Pramerica Life Future Idols Gold Plan

Pramerica Life Future Idols Gold Plan

Pramerica Life Future Idols Gold 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 like death or total and permanent disability happens to the parent.

In this plan if the Life Insured, i.e. the parent dies or meets with total and permanent disability within the policy tenure, no further premiums need to be paid and the child would receive 50% of the Sum Assured for immediate expenses + 1.5% of the Sum Assured as Monthly Payouts every month till the end of policy tenure to pay for expenses like school fees, etc. + the entire Sum Assured is again paid on maturity. However, if the Life Insured lives throughout the policy term, then also the Sum Assured is paid on maturity.

Key Features of Pramerica Life Future Idols Gold Plan

• This plan takes care of the child in case of death or disability of the parent
• There is double death benefit as 50% of the sum assured along with additions is paid immediately + monthly payouts are given till end of policy term and again the Sum Assured is paid as Maturity Benefit
• This plan provides for Annual Guaranteed Additions of Rs 35 per thousand Sum Assured
• This plan also provides for Annual Regular Additions which is declared each year and added thereafter
• There are 2 riders available along with this plan

Benefits you get from Pramerica Life Future Idols Gold Plan

Death/Disability Benefit – In case of death of the parent, i.e. the Life Insured, the child would receive:

• 50% of the Sum Assured for immediate expenses along with additions +
• 1.5% of the Sum Assured as Monthly Payouts every month till the end of policy tenure to pay for expenses like school fees, etc. +
• The entire Sum Assured is again paid on maturity.

Maturity Benefit – The entire Sum Assured 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 in Pramerica Life Future Idols Gold Plan

Sample illustration of premium amount in Pramerica Life Future Idols Gold Plan

Policy Term = 20 years

Premium Paying Term = 20 years

Sum Assured = Rs 1,50,000

Additional Features and Benefits of Pramerica Life Future Idols Gold Plan

Riders –There are 2 additional riders available in this policy.

·         Accidental Death Benefit rider

·         Critical Illness 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 any time after 2 policy years

Guaranteed Surrender Value = 30% of all premiums paid till date – 1^st years’ premiums

You want a loan against your policy – Loan can be availed after 3 policy years, upto 90% of Surrender Value.

To get the best child plan compare with other offerings from insurance companies.