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Pramerica Life Tatkaal Suraksha Gold Plan
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This plan has been withdrawn by the insurance company and is no longer available for sale.
Pramerica Life Tatkaal Suraksha Gold Plan
Pramerica Life Tatkaal Suraksha Gold Plan is an Endowment Plan. Thus, it is a Traditional Plan without Bonus Facility.
How it works – In this plan, premium needs to be paid for 5 years before the end of the Policy Term chosen. Thus for 20 years Policy Tenure, the Premium Paying Term is 15 and for 15 years Policy Tenure, the Premium Paying Term is 10.
The Plan provides for Annual Regular Additions at the end of every policy year according to the market performance against a benchmark performance. At the end of the Policy Tenure, Sum Assured + Annual Regular Additions are paid as Maturity Benefit and the policy terminates. However, if the Life Insured dies within the Policy Tenure, then the Sum Assured + accrued Annual Regular Additions are paid to the nominee as Death Benefit and the policy terminates.
However, in the first policy year, only 50% of the Sum Assured would be paid as Death Benefit.
This policy also has additional Accidental Death Benefit rider.
Key Features of Pramerica Life Tatkaal Suraksha Gold Plan
It is a Non-Participating Endowment Plan without Bonus facility
There are Regular Annual Additions in this plan according to the market performance against a benchmark performance
Sum Assured + accrued Regular Additions are paid as Death Benefit if the Life Insured dies within the Policy Tenure
Sum Assured along with Regular Additions would be paid at the end of the Policy Tenure as Maturity Benefit
There is no requirement of Medical Tests in this plan
There is 1 additional rider which can be opted for: Accidental Death Benefit Rider
COMPARE THIS PLAN WITH OTHER ENDOWMENT PLANS
Benefits you get from Pramerica Life Tatkaal Suraksha Gold Plan
Death Benefit – In case of death of the Life Insured within the Policy Tenure, the nominee gets the Sum Assured + accrued Annual Regular additions as Death Benefit.
However, if death occurs in the first policy year, then 50% of the Sum Assured is paid as Death Benefit.
Maturity Benefit – At the end of the Policy Tenure, Sum Assured + Annual Regular Additions are paid as Maturity Benefit and the policy terminates.
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. The Maturity Benefit is also tax free under section 10(10)D subject to fulfilment of all terms and conditions.
Eligibility conditions and other restrictions in Pramerica Life Tatkaal Suraksha Gold Plan
Minimum
Maximum
Sum Assured (in Rs.)
50,000
10,00,000
Policy Term (in years)
15
20
Premium Payment Term (in years)
10 for PT=15
15 for PT=20
Entry Age of Policyholder (in years)
18
50
Age at Maturity (in years)
-
70
Annual Premium (in Rs.)
5,000
NA
Payment modes
Yearly, Half-Yearly, Quarterly and Monthly
Sample illustration of returns in Pramerica Life Tatkaal Suraksha Gold Plan
The below illustration is for a healthy Male (non-tobacco user) of 35 years of ageopting for a Sum Assured = Rs. 1.50 lacsand Policy Term = 15 and 20 years
Additional Features and Benefits of Pramerica Life Tatkaal Suraksha Gold Plan
Riders – There is only 1 additional rider available with this plan
Pramerica Traditional Accidental Death Benefit rider
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What happens if?
You stop paying the premium within first 2 year - 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 stop paying the premium within first 2 year - If the policy holder stops paying the premium after paying for 2 policy years, the policy acquires a Paid Up Value and all benefits would reduce proportionately. Rider Benefits would cease. 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 – The policy can be surrendered after 2 policy years.
Minimum Guaranteed Surrender Value= 30% of all premiums paid – 1st years’ premium
You want a loan against your policy – Loan facility is available under this policy after completion of 3 policy years subject to 90% of Surrender Value.
