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Pramerica Life Term Insurance Plans

Pramerica Life Insurance Limited is an Indian private insurance provider, offering individual and group life insurance solutions. With over 131 branches and multiple distribution channels, the company caters to a diverse range of customers by helping them secure their future. The company is a collaboration between Piramal Capital and Housing Finance Limited (PCHFL) and Prudential International Insurance Holdings Ltd. (PIIH) and has been a pioneer in providing financial protection to soldiers of the CAPF, Paramilitary, Indian Armed Forces, veterans, and their families. Pramerica Life Insurance Limited has been operational since 2009 and has over 7000 Crores under assets and more than 2000 employees as of 31st December 2022. 

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Pramerica Life Term Insurance

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

Types of Pramerica Life Term Insurance Plans

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 Sum Assured
Pramerica Life Saral Jeevan Bima Minimum - 18 years
Maximum - 65 years
70 years For regular premium - 5 - 40 years
For limited premium - (6 - 40)/(11 to 40 years)
For single premium - 5 - 40 years
For RP - equal to policy term
For LP - 5/10 years
For SP - single
Minimum: Rs. 5 Lacs
Maximum: Rs. 25 Lacs
Pramerica Life TruShield Term Insurance Plan Minimum - 18 years
Maximum - 50 years
For PT of 10 years - 55 years
For PT of 20 years - 45 years
65 years 7/10/12/15/20 years For RP - 7/10/12 years
For SP - 10/15/20 years
For LP - 10/15/20 years
Minimum: Rs. 5 Lacs
Maximum: Rs. 50 Crores
Pramerica Life U-Protect Term Insurance Plan Minimum- 18 years Maximum-55years 65 years Minimum-10 years Maximum-30 years Equal to policy Minimum: Rs. 25 Lacs

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

Pramerica Life Saral Jeevan Bima Plan

A comprehensive term plan available at convenient premium payment and policy terms. The benefits of the plan are as follows:

  • The plan provides financial protection to you and your family at affordable premium rates.

  • The plan offers the option to choose the most suitable policy term from 5 - 40 years as per your requirements.

  • The policyholders can easily pay their premiums for a regular term, limited term, or in a single lump sum amount. 

  • The tax benefits will be applicable as per the prevailing tax laws of the Income Tax Act of 1961.

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 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.

Pramerica Life Term Insurance Plan Exclusions

In case the policyholder commits suicide within the initial 12 months from the date of the policy initiation or the revival of the policy (whichever is applicable), then the nominee of the policy will receive 80% of the premium amount and the policy will be terminated.

Claim Process of Pramerica Life Term Insurance Plan

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

  1. Intimating the claim

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

    • Visit the branch office of Pramerica Life Insurance Limited

    • Visit the official website www[dot]pramericalife[dot]in/Claims/Claim

    • Send Email to Claims@pramericalife[dot]in

    • Call on the number - 18605007070 (local charges

    • apply)

  2. Register the Claim

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

    • Fill the Company’s Claim Form duly completed.

    • Provide the original Policy Document.

    • Assured’s Death Certificate.

    • Post-Mortem and FIR in case of accidental demise of the assured.

    • All medical records in case of demise of the insured due to medical reasons

    • Bank Account Proof of the beneficiary

    • Photo Identification and Address proof of the beneficiary.

    • In certain cases, the insurance company can ask for additional documents in order to process the claim.

  3. Claim Settlement Deadline

    Once the beneficiary submits all the required claim documents, the insurance company verifies the claim, and the claim is processed within 30 days of receipt of all necessary claim documents.

  4. Claim Payout

    The final claim amount is sent directly 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, PAN Card

  • Identity proof- Aadhaar card, PAN card, Passport, Driving license, etc.

  • Latest Photograph.

  • Income proof- 3 years ITR, 3 months Salary Slip

Along with those mentioned above, some additional documents may be asked to provide by the insurer for completing the application process. 

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.

FAQ's

  • Q: How to pay premiums? 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 Cheque at selected branch office (Need to remove the cash option)
    • At SBI branches
    • At Axis branches
    • Cheque pick up facility can be asked for at the Customer Helpline.
  • Q: How can I check the policy status for Pramerica Life Term Insurance plans?

    Ans: Policy status can be checked by login into the personal account with the help of the user Id and password and then clicking on the Policy Details tab. Login can also be done through OTP on the registered mobile number.
  • 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. You can also use the OTP option to pay online. Online payment options with the aid of debit card, credit card, and Net banking is available.
    A Cheque pick-up facility can also be opted for, wherein the company’s staff will get the cheque from your doorstep.

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

    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 canceled cheque and a passport-size photograph. Upon receiving the set of documents, the company endeavors to settle the claims at the earliest.
  • Q: What is the policy cancellation process for Pramerica Life Term Insurance plans?

    Ans: Term Policies do not have a Surrender Option as they do not generate Cash Value. For the existing policy, where surrender is eligible, you must fill in the surrender form, fill it up completely and dispatch it to the head office. Necessary documents need to be attached to it such as mentioned in the policy along with surrender charges. Upon receiving the above, the policy will be canceled on records for the holder. For new users, a period of 15 days is given as a freelook period, wherein you can request for cancellation of the policy, clearly 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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