DLF Pramerica Wealth + Premier Plan
DLF Pramerica Wealth + Premier Plan is a simple non-participating Unit Linked Insurance Plan (ULIP). Thus, it is a Non-Traditional Plan without Bonus Facility. This is the type II ULIP.
How it works – In this plan, premium needs to be paid only for 5 years while the policy continues till the end of the policy tenure of 15, 20 or 25 years.
The Fund Value is paid to the Policyholder at the end of the Policy Tenure as Maturity Benefit. However, if the Life Insured dies within the Policy Tenure, Sum Assured + Fund Value is paid to the nominee as Death Benefit and the policy terminates.
This plan has 2 additional riders in this plan- Accidental Death Benefit rider and Critical Illness Benefit rider.
Key Features of DLF Pramerica Wealth + Premier Insurance Policy
- This is a simple ULIP without bonus facility
- The Fund Value is paid as Maturity Benefit at the end of the policy tenure
- If the Life Insured dies within the Policy Tenure, Sum Assured + Fund Value is paid as Death Benefit
- This plan offers 4 Funds for Investment and 2 additional rider benefits
- The sum assured can be increased or decreased after the third policy anniversary
Benefits you get from DLF Pramerica Wealth + Premier Insurance Plan
Death Benefit – In case of death of the Life Insured, the nominee would get Sum Assured + Fund Value as Death Benefit and the policy would terminate.
Maturity Benefit – On maturity, the Fund Value is paid to the policyholder.
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
Eligibility conditions & other restrictions in DLF Pramerica Wealth + Premier Policy
|
|
Minimum
|
Maximum
|
|
Sum Assured (in Rs.)
|
10 times the Annualized Premium for PT=15 and 20
12.5 times the Annualized Premium for PT= 25
|
According to the Sum Assured Multiple grid
|
|
Policy Term (in years)
|
15, 20
|
25
|
|
Premium Payment Term (in years)
|
5
|
|
Entry Age of Life Insured (in years)
|
18
|
60
|
|
Age at Maturity (in years)
|
NA
|
75
|
|
Annual Premium (in Rs.)
|
50,000
|
No Limit
|
|
Payment modes
|
Yearly, Half Yearly, Quarterly and Monthly
|
Sample illustration of returns in DLF Pramerica Wealth + Premier Plan
Premium = Rs.50,000
Sum Assured = Rs 5,00,000
Policy Term = 20 years
Total Investment = Rs. 50,000 x 5 years = Rs.250,000
Age = 35 years Male
Fund = Debt Fund
Additional Features and Benefits of DLF Pramerica Wealth + Premier Plan
Riders – There are 2 riders available in this policy
- DLF Unit Linked Accidental Death Benefit rider
- DLF Unit Linked Critical Illness Benefit rider
Investment Fund Options
There are 4 Investment Funds available
- Debt Fund
- Balance Fund
- Growth Fund
- Large Cap Equity Fund
Top-up - Not Applicable.
Switching - You have the flexibility to switch investments from one fund to the other any time during the policy term. This plan offers 4 Free Switches every year and the minimum switch amount is Rs 5000.
Partial Withdrawal - You are allowed to make partial withdrawals in this policy after 5 complete policy years. One free partial withdrawal in a policy year is available free of cost. The minimum amount of partial withdrawal should be Rs.10, 000 and the maximum amount of partial withdrawal is 75% of the Fund Value such that at least 1.5 times the annual premium remains in the Fund Value after any partial withdrawal.
You stop paying the premium before 5 years - If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate as prescribed by the IRDA from time to time and this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value net of charges will be payable to the nominee. It can however be revived within 2 policy years from the first unpaid premium.
You stop paying the premium after 5 years - If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
You want to surrender the policy – The policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value of all the premiums paid.
You want a loan against your policy – Loan facility is not available under this policy.
Alternate ULIPs from different insurance companies
Kotak Platinum Plan
Other ULIPs from DLF Pramerica Life Insurance
DLF Pramerica Ezee Wealth+
DLF Pramerica Wealth+ Ace
