Pramerica Life Fee Protect + Plan

Pramerica Life Fee Protect+ Plan

Pramerica Life Fee Protect+ Plan is a Traditional Child Plan where the parent is the Life Insured but the plan is for the benefit of the child. This plan does not cover the life of a child but it is meant for the security of the child’s future even if anything happens to the parent.

In this plan if the Life Insured, i.e. the parent dies within the policy tenure, no further premiums need to be paid and the child would receive Monthly Payouts every month till the end of policy tenure which increases every year from the second year. Moreover, when the tenure ends, 80% of the total premium paid (or waived) is paid as Maturity Benefit even if the parent dies to provide help for the child’s higher education admission fees.

Key Features of Pramerica Life Fee Protect+ Plan

• There is Monthly Payout till the end of the Policy Term to take care of School Fees in case of demise of the Life Insured
• The Monthly Payout increases by 5% every year to from second policy year to combat the rise in cost of education
• 80% of the Premium paid (Or waived, in case of death of the life insured) is paid on maturity of the plan
• The child is mandatorily made the nominee in this plan.

Benefits you get from Pramerica Life Fee Protect+ Plan

Death Benefit – In case of death of the parent, i.e. the Life Insured, the child would receive Monthly Payout till the end of the Policy Term to take care of School Fees which increases by 5% every year to from second policy year to combat the rise in cost of education + 80% of the Total Premiums Payable is paid on maturity.

Maturity Benefit – 80% of the Total Premiums Paid is paid as Maturity Benefit.

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 Fee Protect+ Plan

Sample illustration of premium amount in Pramerica Life Fee Protect+ Plan

Policy Term = 15 years

Premium Paying Term = 15 years

Monthly Payout = Rs 3000

Additional Features and Benefits of Pramerica Life Fee Protect+ Plan

Riders –There are no additional riders available in this policy. There is only 1 in built rider- Premium Waiver Benefit rider.

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What happens if?

You stop paying the premium - If the policy holder stops paying the premium, the insurance cover will cease and the policy will lapse. However it can be revived within 3 years from the first unpaid premium.

You want to surrender the policy – The policy can be surrendered after 3 policy years.

You want a loan against your policy - There is no loan available under this plan.