Pramerica Life Family First Plan

This is a pure term insurance policy with a twist. It has a small lump sum death benefit of 20 times the monthly income of the life insured which is paid on death of life insured but has regular monthly income till the end of the policy tenure as chosen at the time of the policy inception.

Death Benefit

Maturity Benefit

Income Tax Benefit

Compare this plan with other Term Plans

Key Features

It is a pure Term Insurance Policy with Death Benefit of 20 times the Monthly Income chosen AND regular Monthly Income Benefit and no Maturity Benefit

Regular Monthly Income Benefit that is paid on death of the life insured is equal to the monthly Income of the life insured as selected by him at the policy inception

There is a guaranteed Monthly Income benefit of 48 months in the last 4 years’ of the policy, such that the family would definitely receive at least 48 months of monthly income even if the life insured dies in the last month of the policy

Riders

There are 2 riders available in this policy

Pramerica Traditional Accidental Death Benefit rider
Pramerica Traditional Critical Illness rider

Benefits

Death Benefit

In case of death of the policy holder, the nominee gets

20 times the Monthly Income of the life Insured to meet immediate needs AND
Regular monthly income till the end of the policy tenure, subject to a minimum of 48 months
OR, Discounted future value of the regular monthly income

Maturity Benefit

There are no maturity benefits under this plan.

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

Eligibility

	Minimum	Maximum
Monthly Income (in Rs.)	4000	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	50
Age at Maturity	-	65
Single premium	NA	NA
Payment modes	Yearly, Half-Yearly, Quarterly and Monthly

FAQs

You stop paying the premium

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.

You want to surrender the policy

There are no surrender benefits under this term plan.

You want a loan against your policy

Loan facility is not available under this policy.