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DHFL Pramerica Life Insurance
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DHFL Pramerica Life Insurance is one of the renowned life insurance companies in India. DHFL Pramerica Insurance Limited is a joint venture between DHFL Investments Limited (a wholly-owned subsidiary of Dewan Housing Finance Corporation Limited) and Prudential International Insurance Holdings Limited (a fully owned subsidiary of Prudential Finance Inc. a finance service leader with its headquarter in the US). Together the companies have brought to the table the legacy of excellent business ethics. The company started its operations in India on September 01, 2008. Since its inception, the company is dedicated to providing quality insurance products that provide financial protection.
Top DHFL Pramerica Life Insurance Plans (2020)
DHFL Pramerica Life Insurance Company offers a wide range of life insurance products that offer comprehensive life cover along with saving solutions designed to cater to the insurance needs of the customers. The following are various life insurance plans offered by DHFL Pramerica Life Insurance. Let’s discuss them in detail across various categories:
DHFL Pramerica Life Protection Plans
Term insurance plans are pure protection Insurance products designed to cover the risk of death and provide financial security to the policyholder’s family. In the event of the death of the life assured during the policy tenure, the nominee is eligible to receive the death benefit that ensures financial support and security to the family.
Term Insurance Plans Offered by DHFL Pramerica Life Insurance -
|Product Name||Product Description|
|Pramerica Life TruShield||This is a non-market-linked and non-participating term insurance plan designed to cover the risk of death and offer a return of premium. Most of the term insurance plans are pure term plans that only cover the risk of death i.e., in the event of the death of the insured they pay the death benefit to the nominee and the policy comes to an end while in the event of survival of the insured they do not pay any maturity benefit. However, DHFL Pramerica Life Insurance Company is offering a protection plan that offers a return of premium at the time of maturity (excluding extra premium amount paid, if any)|
|Pramerica Life U-Protect||This is a non-market linked and non-participating term insurance plan designed to cover the risk of death. The plan is designed to provide financial protection in the event of the death of the insured as it pays-out the death benefit to the nominee in the event of the death of the insured thereby protecting them financially. The plan is designed for affordability as the premium amount is nominal additionally the plan encourages to quit smoking as the premium amount for the non-smokers is lower.|
DHFL Pramerica Life Endowment/Savings Plan
Endowment plans or savings plans are designed to help you create and accumulate wealth by way of regular investments. The plan pay-out in a lump sum at the end of policy tenure i.e., at the time of maturity. Being a savings plan the primary benefit of these plans is to save by way of long-term investments to fulfil bigger financial goals of life. In the event of the death of the insured the plan promises to pay the death benefit to the nominee thereby ensuring that their financial contingencies are resolved even when you are not around. Investing in a savings life insurance plan you can plan for your financial goals, create a financial corpus to take care of future financial contingencies, and leave behind a financial legacy for your loved ones.
Endowment/Savings Plans Offered by DHFL Pramerica Life Insurance -
|Product Name||Product Description|
|Pramerica Life Secure Savings Plan||This is a non-market linked and non-participating life insurance designed to support your loved ones and create a savings corpus to achieve dreams. The plan offers life cover to overcome the risk of death by offering the death benefit to the nominee to overcome the financial hurdle. In the event of survival, the policy ensures guaranteed maturity benefit, and Guaranteed Income is paid after completion of the Policy Term.|
|Pramerica Life Smart Income||A non-linked, Non - Participating endowment plan designed to offer guaranteed annual income to meet the financial needs during important life stages. With this plan, the policyholder can plan their savings for future financial requirements in the manner they feel fit. Under this plan receive Guaranteed Annual Income for a duration equivalent to the Premium Paying tenure. In times of financial contingency, the plan offers a Loan against the Policy Facility. In the event of the death of the insured the nominee is paid the death benefit while in the event of survival of the insured the maturity benefit is paid by way of Annual Pay-out for the duration equivalent to premium paying term.|
|Pramerica Life Smart Assure||This is a non-market linked and non-participating endowment plan offering key features like Life cover to secure your loved ones in your absence. Guaranteed Maturity Benefit equivalent to Maturity Sum Assured Plus Maturity Additions, Loan Facility against the policy is offered to overcome the financial hurdle. This loan is offered after the policy acquires Surrender Value and up to 80% is offered as a loan.|
|Pramerica Life Flexi Cash||This is a non-market linked Participating Life Insurance Endowment Plan. The plan offers flexibility to the insured to prepone the maturity date of the policy. This facility can be exercised anytime during the ‘Flexi Benefit’ Period. Guaranteed Loyalty Benefit equivalent to 10% of the annualised premium amount is paid each year starting from the 2nd policy year. This Guaranteed Loyalty Benefit is offered only during the premium paying term. The death benefit is offered to the nominee in the event of the death of the insured and the Maturity Benefit is paid to the insured in the event of survival till the Policy Maturity Date.|
|Pramerica Life Smart Cash Protect||This is a non-market linked participating life insurance plan. This is an all-in-one plan that takes care of your financial goals and helps you plan for regular income by way of annual cash benefits along with lump sum pay-outs. This annual cash benefit is equivalent to 6% of the sum assured paid annually starting from the 16th Policy Year. In the event of survival reversionary bonus accrued in the first 15 policy years is paid at the end of the 15th Policy year. In the event of survival Maturity Benefit equivalent to 50% of the sum assured + final bonus (if any) is paid to the insured. In the event of death, the nominee is paid the death benefit.|
|Pramerica Life Roz Sanchay||This is a non-linked, non-participating endowment plan offering savings and protection opportunities. The plan offers comprehensive coverage by offering the death benefit along with Accrued Annual Guaranteed Additions to be paid to the nominee in the event of the unfortunate demise of the insured. The Accrued Annual Guaranteed Additions are paid only if the policy is in force. In the event of surviving the entire policy tenure, the insured shall be paid Maturity Benefit and Accrued Annual Guaranteed Additions.|
|Pramerica Life Magnum Assure||This is a non-linked, non-participating life insurance endowment plan designed to offer guaranteed double benefits. Guaranteed Monthly Income for a period equivalent to the Pay-out Period. Death Benefit is paid in the event of the unfortunate demise of the insured while on survival through the policy tenure, the maturity benefit is paid to the insured. A loan against the policy facility is available under this plan. The policyholder can also avail tax benefit on the premium paid amount.|
DHFL Pramerica Life Unit Linked Insurance Plan
Unit-linked insurance plans are market-linked insurance policies that offer an opportunity to maximise wealth along with life cover. These insurance plans provide life cover that covers the risk of death and provides financial security to your loved ones in your absence. Additionally, a unit-linked plan allows you to invest your premium amount in market-linked instruments. As the instruments are market-linked the performance or growth in the premium amount is based on the performance of the funds in which the premium amount is invested. Investing in unit-linked plans offers you an opportunity to gain higher returns on the invested amount along with life cover. Additionally, these unit-linked plans offer flexibility to switch investments between funds. DHFL Pramerica Life Insurance Company offers a wide range of unit-linked plans that provide life cover and corpus creation facility.
Unit-linked Insurance Plans Offered by DHFL Pramerica Life Insurance -
|Product Name||Product Description|
|Pramerica Life Wealth Enhancer||This is a unit-linked life insurance plan that provides investment opportunities to fulfil your financial goals and secures your loved ones against uncertainties and financial contingencies. Offers 5 different funds to accentuate your growth potential. A single premium policy that offers complete life cover to the insured. In the event of the death of the insured, it pays the nominee the death benefit. In the case of survival till maturity date, maturity benefit equivalent to fund value shall be paid to the insured. This policy will acquire surrender value however no surrender benefit shall be paid during the lock-in period. To manage unexpected financial emergencies a partial withdrawal facility is provided.|
|Pramerica Life Wealth Maximiser||This is a unit-linked insurance plan that offers insurance protection along with wealth creation opportunities. The plan secures your loved ones financially i.e., in the event of your untimely demise during policy tenure the death benefit is paid to the nominee. On survival, the maturity benefit is paid equivalent to the fund value provided the policy is in force. The policy can acquire surrender value from the first policy year however the amount shall be paid only after completion of the lock-in period. Partial withdrawal and fund switching features are also available under this plan.|
|Pramerica Life Wealth+ Ace||This is a unit-linked, non-participating single premium life insurance plan. This plan assists you in wealth creation to achieve the planned dreams and goals of your life. The plan offers maturity benefits on the survival of the insured throughout the policy tenure. The maturity amount is equivalent to the fund value. In the event of the untimely death of the insured, the nominee is paid the death benefit. Four fund options to invest your money systematically.|
|Pramerica Life Smart Wealth +||This is a unit-linked, non-participating life insurance plan that facilitates wealth creation opportunities and provides life cover. Death Benefit is paid to the nominee in the event of the death of the insured while maturity benefit equivalent to fund value is paid to the insured as maturity benefit on the survival of the insured through the policy tenure. Fund conservation facility to safeguard your capital. Policy surrender facility is available from the first policy year however it will be payable after completion of lock-in period of 5 years. Choice of an investment fund to choose from 5 funds to invest your hard-earned money.|
DHFL Pramerica Life Child Progress Plan
A child Progress Plan is a child insurance plan that helps you plan for your child’s future. By investing in a child progress plan you create a corpus that will help in securing your child’s dreams and goals. This plan offers both financial security and investment opportunity to create a financial corpus for your children. This corpus can help them be financially prepared for important milestones in your absence.
Child Progress plans Offered by DHFL Pramerica Life Insurance -
|Product Name||Product Description|
|Pramerica Life Rakshak Gold|
This is a non-linked, non-participating life insurance plan that ensures financial protection of a bright future for your children. The plan offers the following features:
DHFL Pramerica Life Health Plans
Health Plans are designed to cover the cost of treatment and expenses related to the treatment of certain pre-mentioned illnesses. Now-a-days, the cost of treatment and medical aid is on a constant rise therefore investing in a health plan is very essential as these plans take care of all the expenses. As this plan ensures that all the predetermined medical expenses or cost of treatment shall be taken care, therefore, the policyholder does not have to worry about financial aid.
The following is the Health Plan Offered by DHFL Pramerica Life Insurance -
|Product Name||Product Description|
|Pramerica Life Corona Rakshak Policy||As pandemic danger is hovering above us, DHFL Pramerica has come up with a Covid – 19 Health Insurance Policy designed to take care of the expenses incurred for the hospitalisation of Covid – 19 in case diagnosed with the disease. The plan offers a fixed benefit pay-out where a lump sum amount is paid irrespective of the cost of treatment. You can cover yourself and your entire family under a single plan and avail discount of 5% for family cover. The plan offers the flexibility of 5 coverage options to choose from. No medical test is required to be done before buying the cover. Tax benefit can be availed on the premium amount paid.|
|Pramerica Life Cancer + Heart Shield|
Life has become fast-paced and causes stressful diseases like heart ailments and cancer. The plan comes in 4 variants namely:
By opting for this plan, you can focus on treatment and recuperating rather than worrying about finances.
|Pramerica Life Dengue Shield||As the name suggests this plan is designed to cover the cost of treatment of dengue. The plan not only covers the treatment cost but also covers the cost incurred during the recovery process. You can cover yourself and your entire family under one single plan and avail 5% discount on regular pay and 2% on single premium policies.|
Benefits of Buying DHFL Pramerica Life Insurance Plans
DHFL Pramerica Life Insurance is one of the leading life insurance providers in India. the company offers a wide range of insurance products to its customers specifically designed to cover all their insurance needs. Various Life insurance plans offer numerous benefits. You must purchase a life insurance plan depending upon your insurance needs and financial goals. The benefits of buying life insurance plans from DHFL Pramerica Life Insurance Company are as under:
- Financial Security-
One of the basic and primary benefits of buying a life insurance plan is financial security. Life now-a-days is unpredictable and with the rising cost of living, it is imperative that you make financial arrangements for your family before-hand. With a life insurance plan, you can rest assured that your family’s financial future would be safeguarded in your absence as the nominee shall be entitled to receive a lump sum death benefit. Thus, in this manner, the nominee and your family may be able to cope up with the financial uncertainty. DHFL Pramerica Life Insurance Company has designed life insurance plans that cover premature death risk. Additionally, it also covers the expenses incurred for the treatment of critical illness without creating much of a financial burden on the family.
- Creation of Corpus-
The next important benefit of investing in the DHFL Pramerica Life Insurance Plan is to create a financial corpus that will help you in leading a peaceful life. The long-term and short-term investment tools of a Life Insurance plan help you in accumulating wealth and create a pool of corpus that can be used to fulfil life goals and leave behind a legacy for your kids and family.
- Child Future Planning-
A child insurance plan is a way to create a corpus that will help your children fulfil their goals and dreams. The financial pool created by investing in a child insurance plan will help in securing your child’s future financially and also help in financially at important milestones of child’s like higher education, marriage, etc. With a child insurance plan, you can plan for your child’s future even in your absence i.e., your absence would not hamper your child’s future.
- Attainment of Financial Goals-
Life insurance is a tool that provides an opportunity to plan for financial goals whether short-term or long-term. The various life insurance plans help you in planning for the future and achieve your financial goals and dreams like a foreign family trip, dream car, retirement planning, etc.
- Loan Facility-
In times of financial contingency, a life insurance plan can come to your rescue. Life insurance plans like Endowment and Money-back plans offer policy loans facility. This facility can be availed after completion of a specified period. Customers can avail of loans up to 90% depending upon the cash surrender value. Additionally, these life insurance policies can be used as collateral security for a new loan.
Investing in Money- back policies or Retirement Policies will ensure you have ample liquidity for your life insurance plan. A money-back policy as the name suggests is designed to offer a money back to the customer at regular intervals thereby you can you’re your financial goals accordingly as your liquidity needs shall be taken care of. Additionally, life insurance plans also offer a partial withdrawal facility where you can withdraw a certain portion of the corpus from your insurance plan to fund your financial contingencies. You can also surrender your life insurance policy during policy tenure to fund your financial needs.
- Retirement Planning-
Retirement Planning is very important as you need funds to satisfy your financial needs. By investing in DHFL Pramerica Retirement Plans you can enjoy regular income and stay financially independent. By investing in Retirement Plans you can avail regular pension and also can leave a financial legacy behind for your loved ones.
- Tax Benefits-
All the premiums paid towards DHFL Pramerica Life Insurance Policy are eligible for a tax deduction upto INR 1.5 lakhs a year under section 80C. Policyholders can avail of tax deductions on the premium paid amount and on the benefits received subject to certain terms and conditions.
DHFL Pramerica Life Insurance Claim Settlement Process
DHFL Pramerica Life Insurance is focused on a swift and hassle-free claim settlement process. The company ensures that the entire insurance claim settlement process. DHFL Pramerica Life Insurance Company works towards making the claims process quick and simpler. The claim process of DHFL Pramerica Life Insurance is as follows:
- The first step is to intimate the claim to the insurance company. You can intimate the insurance provider by directly calling the company by calling the toll-free number 1800 102 7070. Alternatively, you can intimate the claim through an authorised agent or by visiting the nearest branch office of the insurance company. Customers can also intimate a claim through email at email@example.com
- Once the claim is intimated to the insurance provider the next step is to download the claim form. Customers can download the claim form either from the official website of DHFL Pramerica Life Insurance Company or can avail of a copy of the claim form from the branch office. and
- Fill the claim form duly and attach the required relevant documents.
- Once all the documents are attached and the form is filled then you are required to submit it at the nearest branch office for claim processing
- Upon receiving the documents and claim form the insurance company will review all your documents to verify the claim
- Once the verification process is complete, the insurance company will administer and reimburse the claim. As per IRDAI guidelines the insurance company is required to settle the claim within 30 days of the receipt of all requirements pertaining to the claim process.
Documents Required for Death Claim
In the event of the death of the insured, the nominee shall receive a death claim. The following documents are required to be submitted by the nominee to the insurance company to register a death claim:
- Original policy documents
- Death claim application form
- Attested copy of death certificate issued by local Municipal authority
- NEFT mandate form attested by the bank along with the cancelled check or bank account passbook
- ID proof of the nominee
- Address proof of the nominee
- Additional documents as and as per the requirements of the insurance company.
Documents Required for Maturity Claim
In the event of survival of the insured till the end of the policy tenure, he/she is eligible for a maturity claim. For availing of the maturity claim the insured has to submit the following documents:
- Original policy document
- Duly filled ‘Form M’ of the Insurance Company
- Copy of ID proof of the claimant
- A cancelled cheque with pre-printed name or bank passbook copies with the banker’s attestation in case of NEFT.
DHFL Pramerica Life Insurance Tax Benefit
DHFL Pramerica Life Insurance Company offers Tax benefits to its customers. The tax benefit is offered to the customers on their investments as well as the returns received from the plans. The tax benefits which can be availed from DHFL Pramerica Life insurance policies are as follows:
|Income Tax Act Sections||Tax Benefit Available|
|Section 80C||Tax benefit under this section is allowed on the amount for premiums paid for DHFL Pramerica Life Insurance plans. Premiums equivalent up to 10% of the sum assured amount is allowed for tax deduction however subject to a maximum deduction allowed of INR 1.5 lakhs|
|Section 80CCC||Tax benefit under this section is allowed on the amount for a premium paid for pension plans. Premium amount up to 10% of sum assured is allowed for tax deduction subject to a maximum deduction of INR 1.5 lakhs per annum.|
|Section 80D||Under this section, the tax benefit is availed for the premiums paid for DHFL Pramerica Life Health Insurance. The deduction amount under this section is INR 25,000 per financial year and INR 50,000 for senior citizens aged 60 years and above.|
|Section 10 (10D)||Under this section, the death benefit received by the nominee is completely tax-free. While in the case of maturity benefit is tax-free if the total premium paid amount does not exceed 10% of the sum assured amount. If the amount of the premium exceeds then the entire amount is taxable to the policyholder.|
DHFL Pramerica Life Insurance Customer Care Details
DHFL Pramerica Life Insurance offers continuous and top-notch customer service. The company is focused to provide assistance to its customers at any given point in time. The following are the various ways in which customers can contact the insurance company and ask for assistance or feedback or register complaints.
|Toll-free Helpline||1800 102 7070 (9.30 AM to 6.30 PM from Monday to Saturday)|
|Missed Call service||1800 102 7986|
|Registered and Corporate Office||Pramerica Life Insurance Limited (Erstwhile DHFL Pramerica Life Insurance Company Limited), 4th Floor, Building No. 9 B, Cyber City, DLF City Phase III, Gurgaon-122002|
DHFL Pramerica Life Insurance Review
Some details about DHFL Pramerica Life Insurance Company are as follows:
- Asset Under Management of DHFL Pramerica Life Insurance is INR 5447.99 crores
- The company has over 138 branch offices all over India and has over 2450 + employees.
- Claim Settlement Ratio of DHFL Pramerica Life Insurance stands at 90.87% for the financial year 2019-20
- The solvency ratio of DHFL Pramerica Life Insurance is 388% as of the end of the financial year 2019-20
- The company promises to settle claim payments swiftly and in a hassle-free manner. Upon receiving all the necessary documents, the insurance provider instantly pays off the claim amount.
These statistics about the DHFL Pramerica Life Insurance Company shows that it is one of the leading life insurance providers in India. the company is also popular for providing a wide range of insurance products, a 24*7 customer support system, and a simple claim-settlement process.
DHFL Pramerica Life Insurance FAQs
1. Can I take a policy loan on the DHFL Pramerica Life Insurance plan?
Yes, the loan facility is available on DHFL Pramerica Life Insurance Plan provided the policy has earned cash surrender value, is in an active state, and has completed a predetermined period (if any).
2. How can I revive my policy which has been lapsed?
The revival of lapsed policy can be done by paying the entire premium due amount along with the applicable late fee. The insurance provider might also ask you for providing additional documents like the certificate of good health. Upon submitting the relevant documents along with the due premium amount, the insurance provider shall revive your lapsed policy.
3. Which premium paying frequencies are allowed under DHFL Pramerica Life Insurance Plans?
DHFL Pramerica Life Insurance for the convenience of its customers allows the following premium paying frequencies - Annually, Semi-Annually, Quarterly and Monthly.
4. Can I delete or add riders with DHFL Pramerica Life Insurance plans?
The addition of a rider is allowed under DHFL Pramerica Life Insurance Plans provided the rider is available under the plan. For adding a rider to your plan, you can either avail it at the time of policy purchase or you can fill policy amendment request form and send it to the insurance provider. However, once the rider is added or availed, deleting it is not possible.
5. Can I cancel my insurance plan if I am not satisfied with the terms and conditions of the plan?
Yes, every customer who has recently purchased a life insurance policy can cancel the policy during the predetermined period. The timeframe offered by the insurance company is called the free look period. In this period customers if not satisfied with the terms and conditions of the policy can cancel it. DHFL Pramerica allows a free look period of 15-days for offline policies and 30-days for online policies during which cancellation of policy can be exercised.
6. What are the payment modes for DHFL Pramerica Life insurance policies?
DHFL Pramerica Life Insurance is one of the leading names in the insurance sector. The company has established trust by offering hassle-free services. Insurance Claim payment whether in case of maturity or death benefit is done in a very hassle-free manner as there are numerous payments mode available. Customers can choose the payment modes as per their convenience. Various modes of payment available are online payments like RTGS, NEFT, or auto-debit payment. Customers can also opt to make an offline payment by visiting the branch office or pay by cheque to the insurance company.
7. How will I receive my claim amount from DHFL Pramerica Life Insurance plan?
The claim settlement process of DHFL Pramerica Life Insurance Company is swift and hassle-free. You need to mention the manner in which you want to receive the claim amount at the time of submitting the required relevant documents. DHFL Pramerica pays the claim amount in online as well as an offline mode as per the need and convenience of the customer.
8. How can I check the policy status of DHFL Pramerica Life Insurance Plan?
You can check the status of your policy by visiting the official website of the DHFL Pramerica Life Insurance Company. Additionally, you can log in to your account to track the status of your policy.
9. How can I track the performance of the policy funds in case of unit-linked insurance plans?
If you have invested in a unit-linked insurance policy then the insurance provider will send you a fund statement. The fund statement indicates the performance of the fund in which you have invested your amount. Additionally, the fund statement also shares information on the number of units you own and its performance across months. You can also track the performance of the fund by visiting the official website of the company where they mention the rate and performance of the fund on a daily basis.
10. How many riders can I choose under DHFL Pramerica Life Insurance plans?
The insurance company allows you to choose one or multiple riders under a life insurance plan provided the particular rider is available in the plan.
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