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.

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Annual Regular Additions

Maturity Benefit

Income Tax Benefit

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Key Features

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

Riders

There are 2 additional riders available with this plan

Pramerica Traditional Accidental Death Benefit rider
Pramerica Traditional Critical Illness Benefit rider

Benefits

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.

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.

Eligibility

	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 policy term
Entry Age of Life Insured (in years)	90 days	60
Age at maturity (in Rs.)	-	75
Payment modes	Yearly, Half-yearly, Quarterly and Montly

FAQs

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.