Pramerica Life Term Insurance Plans

The company started its operation in the year 2008 and currently has around 138 branches spread across different cities in the country. As a rapidly growing insurance provider company in India, Pramerica Life Term Insurance offers a wide range of insurance products to cater to the requirements of the insurance seekers.  

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What is Pramerica Life Term Insurance?

The term insurance plans offered by Pramerica Life Term Insurance offers financial security and support to the family of the insured in case of an eventuality. The Pramerica Life Term Insurance Plan offers higher insurance coverage at an affordable premium rate. There are wide ranges of comprehensive term insurance policies offered by the company to suits the needs of the insurance buyers.  Let’s take a look at the types of term insurance plans offered by Pramerica Life Term Insurance .

Types of Pramerica Life Term Insurance Plan

Various types of term insurance plans are being offered by the company with differentiated features. The plans are discussed below for a better understanding.

Plans Entry Age Maturity Age Policy Term Premium paying Term  
Pramerica Life Family Income Term Insurance Plan   Minimum- 18 years   Maximum-55 years 65 years Minimum- 5 years Maximum-30 years Equal to policy term 
Pramerica Life TruShield Term Insurance Plan   Minimum- 18 years   Maximum-55 years 65 years Minimum- 10 years Maximum-15 years Equal to policy term 
Pramerica Life U-Protect Term Insurance Plan   Minimum- 18 years   Maximum-55years 65 years Minimum-10 years Maximum-30 years Equal to policy

Disclaimer: “Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Pramerica Life Family Income Term Insurance Plan

A decreasing term insurance plan where the benefits are payable in monthly instalments. The plan benefits are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
  • Upon death of the insured the death benefit is payable which can be taken in monthly instalments or in one lump sum
  • In case of availing monthly instalments, a fixed monthly income chosen at the inception of the plan is payable following the month of death till the end of the plan tenure subject to a minimum of 3 years or 36 monthly payments.
  • In case the nominee wishes to avail a lump sum benefit, the discounted value of all future monthly incomes will be paid to him.
  • The plan can be customized by adding two available riders which are Pramerica Traditional Accidental Death Benefit Rider and Pramerica Traditional Critical Illness Rider.
  • The plan offers differential premium rates for male and female lives
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Riders:

Accidental Death Benefit Rider

In the event of the accidental demise of the policyholder, the beneficiary of the policy receives an extra sum assured amount as accidental death benefit along with the basic coverage of the plan. 

Critical Illness Rider

Under critical illness rider, the insurer provides coverage to the policyholder in case they are diagnosed with any type of critical illnesses. The critical illness rider provides coverage against critical illnesses like blindness, aorta surgery, coronary artery bypass surgery, cancer, heart valve surgery, heart attack, major organ transplant, kidney failure, stroke, and paralysis. If the policyholder is diagnosed with any one of these critical illnesses then a lump-sum amount is paid to the insured subject to the 30 days survival period and the policy continues to be in-force.

Eligibility Details                                                                    

  Minimum Maximum
Entry Age 18 years 55 years
Maturity Age - 65 years
Policy Term 5 years 30 years
Monthly Benefit Rs.2000 No limit
Annual Premium Amount Rs.1000 No limit
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly

Types of Term Plans


Pramerica Life U-Protect Term Insurance Plan

A simple term insurance plan giving higher coverage levels at minimal rates o premiums. The features with benefits of the plan are as follows:

  • Premiums under the plan are required to be paid for the entire duration of the plan under the Regular Pay option of premium payment.
  • In case of death of the insured during the tenure of the plan, Sum Assured is given to the nominee
  • The plan can be customized by adding two available riders which are Pramerica Traditional Accidental Death Benefit Rider and Pramerica Traditional Critical Illness Rider.
  • The plan offers differential premium rates for male and female lives
  • Lower premium rates for healthy non-smokers
  • The premiums paid are exempt from taxation under Section 80C of the Income Tax Act and the claim received in exempt under Section 10(10D) of the Income Tax Act.

Riders:

Accidental Death Benefit Rider

In the event of the accidental demise of the policyholder, the beneficiary of the policy receives an extra sum assured amount as accidental death benefit along with the basic coverage of the plan. 

Critical Illness Rider

Under critical illness rider, the insurer provides coverage to the policyholder in case they are diagnosed with any type of critical illnesses. The critical illness rider provides coverage against critical illnesses like blindness, aorta surgery, coronary artery bypass surgery, cancer, heart valve surgery, heart attack, major organ transplant, kidney failure, stroke, and paralysis. If the policyholder is diagnosed with any one of these critical illnesses then a lump-sum amount is paid to the insured subject to the 30 days survival period and the policy continues to be in-force.

Eligibility Details                                                                    

  Minimum Maximum
Entry Age 18 years 55 years
Maturity Age - 65 years
Policy Term 10 years 30 years
Sum Assured Rs.25 lakhs No limit
Annual Premium Amount Rs.4000 No limit
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly or half-yearly

Benefits of Pramerica Life Term Insurance Plan

  • Pramerica Life Term Insurance Plan provides financial security and comprehensive coverage to the family of the insured at an affordable premium rate.
  • The plans provide critical illness and accidental death rider benefit to enhance the coverage to the policy.
  • The policy offers the option of reducing cover and level cover option in death benefit.
  • The premium paid towards the policy can be tax exempted under section 80Cof Income Tax Act 1961.
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Pramerica Life Term Insurance Plan Exclusions

  • In case the policyholder commits suicide within the initial 12 months from the date of Policy initiation then the beneficiary of the policy receives only 80% of the premium amount and the policy will be terminated
  • No policy benefit is paid in case the claim is associated directly or indirectly with any of the following:
  • Any type of Medical Conditions which is pre-existing.
  • If the policyholder is infected with HIV or suffers from
  • The policyholder performing duty in any police, military, paramilitary or similar institute;
  • The insurance holder participating  in any industrial dispute, strike, riots, etc.;
  • Involvement of the policyholder in any type of illegal activity or criminal act is not covered under the policy.
  • Self-inflicted injuries such as attempted suicide or suicide.
  • Policyholder being addicted to alcohol, any drugs, psychotropic substance or narcotic.

Claim Process of Pramerica Life Term Insurance Plan

The claim settlement process offered by the Pramerica Life Insurance Company is very simple and hassle free. One just needs to follow the below mentioned steps in order to do so.

  • Informing the claim

    The beneficiary of the policy can opt for the online or offline process to notify the claim. The convenient ways through which the nominee can inform the claim are:

    • Visit the branch office of Pramerica Life Term Insurance
    • Visit the official website wwwdotpramericadotcom
    • Send Email to claim@pramericadotcom
    • Call to the toll free number- 1800-102-7070 
  • Register the Claim

    In order to register the claim the beneficiary will have to follow the following steps:

    • Fill the claim form thoroughly.
    • Provide the original policy document.
    • Current passport size photo of the beneficiary/nominee.
    • Policyholder’s death certificate.
    • Post-Mortem and FIR report in case of accidental demise of the insured.
    • Bank Account Proof.
    • Identification proof of the beneficiary.
    • In certain cases, the insurance company can ask for additional documents in order to process the claim.
  • Claim Settlement Deadline

    Once the beneficiary submits all the required documents along with the thoroughly filled claim form, the insurance company verifies the claim and the claim is process within 30 days from the date of the claim made.

    Claim Payout

    The final claim amount is sent to the account of the beneficiary through the process of NEFT.  

Required Documents for Buying  Pramerica Life Term Insurance Plan

The important documents that should be kept handy while purchasing Pramerica Life Term Insurance Plans are:

  • Age proof- Aadhaar card, passport, rental agreement, etc.
  • Identity proof- Aadhaar card, PAN card, passport, license.
  • Age proof- Birth certificate, aadhaar card, Matriculation certificate
  • Latest medical report.
  • Income proof- Income Tax Return, salary slip.

Applying for a Pramerica Life Term Plan from the company:

  • Online

    The company offers specific plans which are available online only. The customer only needs to log into the company’s website, choose the required plan, choose the coverage and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through credit card, debit card or net banking facilities and the policy will be issued

  • Intermediaries

    Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.

Applying For Pramerica Life Term Insurance through PolicyBazaar

  • On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
  • Click New Quotes to compare
  • Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue.
  • Fill in your name, email address, city, country code, and mobile number. Click Continue.
  • You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans.
  • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
  • You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed.
  • This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Pramerica Life Term Insurance Plans - FAQs

  • Q: How to pay 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 select branch office.
    • At SBI branches
    • At Axis branches

    For online transaction, please visit e-portal.

    Alternatively, you can pay through customer helpline options, which allow money transfer through telephonic medium or by a credit card.

  • Q: How can I check policy status for Pramerica Life Term Insurance plans?

    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.
  • Q: What is the policy renewal process for Pramerica Life Term Insurance plans

    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 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.

  • Q: What is the company’s process to settle claim for Pramerica Life Term Insurance plans?

    Ans: 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.
  • Q: What is the policy cancellation process for Pramerica Life Term Insurance plans?

    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 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.

    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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Pramerica Life Term Insurance Plans Reviews & Ratings

4.2 / 5 (Based on 25 Reviews)
(Showing Newest 10 reviews)
Sikander
Barasat, March 02, 2021
Pay easily
It is easy to pay for the premiums of my term insurance plan online. I bought the term plan of pramerica. A nice company with good term quotes. Kudos team.
Lalit
Andipatti, February 19, 2021
Benefits to family
I bought a term insurance plan from policybazaar and that was of pramerica company. The team explained me about this plan very clearly and I liked it a lot. I bought it for the safety and security of my family. Awesome plan.
Mahesh
Jamnagar, January 29, 2019
Good Services
I am the customer of DHFL Pramerica Life Insurance Company for past two years and I am very satisfied with the services provided by this company. The company not only provides life insurance products of different categories but it also has really good customer support team. The customer care executive from Policybazaar helped me to select the most suitable life insurance cover for me. DHFL is comparatively new in the insurance sector but in my two years with it, I did not find any flaw. They are just good and try to give you the best products and services. So, you can go for the life insurance plans of this DHFL.
Madhu
Jiaganj, July 07, 2016
Term Insurance
I have term insurance plan and very good one. Policy cover maximum scenarios and its premium is less. Service is fantastic provided by members of company. Claims are simple to clear by online or manually. Online service is easy to use.
Akash
Agra, June 28, 2016
Good
The policy coverage is high and claims are good which very easy to clear because your guys are really very good responsive team. The investment is low but the returns are high. Good term insurance plan which makes my life easier. I like the insurance policy and internet service too.
Bhavya
Nizamabad, May 18, 2016
Excellent Policy
My dhfl pramerica term insurance plan is nice. The policy coverage is high and the claims are high too. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. Good investments which reduces taxes. I like the plan.
Varun
Zahirabad, May 18, 2016
Manageable Policy
My policy is not that good because the service is bit slow, the policy coverage is little low, Claims are not enough, premiums are high, Executives and staff members help when ever needed. Manageable policy, Please improve the service for better result.
Chandan
Kolkata, May 18, 2016
Perfect
I have term insurance policy plan from dhfl pramerica life insurance. The policy is good and the premiums are very less. The best investment and the taxes are also saved. Policy coverage and claims are good and the services is super. Good behaviour shown by executives and staff members. Good investment which save taxes.
Abhinav
Kolkata, May 18, 2016
Fantastic Deal
The dhfl pramerica term insurance plan i have is great. The policy coverage is high with high claiming amount. The premiums are low and the payback returns are approx. rs.39 L. The service provided by the executives and the staff members is good with nice behaviour. Good investments for future. I'm satisfied.
Sumeet
Newada, May 18, 2016
Good Plan
My dhfl pramerica term insurance plan is awesome. The policy coverage is high ~92% and the claims are approx. 40 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions. Daily updates mailed to me timely. I like the plan.
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