Pramerica Term Insurance Plans

 Pramerica Term Insurance 

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.

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                                                                    

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                                                                    

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                                                                    

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.

1. 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 

2. 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.

3. 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.

4. 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

1. On the PolicyBazaar homepage, click on Term Insurance under the Personal tab.
2. Click New Quotes to compare and choose from top insurance providers.
3. 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.
4. Fill in your name, email address, city, country code, and mobile number. Click Continue.
5. 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.
6. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
7. 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.
8. This will take you to the insurer’s website. You will have to fill in the necessary details to buy the plan.

Other Plans :

          Pramerica life Insurance

          Pramerica Investment Plans

Pramerica Term Insurance Plans - FAQs

How to pay premium? What are the modes of payment available?

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.

How can I check policy status for Pramerica Term Insurance plans?

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.

What is the policy renewal process for Pramerica Term Insurance plans?

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.

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

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.

What is the policy cancellation process for Pramerica Term Insurance plans?

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.