Pramerica Life Rakshak Gold Plan

What is the Pramerica Life Rakshak Gold Plan?

Pramerica Life Rakshak Gold Plan is a child plan offered by Pramerica Life Insurance. It is a non-linked, non-participating plan, which means the returns are not linked to the market performance, and you are not eligible for any bonus payouts offered by the company.

This investment plan provides the flexibility to decide the amount for your child's future requirements. It helps you to rest assured that even in the unfortunate event of your demise, your child's progress continues seamlessly. The Pramerica Life Rakshak Gold Plan allows you to enjoy regular monthly payouts to support your child's recurring needs and ensure their advancement as desired. 

Features of Pramerica Life Rakshak Gold Plan

• Enhanced Death Benefit: Immediately supports the family in case of the insured's demise, offering a lump sum payout, monthly benefits until the policy term ends, and a final lump sum at maturity.

• Guaranteed Maturity Benefit: Assures a predetermined payout at policy maturity, ensuring transparency and reliability.

• Incremental Annual Guaranteed Addition: Adds to the policy's value each year, with increments occurring every three years for enhanced growth.

• Limited Premium Payment Term: Allows for premium payments over a defined period, offering convenience and streamlined financial management.

• Policy Loan Flexibility: Enables borrowing against the policy's value, providing financial flexibility when needed.

• Tax Advantages: Your investments in this plan qualified for tax benefits on both premiums and benefits received, which aligns with current tax regulations.

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Eligibility Criteria

*Based on Board Approved Underwriting Policy.

Investment

Secure

Secure your child’s future with or without you

Start Investing

₹10,000/Month

& Get

₹1 Crore^*

VIEW PLANS

*Standard T & C Apply

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Benefits of Pramerica Life Rakshak Gold Plan

1. Annual Guaranteed Addition (AGA):

   • Each completed policy year increases the AGA, provided the policy is in force for full-risk benefits.

   • AGA escalates every three policy years based on specified rates for each policy term option.

2. Guaranteed Maturity Multiple (GMM):

   • Represents the factor applied to the Base Sum Assured for calculating the payable benefit upon maturity.

   • The GMM varies depending on the chosen policy term.

3. Death Benefit:

   • In case of your demise during the policy term while the policy is active for full benefits:

     • An immediate lump sum payment is equal to the base sum assured.

     • Immediate payment of accrued Annual Guaranteed Addition.

     • Monthly payouts are equivalent to 2% of the Base Sum Assured, starting from the month of death for the remaining policy term. At least 36 monthly payouts are guaranteed, even if extending beyond the policy term.

4. Maturity Benefit:

   • If you survive until the Maturity Date, and the policy remains in force for full benefits:

     • You receive an amount equal to the Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) plus any accrued Annual Guaranteed Additions.

   These features outline the guaranteed benefits provided by the Pramerica Life Rakshak Gold Plan in various scenarios.

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Policy Details of Pramerica Life Rakshak Gold Plan

1. Surrendering Your Policy:

   • You can surrender your policy at any time during its term after paying premiums for at least two consecutive years.

   • Upon surrender, you will receive a Surrender Value, which is the higher of Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).

2. Unable to Pay Premium:

   • Your policy will lapse if you stop paying premiums before completing two consecutive years.

   • You can revive lapsed policies within five years from the first unpaid premium date by paying all due premiums with interest.

   • After paying premiums for two consecutive years, you can opt for a paid-up policy with reduced benefits or surrender it for immediate benefits.

3. Benefits of a Reduced Paid-Up Policy:

   • If you die before maturity, the nominee receives a benefit based on premiums paid and accrued benefits.

   • On surviving till maturity, you receive benefits based on premiums paid and Guaranteed Maturity Multiple (GMM).

4. Early Termination and Surrender Value:

   • Policies without Surrender Value after two years but with the first-year premium paid in full will receive 15% of the premiums paid upon early termination.

   • Surrendering a paid-up policy entitles you to a surrender value.

5. Reviving a Policy:

   • You can revive a lapsed policy within five years from the first unpaid premium date by paying all unpaid premiums with interest.

   • Upon revival, you regain full policy benefits, subject to underwriting requirements.

6. Tax Benefits:

   • You can get tax deductions of up to ₹1.5 lakhs on the premiums paid towards the policy under Section 80C. 

   • The lump sum payout you receive at the end of the policy term is tax-exempted under Section 10(10D) if the annual premiums paid are below ₹2.5 lakhs.

7. Free Look Cancellation:

   • You have 15 days (30 days for distance marketing) to review the policy. If you disagree with the terms, you can return it for a refund, deducting certain expenses.

8. Grace Period:

   • A grace period of 30 days is provided if you miss the premium due date. During this period, the policy remains in force, but unpaid premiums are deducted from claims.

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How Does the Pramerica Life Rakshak Gold Plan Work?

Step 1: Choose a Base Sum Assured between ₹75,000 and ₹5 Crores.

Step 2: Select your premium payment duration and policy term combination from the available options.

Step 3: Pay your premiums according to age, gender of the life insured, Base Sum Assured, policy terms, and premium payment terms, adhering to the company's underwriting norms.

Suicide Exclusion

• Exclusion Period: The exclusion period in the Pramerica Life Rakshak Gold Plan is 12 months from the policy start date or from the date of revival of the policy if it had lapsed earlier.

• Payout during Exclusion: If you die by suicide within this period, your beneficiary will receive either of the following:

  • 80% of the total premiums paid or

  • The Fund Value (available on the date of death), whichever is higher.

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