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Pramerica Life Term Family Income Plan

Pramerica Life Family Income Plan is a decreasing term plan offered by Pramerica Life Insurance wherein the death benefit may either be payable in a lumpsum to the nominee or in equal monthly installments till the end of the policy tenure. Thus, in this plan, the sum assured decreases with time. And if the Life Insured dies within the policy tenure, the death benefit is paid to the nominee but the policy does not terminate immediately.

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Key Features

Decreasing term plan with reducing sum assured
Pure Term Plan with only death benefit and no maturity benefit
There are 2 options for choosing Death Benefit in this plan, i.e. if the life insured dies within the policy tenure:
- Lump Sum Benefit
- Monthly Income Benefit
- In case of death of life insured within the last 3 years as well, there is a 36 months’ Guaranteed Monthly Income available with this plan
- There are 2 additional riders available with this plan

Benefits

In case of death of the life insured within the policy tenure, there are 2 ways in which Death Benefit can be paid out:
- Monthly Income Benefit: A chosen fixed amount is paid every month as Monthly Income Benefit till the end of the policy tenure to meet the monthly expenses of the family
- Lumpsum Benefit: The Monthly Income Benefit can also be taken upfront as a lumpsum but only a discounted value of the future monthly incomes would be payable
- The fixed Monthly Income Benefit is guaranteed for a minimum period of 36 months for demises in the last 3 policy years
- Additional protection can be opted for in this plan by choosing for additional riders available:
  - Pramerica Life Traditional Critical Illness Rider and
  - Pramerica Life Traditional Accidental Death Benefit Rider
  - Income tax benefit on the premium paid as per Section 80C of the Income Tax Act

Product Specification:

	Minimum	Maximum
Entry Age (Last Birthday)	18	55
Maturity Age (Last Birthday)	23	65
Policy Term (PT) in years	5	30
Premium Paying Term (PPT) in years	Till the end of the policy tenure
Premium Paying Frequency	Monthly	Quarterly, Semi-Annually, Annually
Yearly Premium	Rs 1000 for Annual, Semi-Annual & Quarterly modes and Rs 1200 for Monthly mode	No Limit. It is as per the underwriting criteria
Monthly Income	Rs 2000	No Limit. It is as per the underwriting criteria

Details About Premium

Annual premium in Rupees, exclusive of tax

Policy Term: 25 Years

	Monthly Income Rs 10,000	Monthly Income Rs 20,000	Monthly Income Rs 40,000
30 years	4050	7580	15160
40 years	7350	14480	28960

Grace Period: 15 days grace period is allowed for payment of premium under monthly mode and 30 days for other modes. If policyholder fails to make payment within the grace period, the policy lapses

Policy Termination or Surrender Benefit: There are no surrender or termination benefits available in this plan as this is a pure term plan

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.

Exclusions

The benefit paid in case of suicide within 12 months of policy inception is the fund value as on that date

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person according to their medical grid