Life Insurance Coverage: The plan offers life insurance protection during the policy term.
• Tax Benefits: Premiums and benefits may qualify for tax advantages under applicable tax laws.

Benefits of the Pramerica Life Guaranteed Return on Wealth Plan

Below are the benefits of this plan:

• Guaranteed Survival Benefit: One policyholder will make guaranteed income payments during the income period, depending on the plan option and the time of income.
• Maturity Benefit: If the policyholder survives the policy term, the plan will offer a lump-sum maturity benefit, which may be guaranteed or include loyalty additions, depending on the type of plan taken.
• Death Benefit: In case of the life insured’s death during the policy term, the nominee receives the sum assured on death plus accrued loyalty additions where applicable. The death benefit will be the highest of the following:
  • 11 times the annualized premium
  • 105% of total premiums paid
  • The surrender value of the policy
• Flexible Income Structure: The plan also gives the policyholders the opportunity to tailor the timing and duration of payment of income based on financial requirements.

Riders Under the Pramerica Life Guaranteed Return on Wealth Plan

The insurer offers optional riders to its policyholders to increase the coverage of their base policy. Additional financial support for the riders can be provided in case of accidental death, disability, or critical illness. Depending on the policy setup and underwriting regulations, the availability of riders can be different.

Policy Details of the Pramerica Life Guaranteed Return on Wealth Plan

1. Grace Period

   A grace period of 15 days for the monthly premium mode and 30 days for other modes is offered for non-payment of premiums in time. At this time, the policy is still operational.

2. Revival

   The revival period of a lapsed policy has a term of five years since the date of the first unpaid premiums through payment of outstanding premiums and interest.

3. Free Look Period

   Policyholders may review the policy within 30 days of receiving the policy document. If they are not happy, they can withdraw the policy and receive a refund, subject to deductions.

4. Surrender

   The policy gains value by the surrender value on payment of a premium of at least one year policy term. The policyholder is entitled to the guaranteed surrender value or special surrender value on surrender.

5. Fund Switching

   This plan is a non-linked product, so fund switching is not applicable. With changing financial trends, the best investment plans offer flexible options that help individuals build a stable, secure financial future.

6. Loan

   Policyholders can get a loan on the policy after it attains surrender value. The maximum loan value is up to 75% of the surrendered value.

Exclusions Under the Guaranteed Return on Wealth Plan

Suicidal Cover

If the life insured dies due to suicide within 12 months of policy commencement or revival, the nominee will receive 80% of the total premiums paid or the surrender value, whichever is higher.