Pramerica U-Protect Plan
Pramerica Life U-Protect Plan is a vanilla Term Insurance Policy for Sum Assured greater than Rs 25 lacs. This is a Traditional Plan without Bonus Facility.
In this plan, premium needs to be paid till the end of the Policy Term chosen. If the Life Insured dies within the Policy Tenure, then the Sum Assured is paid to the nominee as Death Benefit. However, if the Life Insured survives till the end of the policy term, then nothing is payable as Maturity Benefit as this is a pure Protection Plan.
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 Life Insured within the Policy Tenure, the nominee gets the Sum Assured as Death Benefit.
Being a pure Term Plan, 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 | |
Sum Assured (in Rs.) | 25 lacs | 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 | 55 |
Age at Maturity (in years) | - | 65 |
Annual Premium (in Rs.) | 4,000 | NA |
Payment modes | Yearly and Half-Yearly |
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.