Pramerica Term Insurance Plans

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As one of the leading insurance company in India, Pramerica Term Insurance is a joint venture between Dewan Housing Finance Corporation Limited () and Prudential International Holdings.  The company started its operation in the year 2008 and currently has around 126 branches spread across different cities in the country. As a rapidly growing insurance provider company in India, Pramerica Term Insurance offers a wide range of insurance products to cater to the requirements of the insurance seekers.

What is Pramerica Term Insurance?

The term insurance plans offered by Pramerica Term Insurance offers financial security and support to the family of the insured in case of an eventuality. The Pramerica 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 Term Insurance .

Types of Pramerica 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 Family First Term Insurance Plan   Minimum- 18 years Maximum- 50 years 65 years Minimum- 10 years Maximum-30 years Equal to policy term  
Pramerica Family Income Term Insurance Plan   Minimum- 18 years   Maximum-55 years 65 years Minimum- 5 years Maximum-30 years Equal to policy term 
Pramerica TruShield Term Insurance Plan   Minimum- 18 years   Maximum-55 years 65 years Minimum- 10 years Maximum-15 years Equal to policy term 
Pramerica 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.

Pramerica Family First Term Insurance Plan

A term insurance plan where the benefits are paid out in monthly instalments. Let’s take a look at the important points:

  • Premiums are required to be paid for the entire plan duration under Regular Pay option of premium payment.
  • The plan promises multiple benefits in case of insured’s death during the tenure of the plan. The benefits include lump sum benefit as well as guaranteed monthly benefits.
  • On death, 20 times the monthly income is paid immediately to the nominee. Thereafter, a fixed monthly income which was chosen at inception is paid to the nominee following the month of death till the end of the term subject to a minimum period of 4 years.
  • 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 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 nominee 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 50 years
Maturity Age - 65 years
Policy Term 10 years 30 years
Monthly Benefit Rs.4000 No limit
Annual Premium Amount Rs.2000 No limit
Premium Payment Term Equal to policy term
Premium Payment Frequency Yearly, half-yearly, quarterly or monthly

Pramerica 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

Pramerica 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 DHLF Pramerica Term Insurance Plan

  • Pramerica 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.

Pramerica 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 Term Insurance Plan

 The claim settlement process offered by the Pramerical 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 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 Term Insurance Plan

The important documents that should be kept handy while purchasing Pramerica 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 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 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 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 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 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 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 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.

Written By: PolicyBazaar - Updated: 12 October 2020
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 23 Reviews)
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Pramerica Term Insurance Plans Reviews & Ratings
4.2 / 5 (Based on 23 Reviews)
(Showing Newest 23 reviews)
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.
Dinesh
Greater_noida, May 18, 2016
Above Average
I purchase dhfl pramerica life insurance policy and the product is term insurance plan. The premiums are ~Rs.36 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future. Daily updates are send to me. Good job, I like the plan.
Gautam
Sonipat, May 18, 2016
Very Nice
Great dhfl pramerica term insurance plan i got recently. They has good speed and responsive for any query and for any help. Policy coverage is 87% and the claims are good with easy claiming process. The investment is good and it saves taxes also. Good investment with tax saving.
Harish
Jaipur, May 18, 2016
Better Plan
The dhfl pramerica term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 90%. Claims are good and the payback amount is around Rs.37 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings.
Jayant
Haridwar, May 18, 2016
Normal Policy
The dhfl pramerica term policy plan i have is not as i expected. The policy coverage is 68% and the claims are less. The premiums are 22 K twice a year. Services is fast and the behaviour of the executives and staff members is good. Some improvement needed in the web site. Manageable policy plan. Please increase the coverage and services.
Kamal
Ahmedabad, May 18, 2016
Nice Policy
The dhfl pramerica term insurance plan is good. Policy coverage and claims are high with low investments. The executives and staff members behave well with the customers and providing nice outputs. The daily updates are mailed and texted to me regularly. It saves taxes. Good investment for future.
Lakshay
Lucknow, May 18, 2016
Manageable
I got dhfl pramerica term insurance plan. The policy plan is above average and the premiums are low. Policy coverage and the claims are high with high payback returns. Services provided by you guys is appreciable with good behaviour of your staff members and the extra good treatment provided by the executives is very nice. The terms and conditions are good.
Prabhjot
Nilgiris, May 18, 2016
Okay Plan
Policy coverage is less around 71% and the premiums are low around 21 K twice a year. Service are good and always on time till now. The claims are cleared easily due to quick response from the executives and staff members. Please improve your policy coverage for better performance. My dhfl pramerica term insurance plan is satisfactory for me.
Omesh
Haldwani, May 18, 2016
Power Plan
DHFL pramerica term insurance plan is one of the best policy. The policy coverage is 89% and the claims are good even the the claiming procedure is easy because the service provided by the company members are good and even the web services are even better. The premiums are low and for women get 5% less extra benefits on premiums. Good tax saver too.
Ishita
Faizabad, May 18, 2016
Above Average
The dhfl pramerica term insurance plan i have is not as i expected. The policy coverage is 69% and the claims are less. The premiums are 21 K twice a year. Services are fast and the behaviour of the executives and staff members are good. Some improvement needed in the web site. Good tax saving benefit.
Umakant
Hyderabad, May 18, 2016
Fair Policy
The dhfl pramerica term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 88%. Claims are are good and the payback amount is around Rs.32 L after the policy get mature. Internet services is great with easy interface and vast variety of policies are there with full descriptions. Good policy.
Tanmay
Bangalore, May 18, 2016
Easy Returns
Great term insurance policy plan i got from dhfl pramerica life insurance. They has good in facilitate the fast services. Policy coverage is 86% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members are very nice.
Prashant
Gautam_buddha_nagar, May 18, 2016
Coverage Is Good
My dhfl pramerica term insurance plan is wonderful with huge benefits like low premiums and the policy coverage is high 89%. Claims are are good and the payback amount is around Rs.35 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment with tax savings. I like the plan.
Eshu
Lonavla, May 18, 2016
Average
I have dhfl pramerica term insurance plan. Policy coverage is good ~87% and the premiums are low approx. 36 K. Claiming is easy and the waiting time is very less due to fast and on time services from executives and the staff members. Good future investment and it reduces my taxes too.
Yajan
Darjeeling, May 18, 2016
Good
DHFL pramerica life insurance is one of the perfect insurance providers, i took term insurance policy plan from them. The policy is good in service and it can be buy and accessed from online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Because of online facility, it reduces the paper work and the waiting part is erased.
Chirag
Jorhat, May 12, 2016
Power Plan
DHFL Pramerica term insurance plan is great. They has good speed and responsive for any query and for any help. Policy coverage is 88% and the claims are good with easy claiming process. The investment is good and it saves taxes also. Daily updates are send to me regularly.
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