Pramerica Life RockSolid Future Plan

Eligibility Criteria for Pramerica Life RockSolid Future Plan

Features of Pramerica Life RockSolid Future Plan

Here are the key features of the plan:

1. Guaranteed Benefits

   The plan offers guaranteed returns, which do not fluctuate with the market. This means that you will get the guaranteed benefits that were promised at the beginning of the policy as well as long as you pay your premiums on time and as long as the policy remains active.

2. Flexible Payout Options

   How you would prefer to get your benefits depends on what you need- either a regular supply of benefits over a certain period of time or a single lump sum.

3. Multiple Plan Options

   There are four variants of the plan, and you can choose the variant that best aligns with your financial objectives, whether you are interested in long-term savings and/or regular income or a combination of both.

4. Income Flexibility

   You can choose the number of years for which you want to receive payouts on your income. You can select an income period of 10 to 35 years to get payouts that match your future needs.

5. Flexible Premium Payment

   Premiums can be paid as a single payment or through limited payment terms ranging from 5 to 12 years. Pramerica Life's Traditional Plans are suitable for individuals seeking low-risk insurance solutions with predictable payouts.

6. Life Insurance Protection

   The plan provides financial protection for the family in case of the policyholder’s death during the policy term.

Benefits of the Pramerica Life RockSolid Future Plan

Below are the benefits available under this plan:

1.  Maturity Benefit

   If the policyholder survives until the end of the policy term, the benefits depend on the selected option:

   • Income Builder: Regular income payouts along with a lump-sum benefit at the end of the policy.
   • Family Income Builder: Regular income for the family, along with a lump-sum benefit.
   • Fortune Builder: Lump-sum maturity payout at the end of the policy term.
   • Dream Builder: A lump-sum payout along with additional protection benefits.

   In income-based options, the policyholder receives guaranteed income during the chosen income period along with a final lump-sum benefit.

2. Death Benefit

   If the life insured passes away during the policy term, the nominee receives the highest of the following:

   • Sum assured on death
   • 105% of total premiums paid
   • Surrender value (in certain plan options)

   Additional income benefits may also be payable under some plan options.

3. Tax Benefits

   Premiums paid and benefits received may qualify for tax benefits as per prevailing income tax laws.

Riders Under the Pramerica Life Rock-Solid Future Plan

The following are the riders under this plan:

• Accidental Death Benefit Rider: Gives extra financial cover in case of death as a result of an accident.
• Accidental Total And Permanent Disability Rider: Gives out financial support to the insured in case he or she is permanently disabled following an accident.
• Critical Illness Rider: Pays a lump sum upon diagnosis of a covered critical illness.

Policy Details of the Pramerica Life RockSolid Future Plan

The following are the policy details of the Pramerica Life RockSolid Future Plan:

1. Grace Period

   Giving a grace period of 15 days in which the monthly premiums are collected and 30 days in which other modes of payment are received to pay the premiums after the due date.

2. Revival

   A lapsed policy can be revived within five years from the first unpaid premium date by paying outstanding premiums and applicable interest.

3. Free Look Period

   The policyholders are entitled to review the policy within 30 days of receiving the policy document and cancel it if they do not agree to its terms.

4. Surrender

   The policy acquires surrender value after payment of the first full policy-year premium.

5. Fund Switching

   This plan is a non-linked insurance plan, so fund switching is not applicable. Exploring the best investment plans can help individuals select strategies that provide stable growth and future financial stability.

6. Loan

   Policyholders may obtain a loan against the policy once the policy has a surrender value. A maximum of 75% of the surrender value is borrowable.

Exclusions Under the Pramerica LifeRockSolid Future Plan

Suicidal Cover

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