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Pramerica Life Insurance Limited

Pramerica Life Insurance (formerly known as Pramerica Life Insurance Limited), headquartered in Gurugram, Haryana, offers a comprehensive and simple range of life insurance products for individuals and groups. The insurer has a PAN India presence with 131 branches, and multiple distribution channels providing the financial needs of a large number of customers to create a stress-free future. It has more than 2000 employees and over Rs. 7000 Crores AEM (Assets Under Management) as on December 31, 2022. 

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Pramerica Life Insurance is committed towards the welfare, honour and financial security of the soldiers of the CAPF, Indian Armed Forces, and Para-military forces. Since 2009, the insurance company has been a pioneer in offering life insurance solutions for the armed forces and provides dedicated insurance services for the whole community of veterans, soldiers and their family members.

PLIL, Pramerica Life Insurance Limited is a joint scheme between Housing Finance Limited (PCHFL), DHFL Investments Limited (DIL), a fully-owned subsidiary of Piramal Capital and Prudential International Insurance Holdings, Limited (PIIH), an entirely-owned subsidiary of Prudential Financial, Inc. (PFI).

This insurer represents the venture of two reputed financial services companies with a legacy of excellence in business spread over decades.

Piramal Capital and Housing Finance Ltd. (PCHFL) has been merged with the Dewan Housing Finance Corporation Ltd. (DHFL) by amalgamation by arranging and in accordance with an approved plan of arrangement. The name of the merged organization has been changed to Piramal Capital and Housing Finance Ltd. from Dewan Housing Finance Corporation Ltd.

Highlights of Pramerica Life Insurance Limited

Branches 131
Employees 2290
Assets Under Management (as on 30th November) Rs. 6936.31 Crores
Sum Assured (Group) (as on 30th November) Rs. 10,504 Crores
Claim Settlement Ratio (CSR) FY 2020-21 98.30%

Pramerica Life Insurance Plans

Headquartered in Gurugram, Pramerica Life Insurance provides a large range of insurance products for both groups and individuals. This insurer caters to customers’ various financial needs like retirement planning, securing their child’s future, wealth creation and savings.

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

Pramerica Life Insurance Limited Term Plans

Pramerica Life Insurance Limited 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 18-65 years 70 years For regular: 5 to 40 years
For Limited: 6 to 40 years PPT 11 to 40 years for 10 years PPT
For single premium: 5 to 40 years
Minimum: 5 Lakhs
Maximum: 25 Lakhs
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
  1. Pramerica Life Saral Jeevan Bima

    It is a non-linked, nonparticipating individual pure-risk premium life insurance policy that provides your family with 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 the unforeseen death of the life assured, provided the policy is in force, the death benefit would be ‘sum assured on demise’. However, death because of an accident will only be covered during the 45 days waiting period from the commencement risk date. In case of death, other than because of an accident during the waiting time, an amount equivalent to 100% of all the premium amounts received shall be paid (excluding taxes, if any).

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

  2. 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.

  3. 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 additional 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

Pramerica Life Insurance Limited ULIP Plans

Pramerica ULIP plans Entry Age (Min-Max) Maturity Age Policy Term Sum Assured
Pramerica Life Smart Wealth+ 8 years to 55 years 75 years 20 years 5 Pay – 10 or 7 times the annual premium depending on age 10, 15 or 20 Pay – 10 times the annual premium
Pramerica Life Wealth+ ACE 90 days to 65 years 75 years 10,15,20 or 25 years 1.25X of single premium Subject to maximum of Rs 10 Crore
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
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

    • Invest at one time and get various benefits across the policy tenure

    • The insurer adds persistency units to your unit account at the last of every 5th policy year starting from the 10th policy tear provided they fall within the policy tenure.

    • Get the option to invest fixed amounts on monthly basis using a ‘Systematic Transfer Plan’.

  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

Pramerica Life Insurance Child Plans

Pramerica Life child plans 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 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

Pramerica Life Savings Plan

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: Limited Pay- Rs 75,000
Regular Pay- Rs 1,00,000
Maximum: No Limit
Pramerica Flexi Cash Plan 8 years to 60 years 75 years 15,25,35 years For Policy Term 15 Years Rs 1,70,000
For Policy Term 25 and 35 Years Rs 2,00,000
Pramerica Life Smart Cash Protect 18 years to 55 years 90 years 47,55,67 years Minimum: Rs. 125000 Maximum: No Limit
Pramerica Life Roz Sanchay 8 years to 50 years 66 years 16,21 years Minimum: Term: 16 Years Rs 80,000 Term: 21 Years Rs 1,20,000
Maximum: Rs 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: Under this plan, in case of unforeseen demise of the life assured during the policy tenure subject to the policy in force for whole risk benefits, the insurer will pay the death sum assured amount plus the accumulated maturity.

  • 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 a long-term endowment insurance plan that offers regular cash benefits every year along with life cover to help in fulfilling the financial plans.

  • 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 increasing 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 the annual premium as death benefit and high returns with the insurance cover.

Pramerica Life Insurance Limited Retirement Plans

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 with a guaranteed regular income in your retirement time.

Pramerica Distribution Network

Pramerica Life 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.

FAQ's

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

    Ans: The following modes for payment are available for 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?

    Ans: 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 Pramerica Life Insurance?

    Ans: For renewing a policy under 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?

    Ans: 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?

    Ans: 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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