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 |
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 |
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