Pramerica Life Smart Wealth+ Plan

Key Features

• It is a unit linked plan with Limited and Regular Pay options of premium payment.

• Persistency Units are added at the end of the 10th, 15th, and 20th policy years.

• There is an option of Fund Conservation at Maturity whereby the units from all the funds will be directed to the Debt Fund every half year in the last 3 policy years to protect the Fund Value from market fluctuations toward maturity.

The following Funds are available for Investment:-

• Debt Fund

• Balance Fund

• Growth Fund

• Large Cap Equity Fund

• Multi Cap Opportunities Fund

Benefits

• Persistency Units are added @ 1% of the average Fund Value in the last 3 years prior to the additions.

• The insured will get the total Fund Value on Maturity, which can either be taken in a lump sum or availed in installments over 5 years post Maturity under the Settlement Option.

• On the death of the policyholder, higher of the Sum Assured net of partial withdrawals made in the last 2 years if the age attained was less than 60 years or Fund Value subject to a minimum of 105% of all premiums paid till death is payable

• If the age attained was more than 60 years, higher of the Sum Assured less withdrawals made after age 58 or the Fund Value subject to a minimum of 105% of all premiums paid is payable.

• Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act.

Product Specification:

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Details about Premium

Premium in Rupees and Benefit Illustration for a term of 20 years and PPT for 5 years

Policy Details

Grace Period: 15 days grace period is allowed for monthly mode and 30 days for other modes of premium payment, after which the policy lapses.

Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy after 5 completed years. If surrendered before 5 years, the fund value net of discontinuation charge will be credited to the Discontinued Policy Fund, where it will earn a minimum of 4% p.a. growth. After the completion of 5 years, the fund value in the Discontinued Policy fund as of that date will be paid to the policyholder. If surrendered after 5 completed policy years, the entire Fund value on the date of surrender is paid without any charges

Free Look Period: If you are not 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.

Inclusions

• One free Partial withdrawal is allowed every year after 5 completed policy years with a minimum value of Rs.10,000

• 4 free Switches are allowed every year for switching between funds

• Premium Redirection is allowed to redirect future premiums

Exclusions

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

• For the rider's benefit, accidental deaths due to any self-inflicted injury, acts of criminal nature, war, aviation, participation in hazardous activities, alcohol abuse, etc., are excluded

Documents Required

Policyholder has to fill up an 'Application form/ proposal form' with an accurate medical history and submit KYC documents.