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Pramerica Life Assure Money+ Plan

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This plan has been withdrawn by the insurance company and is no longer available for sale.

Pramerica Life Assure Money + Plan

Pramerica Life Assure Money + Plan is a Double Benefit Endowment Plan. Thus, it is a Traditional Plan without Bonus Facility.
 
How it works – In this plan, premium needs to be paid for the entire policy tenure as selected. This plan has Annual Regular Additions based on the Sum Assured.
 
At the end of the Policy Tenure, the base Sum Assured + accrued Annual Regular Additions + Guaranteed Maturity Additions would be paid as Maturity Benefit and the policy would terminate.
 
However, if the Life Insured dies after attaining 8 years of age but within the Policy Tenure, then Double the Sum Assured + accrued Annual Regular Additions are paid to the nominee as Death Benefit and the policy terminates. However, if the Life Insured dies before attaining 8 years of age, then only the premiums are returned.
 
This policy also has 2 additional riders of Accidental Death Benefit and Critical Illness Benefit riders.
 

Key Features of Pramerica Life Assure Money Plus Insurance Plan

  • It is a Non-Participating Endowment Plan without Bonus facility
  • There are Annual Regular Additions in this plan depending upon the market performance against benchmark performance
  • Base Sum Assured + accrued Annual Regular Additions + Guaranteed Maturity Additions would be paid as Maturity Benefit
  • Guaranteed Maturity Benefit is paid at Rs 35 per Rs 1000 of Sum Assured
  • Double the Base Sum Assured + accrued Annual Regular Additions are paid as Death Benefit if the Life Insured dies within the Policy Tenure
  • The risk on the life of the insured starts at age 8
  • This plan has 2 additional riders- Accidental Death Benefit rider and Critical Illness Rider
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS


 

Benefits you get from Pramerica Life Assure Money + Insurance Policy

Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets Double the Base Sum Assured + accrued Annual Regular Additions are paid as Death Benefit if the Life Insured is more than 8 years of age. If the Life Insured dies before attaining 8 years of age, then only the premiums are returned.
 
Maturity Benefit – At the end of the Policy Tenure, the base Sum Assured + Annual Regular Additions are paid as Maturity Benefit and the policy terminates.
 
Income Tax Benefit - Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
 
 

Eligibility conditions & other restrictions in Pramerica Life Assure Money + Policy

 
Minimum
Maximum
Sum Assured (in Rs.)
50,000
No Limit
Policy Term (in years)
10,15, 20
25
Premium Payment Term (in years)
Equal to PT
Entry Age of Life Insured (in years)
90 days
60
Age at Maturity (in years)
-
75
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
 
 

Sample illustration of premium in Pramerica Life Assure Money + Plan 

The below illustration is for a healthy Male (non-tobacco user) opting for a Sum Assured = Rs. 1.5 lacsand Policy Term = 20 years

 

Additional Features and Benefits of Pramerica Life Assure Money + Plan

Riders – There are 2 additional riders available with this plan
Pramerica Traditional Accidental Death Benefit rider
Pramerica Traditional Critical Illness Benefit rider
 
 

What happens if? 

You stop paying the premium within first 2 year - 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. The policy can be re-instated within 3 years of lapsation by paying up all due premiums with interest.
 
You stop paying the premium within first 2 year - If the policy holder stops paying the premium after paying for 2 policy years, the policy acquires a Paid Up Value and all benefits would reduce proportionately. The policy can be re-instated within 3 years of lapsation by paying up all due premiums with interest.
 
You want to surrender the policy – The policy can be surrendered after 2 policy years. There is a Guaranteed Surrender Value available in this plan.
 
You want a loan against your policy – Loan facility is available under this policy after 3 policy years upto 90% of Surrender Value.



 
Other Endowment Plans from Pramerica
  • Pramerica Life Sahaj Suraksha Plan
  • Pramerica Life Smart Cash Protect Plan
  • Pramerica Life Flexi Cash Plan
  • Pramerica Life Premier Gain Plan
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