Pramerica Life Ezee Wealth+ Plan

Pramerica Life Ezee Wealth + 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 I ULIP.

4 Funds for Investment

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No requirement of any medicals

Income Tax Benefit

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Key Features

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 or Fund Value, whichever is higher is paid as Death Benefit

This plan offers 4 Funds for Investment and 1 additional rider

In this plan, there is no requirement of any medicals and only a declaration of good health is sufficient

There is an option to safeguard funds from market volatility at the time of maturity by switching funds to Debt Fund at regular intervals in the last 3 policy years before maturity

There is no premium allocation charges from 2nd Policy Year onwards

If the Life Insured dies in the first policy year, only 50% of the Sum Assured is paid as Death Benefit

There is an option to reduce premium paying term after completion of 5 policy years

Riders

There is only 1 additional rider available in this policy

DLF Unit Linked Accidental Death 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.

Sample illustration of returns in Pramerica Life Ezee Wealth + Plan

Premium = Rs.25,000

Sum Assured = Rs 5,00,000

Policy Term = 20 years

Total Investment = Rs. 25,000 x 20 years = Rs.5,00,000

Age = 30 years Male
Fund = Balance Fund

Benefits

Death Benefit

In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher as Death Benefit and the policy would terminate.
However, if the Life Insured dies in the first policy year, only 50% of the Sum Assured is paid as Death Benefit.

Maturity Benefit

On maturity, the Fund Value is paid to the policyholder.

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 Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.

How it works

In this plan, premium needs to be paid for the entire policy tenure of 15 or 20 years. There is no requirement of any medical tests in this plan.

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 or Fund Value, whichever is higher is paid to the nominee as Death Benefit and the policy terminates. However, if the Life Insured dies in the first policy year, only 50% of the Sum Assured is paid as Death Benefit.

This plan has 4 funds for investment opportunity and 1 additional rider in this plan- Accidental Death Benefit rider.

Eligibility

	Minimum	Maximum
Sum Assured (in Rs.)	20 X Annualized Premium
Policy Term (in years)	15	20
Premium Payment Term (in years)	Equal to policy term
Entry Age of Life Insured (in years)	18	50
Age at maturity (in Rs.)	NA	70
Annual Premium (in Rs.)	25,000	50,000
Payment modes	Only Yearly

FAQs

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.