Pramerica Life Wealth + Ace Plan
Pramerica Life Wealth + Ace Plan is a Single Premium Non-Participating Unit Linked Insurance Plan (ULIP). Thus, it is a Non-Traditional Plan without Bonus Facility. This is the type I ULIP.
Key Features
There are 2 riders available in this policy
- Unit Linked Accidental Death Benefit rider
- Unit Linked Critical Illness Benefit rider
There are 5 Investment Funds available
- Debt Fund
- Balance Fund
- Growth Fund
- Large Cap Equity Fund
- Liquid Fund
Not Applicable.
You have the flexibility to switch investments from one fund to the other any time during the policy term. This plan offers 4 Free Switches every year and the minimum switch amount is Rs 5000.
Partial Withdrawals in this policy is allowed after completion of 5 policy years. A Total of 5 free Partial Withdrawals in a policy year are available free of cost. The minimum amount of Partial Withdrawal should be Rs.10, 000 and the maximum amount of Partial Withdrawal is 75% of the Fund Value such that at least the Fund Value contains the Single Premium amount after any Partial Withdrawal.
Single Premium = Rs.100,000
Sum Assured = Rs 125,000
Policy Term = 15 years
Total Investment = Rs. 100,000
Age = 30 years Male
Fund = Balance Fund
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured or Fund Value, whichever is higher + accrued Persistency Additions as Death Benefit and the policy would terminate.
On maturity, the Fund Value is paid to the policyholder.
Life Insurance premiums paid up to Rs. 1,50,000 are allowed as a deduction from the taxable income each year under section 80C and the Maturity Proceeds are tax free under section 10(10)D subject to fulfilment of terms and conditions.
How it works
Eligibility
| Minimum | Maximum | |
| Sum Assured (in Rs.) |
1.25 X Single Premium for
Age= 45 years and
1.10 X Single Premium for Age>= 45 years
|
5 X Single Premium for Age<=60 years and
2 X Single Premium for Age>60
|
| Policy Term (in years) | 10, 15, 20 | 25 |
| Premium Payment Term (in years) | 5 | |
| Entry Age of Life Insured (in years) | 8 | 65 |
| Age at maturity (in Rs.) | 18 | 75 |
| Single Premium (in Rs.) | 48,000 | No Limit |
| Payment modes | Only Single | |
FAQs
You stop paying the premiumBeing a Single Premium Plan, there is no question of further payment of premium.
You want to surrender the policyThe policy can be surrendered from the 6th (sixth) policy year. The surrender value will be equal to the fund value of all the premiums paid.
You want a loan against your policyLoan facility is not available under this policy.
