Pramerica Pension Plans
Remain self reliant and financially confident even in the post retirement scenario with best retirement plans. Why compromise on your standard of living simply because you are no longer in service! Pramerica is a joint venture between Prudential International Insurance and , a reality major and it brings Golden Age Plans to let elderly people lead a life of quiet dignity.
Pramerica Golden Age
Golden Age is an annuity plan to provide policyholders post-retirement benefits. Included in this pension plan is death and maturity benefits. There is complete flexibility of choosing the retirement age and there is tax-free commutation present for up to one-third fund values on retirement. The minimum annual premium for the Golden Age plan is INR 15,000. Annuity payouts are available once the policyholder reaches 45 years of age, but it is possible to defer this up to 75 years.
Pramerica Golden Age Plus
The Golden Age Plus plan allows individuals to save and generate regular incomes through this annuity plan. The minimum entry age remains between 18 and 65 years. The minimum and maximum policy term for this is 10 and 57 years respectively. The modes of premium payments include annually, semi-annually, quarterly, and monthly amounts. Minimum annual accumulated amounts for this policy are INR 18,000.
Pramerica Golden Age Plus Single Premium
Golden Age Plus Single Premium as the name suggests allows individuals to choose a single premium amounts for contributions towards their retirement fund. Select vesting age between 45-75 years for a minimum 10-year term. Those who want can top on single premium amounts anytime they wish within the term period. This plan adds 2.5% of the average single premium value of the fund for the 36 preceding months to the unit account of the policyholder on 10th year-end of the policy.
You may also like to read: Future Value of Annuity Formula
Do not let the impending retirement daunt you anymore!
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Pramerica Pension Plans - FAQs
1. How to pay premium? What are the modes of payment available?
The following modes for payment are available for Pramerica Life Insurance:
- Online or NEFT transfer
- Through ECS
- Through Cash or cheque at select branch office.
- At SBI branches
- At Axis branches
For online transaction, please visit e-portal.
2. How can I check policy status for Pramerica Pension Plans?
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.
3. What is the policy renewal process for Pramerica Pension Plans?
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 card, credit card and Net banking is available.
Cheque pick up facility can also be opted, wherein the company’s staff will get the cheque from your doorsteps.
4. What is the company’s process to settle claim for Pramerica Pension Plans?
For settling claim, you need to fill in and submit the mandatory documents as listed in 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.
5. What is the policy cancellation process for Pramerica Pension Plans?
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 needs to be attached with it such as mentioned in the policy along with surrender charges. Upon receiving of the above, the policy will be cancelled on records for the holder.
You may also like read about National Pension Scheme
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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