Pramerica Life Insurance Limited

Headquartered in Gurgaon, Pramerica Life Insurance Company Limited (formerly known as DHFL Pramerica Life Insurance Company) is a leading insurance company in India. The company started its operations in 2008 across the country and is a collaboration between Prudential International Holdings and DHFL Investments Limited, an entirely owned subsidiary of DHFL (Dewan Housing Finance Corporation Ltd.). Ever since its inception, the company has made extensive growth in terms of its customer support, distribution networks, and annual premium. It has a PAN India presence with 135 branches and 2190 employees at present and around 2.1 million lives are secured with its life insurance policies.

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DHFL Insurance company is providing a wide range of life insurance policies to corporate and individuals thus, helping them to build a corpus to meet their life’s short and long-term goals. 

Be it from urban or rural India, a viable distribution network of the company caters to specific needs of customers across the country through multiple channels of distribution such as channel partnerships, agency, and other innovative channels that address the distinct insurance needs of customers. It is the first insurance company in India to have two distribution channels that cater to the burgeoning needs of armed forces personnel and school-going children. 

Highlights of DHFL Pramerica Life Insurance 

Branches  135
Employees  2190
Assets under management (as on 31st December 2021) Rs. 6,081.46 Crores 
Sum Assured (Individual) Rs. 10,0004.56 Crores 
Sum Assured (Group) Rs. 93,150.91 Crores 
Claim Settlement Ratio (CSR) 2020-21 98.61%

Awards and Achievement of DHFL Pramerica Life Insurance 

The DHFL Life Insurance was bestowed with the following awards in the insurance sector-

  • Client Model Insurer Asia Award- Under distribution category 2014 for developing an innovative technology interface to manage service delivery in rural areas

  • Skoch Financial Inclusion Award 2011= For launching rural awareness campaigns in 93 villages

  • Best Insurer Technology Award 2011= For making life insurance solutions assessable to under-developed markets

DHFL Life Insurance Plans 

DHFL Insurance company offers an extensive range of life insurance products that are suitable to meet the investment and life cover requirements of its customers. These insurance products have been categorized into Protection plans, child progress plans, and savings plans so that customers can easily buy the ideal one to safeguard their future. After selecting the one right plan that suits your requirements, the premium calculation is of foremost importance. DHFL Pramerica life insurance premium calculator is a free online available tool that helps estimate the premium you are required to pay. 

Let’s discuss each DHFL Policy offered by Pramerica life Insurance company in detail: 

  1. DHFL Pramerica Life Insurance Plans 

    DHFL Pramerica Protection plans are specifically designed to provide complete protection and financial stability to your family in case of an eventuality.

    Pramerica Protection Plans Entry Age (Min-Max) Maturity Age  Policy Term  Sum Assured 
    Pramerica Life Saral Jeevan Bima  18 years -75 years  70 years  For regular: 5 to 40 years  For Limited: 6 to 40 years for 5 year PPT 11 to 40 years for 10 years PPT For Single Premium : 5 to 40 years  Minimum: 5 Lacs  Maximum: 25 lacs 
    Pramerica Life U-Protect Plan  18 years – 55 years  65 years  10 years to 30 years  Minimum: Rs. 25 Lacs  Maximum: No limit 
    Pramerica Life TruShield Plan  18 years – 55 years  65 years  7, 10, 12, 15 or 20 years  Minimum: Rs. 5 Lacs  Maximum: Rs. 50 Crores 
  2. Pramerica Life Saral Jeevan Bima

    It is a non-linked, nonparticipating individual pure risk premium life insurance policy that provides your family a safety net at low premium rates and nurtures their life goals. 

    Key Benefits 

    • Flexibility to choose policy terms from 5 to 40 years as per your protection requirements 

    • Tax benefits can be availed as per the prevailing laws of the Income Tax Act, 1961. 

    • In case of unforeseen demise of the policyholder during the waiting period, and provided the policy is in force, the amount of death benefit is payable as a lump sum. 

    • A grace period of 30 days in case of yearly and half-yearly premium payment mode and 15 days in case of monthly mode. 

  3. Pramerica Life U-Protect Plan

    This plan provides pure life insurance coverage for the benefit of your family. It is a non-linked nonparticipating term life insurance plan that ensures that your loved ones are secure and lead a comfortable life, even when you are not around. 

    Key Benefits 

    • Comprehensive insurance protection at low premium rates 

    • Unique premium charges for males and female lives 

    • Low premium rates for maintaining a healthy lifestyle such as non-smoking habits 

    • Tax savings benefits 

    • In case of unforeseen demise of the policyholder within the policy tenure, the policy will pay the sum assured amount chosen at commencement. 

  4. Pramerica Life TruShield Plan

    This plan is designed to take care of your family’s financial requirements in case of your unfortunate demise. It provides pure life insurance coverage along with a return of premium on maturity for the benefit of your family members. 

    Key Benefits 

    • Life insurance coverage with the extra shield cover payable on the unforeseen death of the policyholder. 

    • Flexibility to choose the option of death benefit i.e., Reducing cover or level cover as per the requirement 

    • Return of all the premium amount paid on the survival till the completion of the policy tenure 

    • Tax benefits on premium paid as per prevailing tax laws 

DHFL Pramerica Life ULIP Plans 

DHFL Pramerica ULIP plans not only to give you growth through market-linked investments but also provide you with a lot of flexibility to customize your plans.

DHFL Pramerica ULIP plans Entry Age (Min-Max) Maturity Age  Policy Term  Sum Assured 
Pramerica Life Smart Wealth+ Plan 8 years to 55 years  75 years  20 years  -
Pramerica Life Wealth+ ACE Plan 90 days to 65 years  75 years  10,15,20 or 25 years  1.25X of single premium 
Pramerica Life Wealth Enhancer  1 years to 70 years  18 years to 75 years  5 to 20 years  Option A: 10X Single premium  Option B: 1,25X Single Premium 
Pramerica Life Wealth Maximiser  90 days to 65 years  18 years to 75 years  For limited or regular pay: 5 to 30 years  For Single Pay: 5 to 10 years  Minimum: For Single pay: 1.25X SP For Regular/Limited Pay: Higher of 10XAP or 0.5 X PT X AP
  1. Pramerica Life Smart Wealth+ Plan

    A Unit-linked, non-participating life insurance plan offers the following benefits: 

    Key Benefits

    • Flexibility to select a regular or limited premium payment term 

    • Wealth creation for your planned goals in life 

    • Loyalty additions as persistency units 

    • 5 funds provide different growth levels depending on your risk appetite 

    • Fund conversation at maturity option to protect the fund value from market fluctuations. 

  2. Pramerica Life Wealth+ ACE Plan

    Pramerica Life Wealth+ ACE Plan is a single premium ULIP plan, that helps you fulfilling your planned goals by creating investment opportunities, thus facilitating a protected and secure future for your family. 

    Key Benefits 

    • At the time of maturity, fund value involving the value of persistency units will become payable 

    • In case of unfortunate death, the policy pays a death benefit 

    • Option to choose investment funds from four funds to invest money 

    • Policy issued under the plan will have surrender value from 1st year of the policy 

  3. Pramerica Life Wealth Enhancer 

    It is a non-linked non-participating single premium life insurance plan that is a perfect combination of protection and savings. 

    Key Benefits 

    • One-time payment and enjoy benefits up to 20 years 

    • Wealth Additions started from 1st year of policy and wealth boosters are also available at regular intervals

    • Tax benefits on premium paid 

    • Fund Conservation at maturity option to protect your fund value from market fluctuations 

  4. Pramerica Life Wealth Maximiser 

    Pramerica Life Wealth Maximiser is a non-participating, non-linked life insurance plan which offers different benefits to choose from. 

    Key Benefits 

    • Flexibility to select from single, regular or limited premium payment terms 

    • Benefits of reduced charges can be availed of on opting for higher amounts of premium 

    • Rewards on opting longer term

    • Increase your life cover and funds by adding top-up premium 

    • Option of fund conservation at maturity to protect the fund value from market fluctuations 

DHFL Pramerica Life Child Plans  

DHFL Pramerica Life plans to help you secure your child’s education expenses by offering you affordable and simple education plans.

Pramerica Life Child Plans  Entry Age (Min-Max) Maturity Age  Policy Term  Sum Assured 
Pramerica Life Rakshak Smart 91 days to 60 years  18 years to 80 years  12, 15 and 20 years  Minimum: 1,50,000 Maximum: No Limit 
Pramerica Life Rakshak Gold 18 years to 53 years  65 years  12,15, and 18 years  Minimum: Rs. 75,000 Maximum: Rs. 5 Crore
  1. Pramerica Life Rakshak Smart

    It is a non-linked non-participating individual life insurance plan with guaranteed benefits.

    Key Benefits  

    • Life insurance coverage during the policy tenure to secure your family 

    • Choose from 2 plan options: Life option and Enhanced life option 

    • Flexibility to receive guaranteed income in yearly or monthly installments during the payout time 

    • Tax benefits on premiums paid as per prevailing tax laws 

    • Guaranteed benefits under the policy and all due premium amounts are paid in full 

  2. Pramerica Life Rakshak Gold 

    It is a non-linked non-participating endowment life insurance plan that provides money to cater to different needs such as marriage, higher education, etc. 

    Key Benefits

    • Comprehensive/enhanced death payout

    • Guaranteed maturity benefit 

    • Limited Premium payment term 

    • Flexibility to avail loan against the policy 

    • Tax savings benefit 

Pramerica Life Savings Plan 

DHFL Pramerica Life Savings Plan  Entry Age (Min-Max) Maturity Age  Policy Term  Sum Assured 
Pramerica Life Secure Savings Plan  5 year to 60 years  18 years to 73 years  13 years  11X Annualized premium 
Pramerica Life Smart Income  8 years to 60 years  18 years to 75 years  7 years to 20 years  11X Annualized premium
Pramerica Life Smart Assure 8 years to 60 years  70 years  10,12,15,16,18,20,22,24 years  Minimum: Rs. 75000 Maximum: No Limit 
Pramerica Flexi Cash Plan 8 years to 60 years  75 years  15,25,35 years  Minimum: 1,70,000 
Pramerica Life Smart Cash Protect 18 years to 55 years  90 years  30,35, 40 years  Minimum: Rs. 125000 Maximum: No Limit 
Pramerica Life Roz Sanchay 8 years to 50 years  66 years  16,21 years  Minimum: Rs. 80,000  Maximum: 5 Crore 
Pramerica Life Magnum Assure 18 years to 55 years  65 years  10 years or 15 years  -
  • Pramerica Life Secure Savings Plan: The secure savings plan is savings cum protection plan that provides assured income yearly and a lump sum saving booster payable during the final income installment. 

  • Pramerica Life Smart Income: It is a non-participating guarantee yearly income plan that offers a yearly income and flexible premium payment options throughout the tenure of the policy. 

  • Pramerica Life Smart Assure: This is a non-participating non-linked endowment plan that provides 10 X annualized premium in form of the death benefit as well as high returns with the insurance cover. 

  • Pramerica Flexi Cash Plan: It is an insurance plan that provides the choice to prepone the maturity benefits that also includes guaranteed loyalty benefits. It also offers options of limited pay in which life assured is required to pay premiums only for 5, 10, and 15 years. 

  • Pramerica Life Smart Cash Protect: It is an endowment plan that offers a regular income to the life assured through annual payouts. It also provides an option of limited pay and riders to increase the cover of the base plan and maturity benefits. 

  • Pramerica Life Roz Sanchay: This is a guaranteed endowment plan that provides life insurance coverage along with the chance to make subsidiary savings. It also provides an enhancing protection cover as a death benefit of 150 percent of the base SA. 

  • Pramerica Life Magnum Assure: A non-participating non-linked endowment plan that provides 10 times annual premium as death benefit and high returns with the insurance cover. 

DHFL Pramerica Life Retirement Plans 

  1. Pramerica Life Saral Pension

    It is a non-linked non-participating individual immediate annuity plan that puts all your savings into an annuity to provide you a guaranteed regular income in your retirement time. 

Pramerica Distribution Network:

DHFL Insurance company has a strong network of agents and third-party distributors to sell insurance plans in the market. Pramerica products are also available online through insurance aggregators.

Pramerica Life Insurance - FAQs

  • How to pay a premium? What are the modes of payment available?

    The following modes for payment are available for DHFL Pramerica Life Insurance:
    • Online or NEFT transfer
    • Through ECS
    • Through Cash or cheque at the nearest branch office.
    • At SBI branches
    • At Axis branches
    For online transactions, please visit the e-portal.
  • How can I check policy status?

    Policy status can be checked by login into the personal account with the help of user Id and password and then clicking on the Policy Details tab.
  • What is the policy renewal process of DHFL Pramerica Life Insurance?

    For renewing a policy under DHFL Pramerica Life Insurance, there are 2 basic options:
    • Paying online
    • Cheque pick up facility
    For paying online, you must visit the portal with the user id and password and enter the policy number for renewing it. Online payment options with the aid of debit cards, credit card, and net banking are available.
    A cheque pick-up facility can also opt, wherein the company’s staff will get the cheque from your doorsteps.
  • What is the company’s process to settle the claim?

    For settling the claim, you need to fill in and submit the mandatory documents as listed on the website for the particular category of claim, along with a cancelled cheque and a passport size photograph. Upon receiving the set of documents, the company endeavors to settle the claims within a time frame of 30 days.
  • What is the policy cancellation process?

    For cancellation of any existing policy, you must fill in the surrender form, fill it up completely and dispatch it to the head office. Necessary documents need to be attached with it such as mentioned in the policy along with surrender charges. Upon receiving the above, the policy will be cancelled on records for the holder.
    For new users, a period of 15 days is given, wherein you can surrender the policy, clearing stating the reason for the same.
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