Pramerica Life-Signature Wealth Plan

Eligibility Criteria for the Pramerica Life Signature Wealth Plan

The plan offers both single life and joint life coverage, allowing policyholders to cover two individuals under a single policy.

Features of Pramerica Life Signature Wealth Plan

Here are the key features of the plan:

• Single Premium Payment: Pay the premium once and enjoy long-term guaranteed benefits.
• Guaranteed Benefits: The plan offers guaranteed maturity or income payouts without market-linked risks.
• Flexible Payout Options: Choose between lump-sum benefits or regular income payouts.
• Joint Life Coverage: Cover two lives under a single policy for added financial protection.
• Income Flexibility: Income payouts can be received annually or monthly under the Regular Income option. Pramerica Life Traditional Plans offer guaranteed benefits along with life insurance protection, making them suitable for individuals seeking stable and predictable financial returns.
• Loan Facility: Policyholders can avail loans against the policy during financial emergencies.
• Tax Benefits: Premiums paid and benefits received may qualify for tax benefits as per prevailing tax laws.

Benefits of the Pramerica Life Signature Wealth Plan

Below are the benefits of this plan:

1. Death Benefit

   In case of the life insured’s death during the policy term, the nominee receives the highest of the following:

   • Sum assured on death
   • The death benefit is multiple times the single premium
   • 105% of the single premium paid
   • Surrender value available at the time of death

   For joint life coverage, benefits are paid differently depending on whether the first or second life insured passes away.

2. Maturity Benefit

   Under the lump-sum plan, the policyholder receives a maturity benefit guaranteed at the policy's expiry.

   The benefit of maturity is based on a percentage of the single premium and varies with the policy term, premium band, and age of entry.

3. Income Benefit

   Under the regular income option, policyholders will receive guaranteed payouts for 20, 25, or 30 years after policy maturity.

   The single premium paid is also refunded, as is the final instalment of income.

Policy Details of the Pramerica Life Signature Wealth Plan

1. Grace Period

   Given that the plan will have only one premium payment, it does not have a grace period for premium payments.

2. Revival

   Revival provisions are not applicable because the premium is paid once at the beginning of the policy.

3. Free Look Period

   Policyholders may review the terms and conditions within 30 days of receiving the policy document and cancel the policy if they do not agree with them.

4. Surrender

   The surrender value is obtained by the policy as soon as a single premium is paid. The amount to be paid at the time of the surrender will be the more significant amount of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV).

5. Fund Switching

   Fund switching is not applicable because the plan is non-linked. With evolving financial markets, the best investment plans provide diversified solutions that help individuals build wealth and secure their future.

6. Loan

   Policyholders can take a loan of up to 75% of the surrender value, subject to policy conditions.

Exclusions Under the Pramerica Life Signature Wealth Plan

Suicidal Cover

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

Total Permanent Disability (TPD)

Total Permanent Disability benefits apply only if a disability rider is added to the policy, subject to the insurer’s terms and conditions.