Pramerica Life Traditional Plans

With about 138 branches spread over India and over 2586 employees, the company has managed to strive as one of the best insurance service providers to the people of India.

Pramerica Life Insurance Limited, based in Gurugram, Haryana, offers a variety of life insurance options to individuals and groups. With 131 branches across India and multiple distribution channels, they cater to the diverse financial needs of their customers. As of December 31st, 2022, they have over 2000 employees and INR 7000 Crores in Assets Under management. The company strongly emphasizes supporting the Indian Armed Forces, CAPF, and Paramilitary and has been a leading provider of life insurance for these groups since 2009. Pramerica Life Insurance is backed by two major companies, Piramal Capital and Housing Finance Limited and Prudential International Insurance Holdings Ltd., both of which have a long history of business success.

What are Traditional / Investment Plans

Traditional plans, also called Conventional Insurance Plans, are plans where money is invested as per the guidelines laid down in the Insurance Act. The whereabouts of the invested premium are not known to the policyholder. The policyholder is simply promised certain benefits payable on death, maturity, or as money back. Traditional Investment Plans have some of the basic features that are mentioned below:

• These plans are issued for a longer-term perspective, and money cannot be withdrawn from the plans.

• In case of stopping the premium payment, the plan becomes paid up if at least three full years' premiums have been paid. A paid-up plan has a reduced Sum Assured, and the policyholder has a choice to either run the plan at the reduced coverage or surrender the plan.

• The plans may be offered as participating or non-participating plans. Participating plans are entitled to participate in the company's profits and earn bonuses, which is not true for non-participating plans.

• The plans may be issued either as Endowment Plans or Money Back Plans

Pramerica Life Traditional / Investment Plans

Pramerica Life Insurance Company offers its customers various types of Traditional / Investment Plans with attractive features and benefits. Here is the detailed list of plans, along with their respective features and benefits.

Pramerica Life Aajeewan Samriddhi:

A participating insurance plan with the following benefits:

• Offers whole life cover till the age of 99.

• Offers guaranteed accrued additions as well as bonuses at the time of maturity of the plan.

• Offers survival benefits consisting of accrued reversionary bonuses and accrued annual guaranteed additions. These benefits are paid to the policyholder once he reaches 65 years of age.

• Offers maturity benefits consisting of Basic Sum Assured and Total bonus. These benefits are paid to the policyholder once he reaches 99 years of age.

• Offers convenient and flexible premium payment terms of 15 years or 20 years, depending upon the suitability of the customer.

• Offers death benefits in case of the untimely death of the plan holder. The benefits are to be given depending upon the total policy term and the expired term of the policy.

Eligibility:

Pramerica Life Flexi Cash:

A non-participating endowment plan with the following benefits:

• Offers the flexibility to prepone the maturity date during the Flexi Benefit period.

• Build a savings fund by earning bonuses at the end of your policy term, and receive 10% of your annual premium every year starting from the second policy year, but only during the premium payment period. (changed)

• Offers limited premium payment term, whereby the premium has to be paid for 5, 10, or 15 years.

• In case of death, a higher of the Sum Assured or 10 times the annual premium (for entry age below 45 years) or 7 times the annual premium (for entry age above 45 years) is paid, including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.

• On maturity, the Sum Assured and accrued non-guaranteed reversionary bonuses and terminal bonuses, if any, are paid to the policyholder.

Pramerica Life Magnum Assure:

A Non-Linked Non-Participating Endowment Life Insurance Plan benefits:

• On maturity, the Sum Assured is paid to the policyholder.

• Offers regular monthly income equal to a payout period that begins from the month of death of the policyholder or the maturity date of the plan.

• Payouts can be opted for in the form of a lump sum payment or as a regular monthly income by the nominee in case of the death of the buyer.

• The Death Benefit amount will be the highest value among the Base Sum Assured or the Maturity Sum Assured or 10 times the annual premium or 105% of the total premiums paid to date (excluding underwriting fees) till the time of death.

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Pramerica Life Premier Gain:

A participating endowment pan with the following features:

• On maturity or death, the Sum Assured, along with accrued non-guaranteed reversionary bonuses and terminal bonuses, if any, is paid to the policyholder or to the nominee of the plan.

• In case of death, a higher of the Sum Assured or 10 times the annual premium is paid, including the Guaranteed Additions, subject to a minimum of 105% of all premiums paid till the date of death.

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

• Offers guaranteed bonus additions as well as comprehensive insurance cover.

Eligibility:

Pramerica Life Roz Sanchay:

Non-Linked Non-Participating Endowment Life Insurance Plan benefits: 

• Upon maturity, the policyholder will receive 150% of the Base Sum Assured along with the Accrued AGAs, as long as the policy is in effect and all required premiums have been paid in full, resulting in full benefits.

• In case of death, higher of the Sum assured or 10 times the annual premium (for entry age below 45 years) or 7 times the annual premium (for entry age above 45 years) or 150% of the basic sum assured is paid, including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

• Offers guaranteed bonus additions as well as comprehensive insurance cover.

• Offers limited premium payment term, whereby the premium has to be paid for 12 or 16 years.

Eligibility:

Pramerica Life Sahaj Surakhsha:

A participating plan that offers the following benefits are:

• Offers whole life cover till the age of 75.

• Offers guaranteed accrued additions as well as bonuses at the time of maturity of the plan.

• Offers survival benefits consisting of accrued reversionary bonuses and accrued annual guaranteed additions. These benefits are paid to the policyholder once he reaches 75 years of age.

• Offers maturity benefits consisting of Basic Sum Assured and Total bonus. These benefits are paid to the policyholder once he reaches 75 years of age.

• Offers convenient and flexible premium payment terms of 15 years or 20 years, depending upon the suitability of the customer.

• Offers death benefits in case of the untimely death of the plan holder. The benefits are to be given depending upon the policyholder's age at the time of plan issuance.

Eligibility:

Pramerica Life Smart Assure:

A Non-Linked Non-Participating Endowment Life Insurance Plan

• Offers maturity benefits consisting of Maturity Sum Assured and Maturity additions.

• In the event of death, the beneficiaries will receive the higher of the sum insured or the annualized premium multiplied by either 11 (for entry age below 45) or 7 (for entry age above 45), along with any accumulated maturity additions, with a minimum payout of 105% of all premiums paid until the date of death.

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Pramerica Life Cash Protect:

A participating endowment plan with the following benefits:

• On maturity, survival benefits along with Bonus Income and guaranteed income amounting to 6% of the sum assured is paid to the policyholder.

• Maturity benefits up to 50% of the Sum Assured, along with a bonus, is paid.

• In case of death, higher the 50% of the Sum assured or 11 times the annual premium is paid, including the Guaranteed Additions subject to a minimum of 105% of all premiums paid till the date of death.

Eligibility:

Pramerica Life Smart Income:

A Non-Linked Non-Participating Endowment Life Insurance Plan features: 

• On maturity, an annual payout for a duration equal to the payout period.

• If the life insured passes away during the policy period, the company will provide a lump sum benefit equal to the death sum assured.

• If an individual passes away, the amount paid out will be either the higher of the original sum insured or the maturity sum insured or 105% of all premiums paid until the date of death (excluding any additional premiums for underwriting).

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Pramerica Life Smart Money Back:

A participating endowment plan offers the following benefits:

• Offers maturity benefits consisting of Basic Sum Assured and Total bonus.

• In case of death, a higher of the Sum Assured or 11 times the annual premium is paid, including the Guaranteed Additions, subject to a minimum of 105% of all premiums paid till the date of death.

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

Eligibility:

Pramerica Life E Save:

An online non-participating endowment plan with the following benefits:

• Offers maturity benefits as well as death benefits.

• Offers guaranteed additions.

• Offers Loan facilities to the policyholder in case of financial emergencies.

• Tax benefits as per the prevailing Tax laws are offered on paid premiums and received benefits.

• It is available online.

Eligibility

Applying for a Traditional / Investment Plan from the company:

1. Online

   The company offers specific plans that are available online only. The customer only needs to log into the company's website, choose the required plan, choose the coverage, and provide the details. The premium will be determined using the filled details. The customer then needs to pay the premium online through a credit card, debit card, or net banking facilities and the policy will be issued.

2. Intermediaries

   Plans which are not available online can be purchased from agents, brokers, banks, etc., where the intermediaries help with the application process.

Applying For Traditional Insurance through PolicyBazaar

• On the PolicyBazaar homepage, click on Traditional Insurance under the Personal tab.

• Click New Quotes to compare and choose from top insurance providers.

• Fill in your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. Based on your payout amount, you will get an estimate of your premium. Next, click Continue.

• Fill in your name, email address, city, country code, and mobile number. Click Continue.

• You will be taken to the Life Insurance quotes page, where you will see life insurance quotes from more than 10 insurers. Next, choose the plan as per the payment schedule – One Time Payout and Monthly Payout Plans.

• After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan.

• You will see a pop-up on the screen that will give you an overview of the chosen plan, like premium, plan features, exclusions, additional riders, etc. Click Proceed.

• This will take you to the insurer's website. Fill in the necessary details to buy the plan.