Pramerica Life Family Income Plan

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 of Pramerica Life Family Income Plan

• It is a pure Term Insurance Policy with Death Benefit 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 36 months in the last 3 years’ of the policy, such that the family would definitely receive at least 36 months of monthly income even if the life insured dies in the last month of the policy
• There are 2 additional riders which can be opted for

Benefits you get from Pramerica Life Family Income Plan

• Death Benefit – 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.
• 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 conditions and other restrictions in Pramerica Life Family Income Plan

Sample illustration of premium amount in Pramerica Life Family Income Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a Monthly Income = Rs. 20,000 and Policy Term = 25 years

Additional Features and Benefits of Pramerica Life Family Income Plan

Riders – There are 2 riders available in this policy

·         Pramerica Traditional Accidental Death Benefit rider

·         Pramerica Traditional Critical Illness rider

 

What happens if?

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 Income 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.