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.
*Tax benefit is subject to changes in tax laws.
**All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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 .
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 |
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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
A decreasing term insurance plan where the benefits are payable in monthly instalments. The plan benefits are as follows:
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.
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.
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 |
A simple term insurance plan giving higher coverage levels at minimal rates o premiums. The features with benefits of the plan are as follows:
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.
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.
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 |
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.
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:
In order to register the claim the beneficiary will have to follow the following steps:
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.
The final claim amount is sent to the account of the beneficiary through the process of NEFT.
The important documents that should be kept handy while purchasing Pramerica Life Term Insurance Plans are:
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
Plans which are not available online can be purchased from agents, brokers, banks, etc. where the intermediaries help with the application process.
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.
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.
For new users, a period of 15 days is given, wherein you can surrender the policy, clearing stating the reason for the same.