Pramerica Life Term Family Income Plan

Pramerica Life Family Income Plan is a decreasing term plan offered by Pramerica  Life Insurance wherein the death benefit may either be payable in a lumpsum to the nominee or in equal monthly installments till the end of the policy tenure.

Thus, in this plan, the sum assured decreases with time. And if the Life Insured dies within the policy tenure, the death benefit is paid to the nominee but the policy does not terminate immediately.

Key Features

  • Decreasing term plan with reducing sum assured
  • Pure Term Plan with only death benefit and no maturity benefit
  • There are 2 options for choosing Death Benefit in this plan, i.e. if the life insured dies within the policy tenure:
    • Lump Sum Benefit
    • Monthly Income Benefit
    • In case of death of life insured within the last 3 years as well, there is a 36 months’ Guaranteed Monthly Income available with this plan
    • There are 2 additional riders available with this plan


  • In case of death of the life insured within the policy tenure, there are 2 ways in which Death Benefit can be paid out:
    • Monthly Income Benefit: A chosen fixed amount is paid every month as Monthly Income Benefit till the end of the policy tenure to meet the monthly expenses of the family
    • Lumpsum Benefit: The Monthly Income Benefit can also be taken upfront as a lumpsum but only a discounted value of the future monthly incomes would be payable
    • The fixed Monthly Income Benefit is guaranteed for a minimum period of 36 months for demises in the last 3 policy years
    • Additional protection can be opted for in this plan by choosing for additional riders available:
      • Pramerica Life Traditional Critical Illness Rider and
      • Pramerica Life Traditional Accidental Death Benefit Rider
      • Income tax benefit on the premium paid as per Section 80C of the Income Tax Act

Product Specification:




Entry Age (Last Birthday)



Maturity Age (Last Birthday)



Policy Term (PT) in years



Premium Paying Term (PPT) in years

Till the end of the policy tenure

Premium Paying Frequency


Quarterly, Semi-Annually, Annually

Yearly Premium

Rs 1000 for Annual, Semi-Annual & Quarterly modes and Rs 1200 for Monthly mode

No Limit. It is as per the underwriting criteria

Monthly Income

Rs 2000

No Limit. It is as per the underwriting criteria

Details About Premium

Annual premium in Rupees, exclusive of tax

Policy Term: 25 Years


Monthly Income
Rs 10,000

Monthly Income Rs 20,000

Monthly Income Rs 40,000

30 years




40 years




Grace Period: 15 days grace period is allowed for payment of premium under monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: There are no surrender or termination benefits available in this plan as this is a pure term plan

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.


  • The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person according to their medical grid

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