Pramerica Life Rakshak Smart

Pramerica Life Rakshak Smart is a non-linked, non-participating individual life insurance savings plan offering guaranteed benefits. It provides financial protection and security by offering not just life coverage but also assured benefits.

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  • 4.8++ Rated
  • 10.5 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.3 Crore Policies Sold

Investment Plans

  • Plan starting from ₹1,000/month
  • Save upto ₹46,800 in Tax under section 80C^
  • Zero LTCG Tax
  • In built life cover
Top performing plans˜ with High Returns**
Invest ₹10K/Month & Get ₹1 Crore# Tax-Free*
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10.5 Crore
Registered Consumer
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Insurance Partners
5.3 Crore
Policies Sold
Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

What is Pramerica Life Rakshak Smart? 

Pramerica Life Rakshak Smart is a life insurance plan designed to offer guaranteed benefits and financial security for your loved ones. It's a non-linked, non-participating individual life insurance savings plan, meaning the returns are not tied to the market performance and are fixed by the insurer.

This plan focuses on providing guaranteed benefits so you can be certain about the payout in case of an unfortunate event. This allows you to pursue your goals with confidence, knowing your loved ones will be protected if life takes an unexpected turn.

Features of Pramerica Life Rakshak Smart

The features of Pramerica Life Rakshak Smart are: 

  1. Choose Your Coverage:

    • Get life insurance cover to protect your loved ones financially in case of your demise.

  2. Pick Your Plan:

    • Life Option: Supplement your savings and fulfill financial goals.

    • Enhanced Life Option: Get comprehensive protection for your family's immediate, recurring, and future needs.

  3. Flexibility:

    • Choose your policy term and premium payment term.

    • Receive guaranteed income in annual or monthly installments during the payout period.

  4. Guaranteed Benefits:

    • Receive guaranteed benefits upon maturity or death benefit payout (if all premiums are paid).

  5. Tax Advantages:

    • Potential tax benefits on premiums paid and benefits received (subject to current tax laws).

Information About
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.1% (TAX-FREE)
Returns After Tax
7.1%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
Fixed Deposits
Returns Before Tax
7% (TAXABLE)
Returns After Tax
4.8%
Guaranteed Returns
Yes
Life Cover
No
Tax on Profit
Taxable
Risk
Low Risk
Debt Mutual Fund
Returns Before Tax
8% (TAXABLE)
Returns After Tax
5.5%
Guaranteed Returns
No
Life Cover
No
Tax on Profit
Taxable
Risk
High Risk
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*For annual premium upto ₹5 Lacs

People also read: Pramerica Life Traditional Plans

Eligibility Criteria for the Pramerica Life Rakshak Smart

Age at Entry  Life Option: 91 days to 60 years
Enhanced Life Option: 18 years to 50 years
Maturity Age  Life Option: 18 years to 80 years
Enhanced Life Option: 28 to 70 years
Policy Term &
Premium Payment Term
PT  (years) 10 12 15 20
PPT (years) 5 7 10 12
Base Sum Assured Minimum: ₹1,50,000
Maximum: No Limit, subject to Board Approved Underwriting Policy 
Annual Premium Minimum:
For Life Option: ₹19,445
For Enhanced Life Option: ₹20,567
Maximum: No Limit, subject to Board Approved Underwriting Policy
Premium Payment Mode Annual, Semi-Annual and Monthly

Benefits of the Pramerica Life Rakshak Smart

  1. Death Benefit:

    • Provides financial security for your loved ones in case of your unfortunate demise during the policy term.

    • You can choose from two plan options to fit your needs:

      • Life Option: Offers a lump sum payout to help your family manage immediate expenses.

      • Enhanced Life Option: Provides a comprehensive safety net with benefits including:

        • Lump sum payout of the base sum assured.

        • Recurring monthly income for your family for the remaining policy term.

        • Additional payout at the end of the policy term.

  2. Flexibility:

    • Choose a policy term (10, 12, 15, or 20 years) to align with your financial goals.

    • Pay premiums for a shorter term (5, 7, 10, or 12 years) depending on the chosen policy term.

    • Receive guaranteed income payouts in annual or monthly instalments during the payout period.

  3. Guaranteed Benefits:

    • Offers guaranteed payouts on death and maturity, providing peace of mind and financial security for your family.

    • Benefits are guaranteed as long as the policy is active and premiums are paid in full.

  4. Tax Benefits:

    • You may receive tax benefits on premiums paid and benefits received, subject to prevailing income tax laws.

    • It's important to consult a tax advisor for the latest tax implications.

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Policy Details of the Pramerica Life Rakshak Smart

  • Grace Period: 30 days to pay the premium after the due date. Policy remains in force with benefits during this period.

  • Maturity Benefit: Guaranteed income benefit (annual/monthly) for 5 years + savings booster at payout period end.

  • Surrender Value: Available after paying premiums for at least 2 years. Higher of Guaranteed or Special Surrender Value is paid.

  • Loan: Up to 75% of Surrender Value available. Interest rate resets annually based on 10-year GSEC yield + 150 bps.

  • Revival: Possible within 5 years of lapsed premium with interest and medical check (if required).

  • Free Look Cancellation: 15 days (30 days for Distance Marketing) to review and cancel policy.

  • Waiting Period (POSP): 90 days. Only 100% premium paid is returned in case of death (except accidental) during this period.

Exclusions Under the Pramerica Life Rakshak Smart

Suicide Exclusions

If the Life Insured passes away due to suicide within 12 months from the risk commencement date of the policy or from its revival date, the Company will pay the nominee or beneficiary 80% of the total premiums paid (excluding underwriting extras, any rider premiums, and applicable taxes) until the date of death. Alternatively, the payment will be the surrender value as of the date of death, whichever is greater, as long as the policy remains active.

People also read: Best Investment Options

FAQs

  • What is the process to terminate my Pramerica policy?

    You can cancel your Pramerica life insurance plan by submitting a written request and filling out the cancellation form to the insurance company. If cancelled within the free look period, the insurance company will not give a premium deduction.
  • What happens to the ownership of the policy when the minor Life Insured becomes an adult?

    The ownership of such policies automatically transfers to the name of the Life Insured upon reaching majority age.
  • Can the beneficiary choose to receive the maturity benefit as a lump sum amount?

    Yes, the beneficiary can opt to receive the maturity benefit, which includes guaranteed income and savings booster, as a lump sum amount by submitting a written request to the company at least 6 months before the maturity date.
  • Is there an option to receive the remaining maturity benefit as a lump sum during the payout period?

    Yes, during the maturity payout period, the beneficiary can choose to receive the remaining maturity benefit as a lump sum amount.

˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 1286 Reviews)

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Pramerica Life Traditional Plans Reviews & Ratings

4.6 / 5 (Based on 1286 Reviews)
(Showing Newest 10 reviews)
Divya
Ranchi, June 22, 2025
Kotak E Invest plus Policybazaar equal Win
Best combo. Policybazaars help made it stress free.
Harsha
Guwahati, June 21, 2025
Promise for Growth Plus Is Understated
It quietly delivers what it promises. Good pick.
Meera
Vellore, June 20, 2025
Click to Invest Makes Investing Fun
Simple UI digital first and a great entry level product.
Nikhil
Shimla, June 19, 2025
Goal Assure IV Seems Tailored for Me
Plan gives control over fund choice and returns.
Aditi
Vijayawada, June 16, 2025
Policybazaar Helped Me Choose Confidently
Smart Fortune Plus was explained so well. Really appreciated the clarity.
Nidhi
Indore, June 11, 2025
Birla Wealth Smart Plus Has Solid Features
Low charges and good growth options. Very happy.
Siddharth
Kochi, May 10, 2025
Pramerica Smart Invest Was a Pleasant Surprise
Didnt expect it to be this flexible. Great choice.
Aisha
Kolkata, April 09, 2025
ICICI Signature Plan Was a Smart Decision
Liked the balance between life cover and returns
Raghav
Ahmedabad, April 08, 2025
LIC Index Plus is a No Brainer
Safe low risk and time tested. I didnt have to think twice.
Amit
Guwahati, March 26, 2025
Reliable and Safe Investment
Policybazaar is reliable for investment. HDFC Life Dynamic Advantage Fund performs well and is safe for long term.
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