Pramerica Life Family First Plan
This is a pure term insurance policy with a twist. It has a small lump sum death benefit of 20 times the monthly income of the life insured which is paid on death of life insured but has regular monthly income till the end of the policy tenure as chosen at the time of the policy inception.
Key Features
There are 2 riders available in this policy
- Pramerica Traditional Accidental Death Benefit rider
- Pramerica Traditional Critical Illness rider
Benefits
In case of death of the policy holder, the nominee gets
- 20 times the Monthly Income of the life Insured to meet immediate needs AND
- Regular monthly income till the end of the policy tenure, subject to a minimum of 48 months
- OR, Discounted future value of the regular monthly income
There are no maturity benefits under this plan.
Life Insurance premiums paid up to Rs.1,50,000 are allowed as a deduction from the taxable income each year under section 80C
Eligibility
Minimum | Maximum | |
Monthly Income (in Rs.) | 4000 | No Limit |
Policy Term (in years) | 10 | 30 |
Premium Payment Term (in years) | Equal to policy term | Equal to policy term |
Entry Age of Policyholder (in years) | 18 | 50 |
Age at Maturity | - | 65 |
Single premium | NA | NA |
Payment modes | Yearly, Half-Yearly, Quarterly and Monthly |
FAQs
If the policy holder stops paying the premium, then all benefits of the policy will cease after the expiry of the grace period from the due date of the first unpaid premium. You can re-instate the policy within 3 years of lapsation by paying up all due premiums with interest.
There are no surrender benefits under this term plan.
Loan facility is not available under this policy.