Pramerica Life Insurance Company Limited has its headquarters in Gurgaon and is termed to be one of the fastest growing life Insurance companies in India among others. The company provides a wide range of life insurance solutions for individuals as well as group so take care of the various financial needs of every individual including retirement planning, savings and wealth creation. Currently the company has 138 branches with 2586 employees.
Guaranteed Tax Savings
Under sec 80C & 10(10D)₹ 1 Crore
Invest 10k Per Month*Zero LTCG Tax
Unlike 10% in Mutual Funds*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Top performing plans with High Returns*
Invest ₹10K/month & Get ₹1 Crore returns*
The company is a venture between Dewan Housing Finance Corporation Limited , which is India’s second largest housing finance company in the private sector and Prudential International Insurance Holdings, Ltd. (PIIH), which is a fully owned subsidiary of Prudential Financial, Inc. (PFI), which is a financial services company. This represents the merger of two well- known financial services companies known for business excellence spread over decades. The life insurance joint venture agreement between the two partners was signed in July 2013 and the company was formed.
Unit Linked Insurance Plans (ULIPs) are plans developed by insurance companies on the basis of the features of a mutual fund where the premiums paid by the policyholder are invested in a corpus which is then invested in stocks and shares of different companies functioning in the capital market. The total value of the corpus in accordance with market valuation divided by the total number of securities purchased depicts the Net Asset Value (NAV) which is the price of one unit. The premium which the policyholder pays is invested in the chosen fund at the fund’s prevailing NAV which changes daily. ULIPs promise good returns and insurance coverage making them a package plan. The common features of every ULIP are as follows:
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Pramerica Life Insurance Company sells ULIP Plans to its customers which provide dual benefit of market linked returns and life insurance protection under the same plan. Let us see the different types of plans offered by the company an d the features and benefits of each of the plans in details.
A unit linked insurance plan where the premiums paid are invested in the market for linked returns. The plan’s features and benefits are:
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
8 years |
55 years |
Maturity Age |
- |
75 years |
Policy Term |
20 years |
|
Premium amount |
Rs.30, 000 |
No limit |
Sum Assured |
5 Pay – 10 or 7 times the annual premium depending on age 10, 15 or 20 Pay – 10 times the annual premium |
No limit |
Premium Payment Term |
5, 10, 15 or 20 years |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
A unit linked insurance plan under which premium is paid only at plan commencement in one lump sum. The plan has the following features:
Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.
Eligibility Details
|
Minimum |
Maximum |
Entry Age |
90 days |
65 years |
Maturity Age |
- |
75 years |
Policy Term |
10 years |
25 years |
Premium amount |
Rs.65, 000 |
No limit |
Sum Assured |
1.25 or 1.10 times the single premium paid depending on the age of the policyholder |
Rs.10 crores |
Premium Payment Term |
Single Pay |
|
Premium Paying Frequency |
Yearly, half-yearly, quarterly or monthly |
Other Plans :
Pramerica life Investment Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
For online transaction, please visit e-portal.
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 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.
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