Pramerica Life Smart Invest 1 UP Plan

Eligibility Criteria for the Pramerica Life Smart Invest 1 UP Plan

Features of the Pramerica Life Smart Invest 1 UP Plan

Here are the key features of the plan:

• Guaranteed Additions: There are guaranteed additions to the plan in the first year of premium where the first premium is added, depending on the investment base, along with the value of the fund in the long-run.
• Different Plans: Policyholders have two options, Wealth Builder and Dream Builder, tailored to financial goals and protection needs.
• Zero Allocation and Administration charges: The plan does not have any premium allocation charge or policy administration charge in the plan, hence a larger share of the premium is invested.
• Several Fund Investment: The plan provides a number of investment funds to enable policyholders to invest depending on their risk tolerance and financial objectives.
• Flexible Fund Switching: The policyowners can move between offered funds within the policy term to make changes to investments according to the market conditions.
• Life Insurance Protection: The scheme also has life cover; besides growing in investments, the family can be sure of financial protection as long as the policy is active.

If you are looking for long-term savings with insurance coverage, you can also check some of the best investment plans that help build wealth while securing your family’s future.

Benefits of the Pramerica Life Smart Invest 1 UP Plan

The plan offers a combination of investment growth and insurance protection. Below are the key benefits of the plan:

• Maturity Benefit: If the life insured survives to the policy term's expiration, the policyholder will receive the full fund value he has earned from the investment funds.
• Death Benefit: Death benefit is a benefit that the nominee gets in the event of the death of the life insured within the policy term, according to the stipulated policy terms. The higher amount of sum assured, fund value, or 105% of total premiums paid is used as the payout.
• Market-Linked Growth: The premiums paid by the policyholder are invested in the market-linked funds, as the plan is a ULIP. This will enable one to enjoy long-term market growth.
• Tax Benefits: The benefits covered and the premiums paid may be eligible for tax benefits under applicable income tax laws.

Policy Details of the Pramerica Life Smart Invest 1 UP Plan

Understanding the policy conditions helps policyholders make informed decisions when selecting a ULIP for long-term financial planning.

1. Grace Period

   Annual, semi-annual, and quarterly premiums are given a 30-day grace period, whereas monthly premiums are given a 15-day grace period.

2. Revival

   If the policy lapses due to nonpayment of premiums, it may be revived within 3 years from the date of the first unpaid premium by paying all unpaid premiums.

3. Free Look Period

   The policyholder has a 30-day free look period, starting on the date the policy document is delivered, to review the terms and cancel the policy if they are not satisfactory.

   

4. Surrendering

   It is possible to surrender the policy during its term. Nevertheless, the lock-in period for ULIP plans is usually 5 years, after which surrender benefits can be redeemed.

5. Fund Switching

   The plan also enables policyholders to move investments among available funds during the policy term without incurring switching fees.

   You can explore more options under Pramerica ULIP Plans to compare similar market-linked policies that offer both investment growth and life insurance protection.

Exclusions Under The Pramerica Life Smart Invest 1 UP Plan

Suicidal Clause

In the case of the death of the life insured because of suicide within 12 months after the policy commencement/policy revival date, the payment will be subject to the payment amount as per the policy terms.