Pramerica Life Trushield is a term life insurance plan offered by Pramerica life Insurance Limited that aims to provide financial protection to the policyholder’s family in case of any mishappening. It is a non-linked, non-participating term life insurance plan. In addition to covering the death benefit, it also provides a return of premium to the policyholder.Read more
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Pramerica Life Trushield has different plan variants to choose from, and the buyer can select the one that suits him the most. The death benefit covered under this plan is also available with two options so that one can pick how they want their family to be covered in their absence.
Pramerica Life Trushield plan is a perfect choice for anyone looking to protect their family’s financial outgoings at fair rates when they are not around to bear it.
The following are the eligibility criteria of the policy
|Policy Term||7/10/12/15/20 years|
|Entry Age||Minimum- 18 years
Maximum-55 years (for regular pay)
For 10 years of Policy Term with Single Premium and Limited Premium pay
|Maturity Age||65 years|
|Premium Payment Term||7 years: 7-Pay
10 Years: 10-Pay/ 5-Pay/Single
12 Years: 12 –Pay
15 Years: 7-Pay/12-Pay/Single
20 years: 10-Pay/ Single
|Return of Payment||Return of all the Premiums paid (excl. extra premium and taxes, if any) upon survival till completion of Policy Term..|
|Base Sum Assured||Min: Rs. 5 lakhs
Max: Rs. 50 Crores; subject to underwriting
|Premium Payment Mode||Monthly/Single/Annual|
|Payment option||For level cover (INR)||For reduced cover (INR)|
The main benefit under the Pramerica Life Trushield is the death cover upon an unfortunate demise of the life assured. And there are two death cover options to choose from while selecting the policy plan of your choice.
But along with the death benefit, there are several key benefits linked to the Pramerica Life Trushield, and the same are discussed below in detail.
Before getting into the details of the death benefit, you should know that there are two death covers available while selecting the policy plan under Pramerica Life Trushield.
The basic sum assured as the death benefit remains constant throughout the policy period if one picks the level cover under this plan.
As you already may have got an idea from the name, the basic sum assured as the death benefit reduces over the policy period without any alterations in the premium paying value.
There are variable death claims that one can make upon the unfortunate incident according to the premium payment option selected when purchasing the policy, the details of which are explained below.
For regular and limited pay options
For this premium payment option, the highest of the three values shall be paid as the death benefit considering the incident has taken place within the active policy period.
Ten times the annual premium, or
Maturity sum assured, or
The absolute sum assured value payable upon death which will be different for level cover and reducing cover.
Absolute sum assured for level cover: the base sum assured chosen for the policy.
Absolute sum assured for reducing cover: the reduced amount in accordance with the passed policy tenure as applicable.
For single premium settlement
In case of the one-time pay-out, the highest of the below-mentioned values shall be payable as the death benefit provided that the death has occurred within the active lifetime of the policy.
125% of the single paid-out premium, or
Maturity sum assured, or
The absolute sum assured payable upon death, the basic sum assured (in case of level cover), and the reduced sum assured amount (in case of the reduced cover option).
In addition to the death benefit, the additional shield cover is also applicable under Pramerica Life Trushield. But this benefit shall not be payable for the reduced cover option. And this amount shall vary according to the premium payment options chosen at the time of purchase.
Upon the survival of the life assured throughout the complete policy period, the insurer is liable to return the premiums as the maturity benefit. And it varies according to the premium payment option selected while applying for Pramerica Life Trushield.
On the survival of the life assured to the date of maturity and provided the policy is active for whole policy benefits, the insurer will pay an amount equivalent to the maturity sum assured, where the sum assured amount at maturity is defined as below:
For Regular & Limited Pay: Total premium amount payable under the plan (excluding any underwriting taxes, if any).
For Single Pay: Single premium (excluding any underwriting extras and taxes, if any)
The policy guarantees the return of premium at the date of maturity. However, additional premiums and taxes collected (if any) would not form part maturity benefit. The maturity payout will be paid in options: Level cover and Reducing cover.
Tax benefits under this plan are provided following the prevailing tax laws in the country, which are subject to changes with amendments to the existing laws.
“Tax benefit is subject to changes in tax laws. Standard T&C apply.”
The premium amount paid by you would depend on the band based on your base sum assured chosen falls in. Following are the 5 base sum assured bands which are applicable under this plan:
|Band 1||500,000 – 850,000|
|Band 2||850,001 – 12,50,000|
|Band 3||12,50,001 – 25,00,000|
|Band 4||25,00,001 – 50,00,000|
|Band 5||50,00,001 and above.|
All Indian nationals are eligible to apply for Pramerica Life Trushield, and thus, documents that are needed while applying for this plan are the ones officially recognized by the government of India. A list containing some of these documents is sared below.
Application form provided by the insurer
Identity proof (Aadhar card, pan card, driving license)
Age proof (Birth certificate, domicile)
Address proof (Utility bills)
Latest professional photos (Passport size)
Bank account details (Passbook, checkbook, and/or any relevant document provided by the bank)
Any additional document may be required according to the mode you have selected to buy this plan
Online purchase is an easier alternative to buy this plan from the comfort of your home. The procedure is trouble-free and involves only a few clicks through your computer.
The stepwise guide is given below:
Go to the website that the insurer approves.
Search for Pramerica Life Trushieldunder the search box.
A web page containing all the details regarding the plan will appear.
Read through the instructions provided on the website.
Click on the apply online box.
An online application form will appear. Fill it.
Click on the save and proceed button.
Enter your health details.
Pick the plan option you have decided on.
Pay the premium online and finish the process.
Exclusion due to suicide
If the policyholder commits suicide within the first twelve months, counting from the date of commencement of risk, the insurer shall not be liable to pay the death benefit. Then the insurer will provide an amount equal to 80%of the premiums paid till date or surrender value (if any), whichever among both is higher provided that the policy is in active mode.
No extra claims shall be entertained by the insurer under such a condition.
*For a detailed list of exclusions, please refer to the policy document or the product brochure.
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