Pramerica Life Wealth + Premier Plan
Pramerica Life Wealth + Premier Plan is a simple non-participating Unit Linked Insurance Plan (ULIP). Thus, it is a Non-Traditional Plan without Bonus Facility. This is the type II 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 4 Investment Funds available
- Debt Fund
- Balance Fund
- Growth Fund
- Large Cap Equity 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.
You are allowed to make partial withdrawals in this policy after 5 complete policy years. One free partial withdrawal in a policy year is 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 1.5 times the annual premium remains in the Fund Value after any partial withdrawal.
Benefits
In case of death of the Life Insured, the nominee would get Sum Assured + Fund Value 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. 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.) |
10 times the Annualized Premium for PT=15 and 20
12.5 times the Annualized Premium for PT= 25
|
According to the Sum Assured Multiple grid |
Policy Term (in years) | 15,20 | 25 |
Premium Payment Term (in years) | 5 | |
Entry Age of Life Insured (in years) | 18 | 60 |
Age at Maturity(in years) | NA | 75 |
Annual Premium (in Rs.) | 50,000 | No Limit |
Payment modes | Yearly, Half-Yearly, Quarterly and Monthly |
FAQs
If the policy holder stops paying the premium, the insurance cover will cease and the fund value net of any discontinuance charge will be transferred to the Discontinued Policy Fund. The Discontinued Policy Fund will be credited with a minimum interest rate as prescribed by the IRDA from time to time and this will be payable after the fifth policy anniversary. In case of death of the Life Assured during this period, only the accumulated fund value net of charges will be payable to the nominee. It can however be revived within 2 policy years from the first unpaid premium.
If the policy holder stops paying the premium after 5 years, then the accumulated policy fund amount till the date of discontinuance shall be paid to the policy holder and the policy will terminate immediately.
The 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.
Loan facility is not available under this policy.