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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  • Save Upto ₹46,800 in tax under Sec 80C

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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).

Comparison Between
Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund
Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund
Guaranteed Return Plans
Returns Before Tax
7.5% (TAX-FREE)
Returns After Tax
7.5%
Guaranteed Returns
Yes
Life Cover
Yes
Tax on Profit
Tax Free*
Risk
No Risk
awards
Still Better than FD’s and Debt Mutual Fund
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.

*Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st august 2023
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Please note that the quotes shown will be from our partners
*Tax benefit is subject to changes in tax laws
^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.
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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Average Rating
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Pramerica Life Rakshak Smart Reviews & Ratings

4.2 / 5 (Based on 22 Reviews)
(Showing Newest 10 reviews)
Nandini
Alapur, July 07, 2016
Traditional Plan
Traditional insurance plan i have which has less investment but the returns are high. Policy coverage is high and claims are good which easily cleared because of fast service. Online service is also easy and simple to access. Renewal and updates are easy to done on website.
Prashant
Agartala, June 28, 2016
Good
My Traditional insurance plan is very good which has low premiums. Service is damn good which provided by the executives of the company. Policy coverage is good and claims are simple to sanctioned due to fast service and hassle free documentation too. I like the insurance policy.
Bhupesh
Dwarka, May 18, 2016
Damn Good
The traditional policy plan i have from dhfl pramerica life insurance which is really nice plan. The premium is low and the policy coverage is around 92% and claims are high. Services is fast, so any work is done without waiting and no paper work. Good policy which save taxes. Daily updates send to me regularly. Fully satisfied.
Nakul
Ludhiana, May 18, 2016
Best Plan
I have dhfl pramerica traditional plan. The policy coverage is 87% and the claims are high which can be easily sanctioned. The service provided by the executives and staff members are fast and responsive. Nice policy plan which save taxes also. Good behaviour of executives and staff members is very nice. Best investment.
Mankaran
Gwalior, May 18, 2016
Nice Insurance
I have traditional insurance policy plan which i buy from dhfl prameirca life insurance. The policy coverage is 89% and the claims are good. The premiums are low and the claiming process is easy and sanctioned in short time period. The policy is good future investment and it saves taxes too.
Lakshay
Pune, May 18, 2016
Good Investment
Superb policy i buy i.e., dhfl pramerica traditional plan. The returns are good ~Rs.38 L in very low premiums ~Rs.10 K quarterly per year. Service is fast which facilitate by executives and all company members with nice behaviour and quick response. Daily updates are send to me regularly.
Kunal
Jhansi, May 18, 2016
Marvelous
My dhfl pramerica traditional plan is good with great facilities. Superb plan with good benefits, your service is fast and on time. Premiums are low and the policy coverage is 90% with good claims. Executives and staff members facilitate the services very nicely. Good experience, It save my taxes too. I like the plan.
Jiten
Howrah, May 18, 2016
Average Policy
The dhfl pramerica traditional plan i have is an average policy. The premium is good and the returns are okay. Services is bit slow and the behaviour of the staff members is good. Web services are good and working properly. Manageable plan.
Harish
Agalpur, May 18, 2016
Future Security
The dhfl pramerica traditional plan i have which provide me best service and good returns in low investment. The premiums are low and the policy coverage is 87% with high claims. The behaviour is good of executives and staff members. Good future investment which reduces taxes too. Really nice work guys. I like the policy.
Gaurav
Patiala, May 18, 2016
High Coverage
I own dhfl pramerica traditional plan. Plan is good and premium is low. Policy coverage is high ~90% and payback returns good too. Claiming amount is Rs.41 L. Service is fast like super sonic. The daily updates are mailed to me time to time. The service facilitate by the executives and staff members is very good and the behaviour is also nice.
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