Pramerica Life Insurance

Pramerica Life Insurance is a relatively smaller private insurer with a presence across key life insurance categories. However, when viewed in the context of long-term stability, product depth, and market maturity, it comes with certain limitations that are worth understanding. This article breaks down where Pramerica Life stands today, how it compares to top term insurance companies, and what that means for prospective policyholders.

For the Amount Settlement Ratio (ASR), we have considered the average of FY 21-24, as the latest FY 24-25 metrics haven’t been released yet. 

Key Insights:

• Pramerica’s claim settlement metrics, including CSR (FY 22-25: 99.15%) and ASR (FY 21-24: 97.1%), have remained consistently strong and are generally above industry averages.
• The insurer has reported steady growth in business volumes (₹1,012 Crores, FY 22-25), indicating increasing customer adoption. However, it is still below the industry average. 
• While the solvency ratio of 2.88 (FY 22-25) continues to stay above IRDAI’s regulatory minimum of 1.5, its downward trend raises concerns around long-term financial stability.
• Complaint volumes remain relatively high (51.67 FY 22-25) when compared to many other insurers in the industry.

Note: At Ditto, we use a 3-year average for key operational metrics to smooth out short-term volatility and avoid overreacting to one-off events, seasonality, or unusual market conditions.  

The above metrics pertain to the overall life insurance segment, which includes term insurance, savings plans, ULIPs, and other products. While these metrics are not disclosed separately for term insurance, they remain indicative and relevant for assessing term insurance performance.

Types of Plans Offered by Pramerica Life Insurance

Pramerica Life Insurance offers different types of plans, such as:

• ULIPs like Smart Invest, Super Investment Plan, and Wealth Enhancer.
• Saving plans like Flexi Income Plan, Signature Wealth, and RockSolid Future.
• Retirement plans such as Saral Pension and NextGen Pension Plan.
• Group plans like Group Total Protection, Group Credit Shield, and Group Term Plan.

The insurer also offers term insurance, which we’ll look at more closely.

Pramerica Life Insurance Term Plans

01

Pramerica Life RockSolid Term Insurance

The plan aims to provide financial protection to your family in the event of the policyholder’s death. It offers flexibility in how premiums are paid as you get to choose between single, limited, and regular pay options. You can also customize your plan by adding optional riders such as accidental death benefit, critical illness cover, and waiver of premium.

02

Pramerica Life Saral Jeevan Bima

Pramerica Life Saral Jeevan Bima is a standardised term insurance plan mandated by IRDAI, which every life insurer in India is required to offer. Since the product structure, benefits, eligibility criteria, and exclusions are prescribed by the regulator, this plan looks largely the same across insurers. It provides basic life cover with straightforward features.

For this example, we’ve considered profiles of healthy, non-smoking people covered till the age of 70 for a sum assured of ₹2 crores. 

Premiums are indicative in nature and can vary based on factors such as:

• Age and health of the policyholder
• The chosen policy term and sum assured
• Lifestyle choices (such as smoking)
• The selected term insurance riders

How to Buy Pramerica Life Insurance Online?

Pramerica Life Insurance plans cannot be purchased fully online. While their website allows you to explore products and submit basic details, the actual purchase process requires assistance from the insurer’s team or an appointed agent.

Contact Details of Pramerica Life Insurance

• Call: 1860 500 7070, 011-48187070 (Available from 9:00 AM to 7:00 PM, from Monday to Saturday)
• WhatsApp: +91 9289187070
• Email: contactus@pramericalife.in

Alternatively, you can fill in a basic lead form on Pramerica’s website, after which an agent will get in touch to guide you through the purchase process.

Pramerica Life Insurance Claim Settlement Process

Pramerica Life Insurance’s claim settlement process is similar to that of other insurers. For more detailed information, you can refer to the infographic attached for your reference:

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