Pramerica Life Family Income Plan
Pramerica Life Family Income Plan is a pure term insurance plan with only death benefit and no maturity benefit if the life insured dies. However, the death benefit is not paid out in lump sum. It is paid out over monthly instalments till the end of the policy tenure to tend to the monthly income requirements of the family in case the bread earner dies.
Key Features
There are 2 riders available in this policy
- Pramerica Traditional Accidental Death Benefit rider
- Pramerica Traditional Critical Illness rider
Benefits
In case of death of the policy holder, the nominee gets regular monthly income till the end of the policy tenure subject to a minimum of 36 months. The nominee can choose to take discounted future value of the monthly income in a lump sum as well.
There are no maturity benefits under this plan.
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.) | 20,000 | No Limit |
Policy Term (in years) | 5 | 30 |
Premium Payment Term (in years) | Equal to policy term | Equal to policy term |
Entry Age of Policyholder (in years) | 18 | 55 |
Age at Maturity | - | 65 |
Single premium | NA | NA |
Payment modes | Yearly, Half-Yearly, Quarterly and Monthly |
FAQs
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 Income unpaid premium. You can re-instate the policy within 3 years of lapsation by paying up all due premiums with interest.
There are no surrender benefits under this term plan.
Loan facility is not available under this policy.