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DHFL Pramerica Life Secure Savings Plan
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DHFL Pramerica Life Secure Savings Plan is a non-linked, non-participating endowment plan which also offers the benefits of a life cover to your family when you are not around. This life insurance plan offers guaranteed income by way of annual payouts for the payout period opted by you after the completion of the policy term. In addition to the annual payouts, the plan also provides a Savings Booster equivalent to 0.16 to 6 times of your annualised premium as a lump sum at the end of your payout period.
Alternatively, you can also choose to receive a lump sum amount on plan maturity instead of the annual payout and Savings Booster. You can also avail a loan under the policy once it acquires a surrender value.
Best Features of DHFL Pramerica Life Secure Savings Plan
Following are the key features of the DHFL Pramerica Life Secure Savings Plan -
- Guaranteed Income: The plan provides guaranteed annual payouts starting from the end of the policy term for the payout period chosen by you. The value of the annual payout depends on the selected premium payment term.
- Savings Booster: At the end of the payout period, the plan provides you a lump sum amount known as the Savings Booster equivalent to 0.16 to 6 times of your annualised premium.
- Premium Payment Term (PPT) & Payout Period: You can choose to opt for a PPT of 8, 10, or 12 years as per your financial plan. The payout period is equivalent to the PPT chosen by you.
- Policy Term: The plan comes with a fixed policy term of 13 years.
- Higher Benefits: The plan provides a higher Savings Booster to females and to individuals who pay higher premiums.
- Policy Loan: After the payment of full 2 years’ premium, you can avail a loan of up to 75% of the surrender value of the plan at an interest rate of 8.5% p.a.
- Policy Revival: A lapsed or paid-up policy can be revived within 5 years from the date of the first unpaid premium.
Benefits of DHFL Pramerica Life Secure Savings Plan
The following benefits are available to the investors of the DHFL Pramerica Life Secure Savings Plan -
In case of an unfortunate death of the life assured during the policy term, the highest of the following is paid to the nominee as the death benefit -
- 11 times of the annualised premium
- 105% of all the premiums paid till the date of death
- Basic sum assured
- Maturity sum assured = [One Annual Payout * Lump Sum Factor for Annual Payout] +[Savings Booster * Lump Sum Factor for Savings Booster]
|Lump Sum Factor For Annual Payout||Lump Sum Factor For Savings Booster|
|8 years||5.57||8 years||0.51|
|10 years||6.46||10 years||0.43|
|12 years||7.22||12 years||0.36|
If the death of the life assured occurs after the policy term but during the payout period, the nominee will continue to receive the outstanding annual payouts on the due dates and the savings booster at the end of the payout period.
Alternatively, the nominee can choose to get a lump sum equivalent to the aggregate of the discounted value of the remaining annual payouts along with the savings sooster at 8.85% p.a.
2. Maturity Benefit
In case of survival of the life assured till the end of the policy term, the following are paid as the maturity benefit -
- Annual payout equivalent to 150% or 170% (depending upon your PPT) of the annualised premium plus
- Savings Booster equivalent to the product of the annualised premium and the Savings Booster Multiple.
3. Surrender Benefit
If you choose to surrender the policy any time before the completion of the policy term but after the payment of full 2 years’ premiums, then you are eligible to receive a surrender benefit. The surrender benefit shall be equivalent to the higher of the following -
- Guaranteed Surrender Value (GSV)
- Special Surrender Value (SSV).
Once surrendered, the policy gets terminated and cannot be revived.
DHFL Pramerica Life Secure Savings Plan Eligibility
The DHFL Pramerica Life Secure Savings Plan comes with the following eligibility conditions -
|DHFL Pramerica Life Secure Savings Plan Eligibility Conditions|
|Minimum Age At Entry||5 years|
|Maximum Age At Entry||60 years|
|Minimum Age At Maturity||18 years|
|Maximum Age At Maturity||73 years|
|Policy Term||13 years|
|Premium Payment Term||8, 10, 12 years|
|Minimum Annualised Premium|
Annual Mode - INR 25,000 p.a
Other Modes - INR 30,000 p.a
|Maximum Annualised Premium||No limit, subject to underwriting|
|Base Sum Assured||11*annualised premiums, subject to a minimum of INR 2.75 Lakh|
|Premium Payment Mode||Yearly, Half-yearly, Quarterly, Monthly|
INR 25,000 to INR 39,999
INR 40,000 to INR 99,999
INR 1 Lakh and above
DHFL Pramerica Life Secure Savings Plan Review
DHFL Pramerica Life Secure Savings Plan is an endowment plan bundled with the benefits of a life cover. The plan provides a guaranteed flow of regular income for the payout period chosen by you. This makes it an ideal plan for individuals who want regular income after retirement. The plan also helps you to keep your loved ones secured in case of your unfortunate death with its death benefit.
The plan also provides you with a Savings Booster at the end of the payout period which can come handy to meet planned as well as unplanned financial requirements. The plan offers you enough flexibility by way of choice of 3 premium payment terms of 8, 10, and 12 years. In a nutshell, this plan can be shortlisted by individuals looking for a savings plan which provides stable flow of income along with appreciation of wealth and life cover benefits.
DHFL Pramerica Life Secure Savings Plan FAQs
1. Does the plan pay an benefit in case of a suicide by the life assured.
Yes, in case of death of the life assured due to suicide within the first 12 months, the plan provides 80% of the premiums paid to the nominee as the death benefit. In case of plan revival, the higher of the surrender value or 80% of the premiums paid till the date of death is paid to the nominee.
2. Who can be the proposer in case of a minor life under the plan?
A parent, grandparent or legal guardian can be the proposer of a minor life under the plan. However, the policy will be issued in the name of the minor only and its ownership will get transferred to him/her on attainment of majority.
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