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Pramerica Life TruShield
A term plan is perfectly suited to protect the financial future of the family in the absence of the breadwinner. Pramerica Life TruShield has been conceptualized on the same grounds to provide the policyholder with a large sum assured to realize the family's desires and aspirations. It also helps to liquidate the existing financial obligations, if any, after the unfortunate demise of the insured.
Get ₹1 Cr. Life Cover at just ₹449/month*
Pramerica Life TruShield
No medical
checkup required
checkup required
Covers
COVID-19
COVID-19
Tax Benefit
Upto Rs. 46800
Life Cover Till Age
99 Years
8 Lakh+
Happy Customers
*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
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- Pramerica Life TruShield
The Pramerica Life TruShield policy is a non-linked non-participating term, pure risk life insurance plan providing a return of premium on survival. The policy delivers comprehensive benefits with additional cover and multiple options to pay the premium to suit the policyholder’s convenience.
Eligibility Criteria of Pramerica Life TruShield
The table below shows the eligibility criteria of Pramerica Life TruShield:
|
Parameters |
Description |
|
Entry Age |
Minimum: 18 years Maximum: 7 years Policy: 50 years 10 Years Policy Term: 55 years (For Regular Pay, Maximum Entry Age is 50 years) 12 Years Policy Term: 50 years 15 Years Policy Term: 50 years 20 Years Policy Term: 45 years |
|
Maturity Age |
Maximum: 65 years |
|
Policy Tenure |
7, 10, 12, 15, or 20 years |
|
Premium Paying Term |
7 years Policy Term: Regular Pay 10 Years Policy Term: Single Pay, 5-Pay, or 10-Pay 12 Years Policy Term: 12-Pay 15 Years Policy Term: Single Pay, 7- Pay, or 12 -Pay 20 Years Policy Term: Single Pay, or 10- Pay |
|
Premium Paying Mode |
Single, Annual, or Monthly |
|
Grace Period |
30 days |
|
Sum Assured |
Minimum: Rs 5 Lakh
Maximum: Rs 50 Crore (Subject to the underwriting policy)
|
Benefits of Pramerica Life TruShield
The following are the key benefits of Pramerica Life TruShield:
Death Benefit
The beneficiary receives the sum assured on the unfortunate demise of the policyholder during the policy term, provided the Pramerica Life TruShield Policy status is active.
Death Benefit Options: The comprehensive benefit is offered to the policyholder in 2 options:
- Option A-Level Cover: The sum assured remains constant throughout the policy term.
- Option B – Reducing Cover: The sum assured reduces over the policy term based on a defined formula.
Maturity Benefit
The total of the paid premium is payable to the policyholder on survival, based on the Premium Payment option, and after deduction of any extra premium and taxes.
Tax Benefits
The premium paid and benefit received in the financial year is tax-exempt under Sections 80C & 10(10D) of the Income Tax Act, 1961
Note: Tax benefit is subject to changes in tax laws
The Premium for Pramerica Life TruShield
Pramerica Life TruShield premium is payable as single, limited, and regular pay modes, according to the convenience and preference of the policyholder. The minimum annual premium payable is as below:
Level Benefit Option:
- Limited Pay: Rs 6, 460
- Regular Pay: Rs 14, 425
- Single Pay: Rs 29, 570
Reducing Benefit Option:
- Limited Pay: Rs 6, 010
- Regular Pay: Rs 12, 705
- Single Pay: Rs 26, 915
Documents Required to Buy Pramerica Life TruShield
The following is the list of documents required to buy Pramerica Life TruShield online
- Identity Proof
- Age Proof
- Address Proof
- Income Proof
- Bank Account Details
- Recent Photograph
How to Buy Pramerica Life TruShield Online?
This plan is not open to purchase online, but the policyholder can get an idea of the premium by using the Pramerica Life TruShield calculator at the insurer portal. The purchase proper involves a few steps, and the assistance of the agent may be sought with an online request.
A filled-in proposal form with supporting documents and the payment of the first premium online completes the process.
Exclusions of Pramerica Life TruShield
The exclusion in the policy is suicidal death. For suicidal death of the insured within the first 12 months of the inception, or the time of policy revival, the insurer obligation is limited. The payable amount is higher of 80% of the total paid premium (fewer taxes and any underwriting extra) or the surrender value till the date of death.
FAQs
-
How does the Reducing Death Benefit Cover work in the Pramerica Life TruShield Policy?
The Death Sum Assured (DSA) at the beginning of the policy year is equal to the outstanding principal of a loan (which equals the Base Sum Assured) that is repaid with an applicable interest of 15% per annum above the policy term. The DSA reduces over the plan tenure. -
How does the Pramerica Life TruShield Policy determine the premium payable?
It is determined by where the selected Sum Assured falls in the defined Base Sum Assured Bands. -
Can the Pramerica Life TruShield Policy be surrendered?
The policyholder should continue the policy by regular renewals, but the policy may be surrendered in an extreme case. The policies with limited and regular premium paying options can be surrendered anytime within the policy term, provided two full premiums have been paid. For the Single Pay option, the policy can be surrendered immediately after the premium has been paid. -
How can the Pramerica Life TruShield Policy status showing “Lapsed” be revived?
A lapsed policy can be revived within 5 years from the default premium payment date. The policy is revived on payment of the outstanding premium with the accrued interest thereon to restore all the benefits. -
How does the Term Plan like Pramerica Life TruShield ordinarily offer a large Sum Assured for a low premium?
As the Insurer has no additional obligation other than paying the death benefit to the policyholder on demise, it can afford to offer a large sum assured for a low premium. -
What is meant by Free Look cancellation in the Pramerica Life TruShield policy?
The insured is allowed 15 days (30 days for distant marketing) from the receipt date of the policy bond to review the terms and conditions of the purchased policy. If the policyholder is not satisfied or disagrees with it, the policy can be returned for cancellation, stating the reasons for cancellation. -
What is meant by Distant Marketing?
The entire process of purchase of the Pramerica Life TruShield policy through means other than in-person, beginning from solicitation, is called Distant Marketing.
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