Pramerica Life ULIP Plans

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.

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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.

What are ULIPs?

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:

  • The company has different available funds and the premiums paid will be invested in one or a combination of available funds. The choice of investment depends on the policyholder and his risk appetite.
  • Premiums paid are then subject to charges like administrative charges, fund management charges, mortality charges, etc.
  • The extent of coverage depends on the amount of premium paid by the policyholder.
  • There is a 5 year lock-in period during which the fund value cannot be withdrawn. Post the lock-in period, the policyholder can make partial withdrawals from the fund value
  • The policyholder can also switch between the available funds if he wants to change his investment strategy.
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Types of Pramerica Life ULIP Plans

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.

  • Pramerica Life Smart Wealth+ Plan –
  • Pramerica Life Wealth+ Ace Plan –

1. Pramerica Life Smart Wealth+ Plan –

A unit linked insurance plan where the premiums paid are invested in the market for linked returns. The plan’s features and benefits are:

  • Regular Pay or Limited Pay option of premium payment is available.
  • After deducting the charges, the premium is invested in a choice of 4 available funds as per the discretion of the policyholder. The available funds are Debt Fund, Balance Fund, Growth Fund and Large Cap Equity Fund.
  • There is an option called Fund Conservation at Maturity under which the Fund Value is partially credited to the Debt Fund every 6 months in the last 3 years of the policy tenure. This is done to protect the fund value from market volatility in the last few years of policy maturity.
  • Persistency Units are added in the 10th, 15th and the 20th year @1% of the average Fund Value over the last 36 months prior to the addition.
  • The Fund Value is payable on maturity which can be either taken in lump sum or in instalments within 5 years post maturity under the Settlement Option.
  • When the insured dies, higher of the Sum Assured net of any partial withdrawals made or the Fund Value is paid with a minimum of 105% of all premiums paid till the date of death.
  • One free partial withdrawal is allowed annually with a minimum value of Rs.10, 000 after the completion of 5 policy years
  • Four free switches are allowed annually to switch between funds and premium redirection facility is also available for redirecting subsequent premiums to a different fund.
  • The plan can be customized by adding the Pramerica Unit Linked Accidental Death Benefit Rider for added protection.
  • 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

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

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

2. Pramerica Life Wealth+ Ace Plan –

A  unit linked insurance plan under which premium is paid only at plan commencement in one lump sum. The plan has the following features:

  • The premium is paid only at the commencement of the plan under the Single Pay option
  • The premium net of charges can be invested under the Systematic Transfer Option or can be invested by the policyholder himself from a choice of 5 available funds.
  • Under the Systematic Transfer Option, the net premium is first invested in the Liquid Fund which has low risk and from there the units are gradually moved to a fund chosen by the policyholder. This feature allows the policyholder to use the benefit of rupee-cost averaging.
  • The policyholder may otherwise choose to invest the net premium in any fund from the available funds which are Debt Fund, Balance Fund, Growth Fund, Large Cap Equity Fund and Liquid Fund.
  • The plan provides addition of Persistency Units in the 10thyear and subsequently every 5 years @1.5% or 2% of the average Fund Value over the last 36 months prior to the addition depending on the premium
  • Fund Value is payable on maturity which can be either availed in lump sum or within 5 years post maturity in instalments under the Settlement Option.
  • When the insured dies, higher of the Sum Assured net of any partial withdrawals made or the Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death.
  • One free partial withdrawal is allowed annually with a minimum value of Rs.10, 000 after the completion of 5 policy years
  • Four free switches are allowed annually to switch between available funds.
  • The plan can be customized by adding the Pramerica Unit Linked Accidental Death Benefit Rider for added protection.

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

Applying For ULIPs through PolicyBazaar

    • On the PolicyBazaar homepage, click on ULIPs under the Personal tab.
    • Click New Quotes to compare and choose from top insurance providers.
    • 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.
    • Fill in your name, email address, city, country code, and mobile number. Click Continue.
    • 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.
    • After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.
    • 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.
    • 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 life Investment Plans

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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Pramerica Life ULIP Plans - FAQs

  • Q1. How to pay premium? What are the modes of payment available?

    Ans:. 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.

  • Q2. How can I check policy status for Pramerica Life ULIP plans?

    Ans:. 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.
  • Q3. What is the policy renewal process for Pramerica Life ULIP plans?

    Ans:. 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.

  • Q4. What is the company’s process to settle claim for Pramerica Life ULIP plans?

    Ans:. 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.
  • Q5. What is the policy cancellation process for Pramerica Life ULIP 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.

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