Life Insurance
Pramerica Life Insurance
Pramerica Life Insurance is a private life insurer in India headquartered in Gurugram, Haryana. It is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Piramal Finance Limited (formerly Piramal Capital and Housing Finance Limited), and Prudential International Insurance Holdings, Ltd. (PIIH), a fully-owned subsidiary of Prudential Financial, Inc. (PFI) of the United States.
| Annual Business | ₹1,012 cr |
| Claims Settled | 99.15% (Avg. of last 3 years) |
| Claims settled within 30 days | 95.86% |
Term Insurance offered by Pramerica Life Insurance
RockSolid Plan
RockSolid is a feature-rich pure-term plan that pairs straightforward death protection with a wide set of customization levers, flexible payout structures, optional cover boosters, a return-of-premium exit, and four add-on riders. It suits someone who wants more than a bare-bones term cover and is willing to engage with the flexibilities.
Inbuilt feature:
- Pay as You Like: :
You get the option to pay premiums once, for a limited period, or throughout the policy term.
- Increasing Life Cover: :
Auto-Increase your life cover to keep up with growing responsibilities.
- Life Stage Cover Enhancement::
Increase your base sum assured on life events (marriage, birth/adoption of a child, home purchase) without fresh medical underwriting, subject to caps.
- Spouse Cover::
Extend life cover to your spouse.
- Smart Exit: :
Option to exit the policy once your need for cover is over and receive all the base premiums paid.
- Healthy-Lifestyle and Other Discounts::
Special rates for non-tobacco users, a female-life rebate (priced as a male 3 years younger), a 5% first-year salaried discount, and a 2% online/existing-customer discount.
Riders Available Under the Policy
- Accidental Death Benefit (ADB) Rider: :
It pays an additional sum assured to the nominee if the life insured dies due to an accident during the rider term.
- Accidental Total and Permanent Disability Rider: :
It provides additional protection against unforeseen circumstances, such as total and permanent disability resulting from an accident.
- Critical Illness Rider: :
It helps you access the best available treatment and pays a lump sum amount while you recover from any of the listed critical illnesses.
- Waiver of Premium Rider: :
It protects your loved ones from the adverse effects of unforeseen events like death, accidental total and permanent disability, and critical illness by waiving off premiums.
Pramerica Life Insurance Term Insurance plan details
| Plan Name | Entry Age | Sum Assured | Policy payment options |
|---|---|---|---|
RockSolid Plan | 18 to 65 years | ₹ 50 Lakh to No limit (Subject to underwriting) | Annual, semi-annual, and monthly |
ULIP Plans
A Unit Linked Insurance Plan, or ULIP, is a life insurance product that combines protection with investment. When you pay a premium, it is split into two parts. One part provides life cover, while the other goes into market-linked funds such as equity, debt, or a mix, based on your choice. Since these investments depend on market performance, returns are not guaranteed.
ULIPs also come with a 5-year lock-in period, which means you cannot access your money during this time. After five years, partial withdrawals or surrender/full exit may be available as per the specific product terms, applicable charges, and policy conditions.
In addition, several charges apply each year, including premium allocation, policy administration, and fund management fees. Because of these deductions, your full premium does not get invested, which can reduce overall returns over time.
ULIP Plans offered by Pramerica Life Insurance
| Plan Name | Entry Age | No. of Funds |
|---|---|---|
| Smart Invest | 0 to 65 years | Total segregated funds: 8
Equity: 4
Hybrid: 1
Debt: 3
|
| Super Investment Plan | 7 to 65 years | Total segregated funds: 11
Equity: 7
Hybrid: 1
Debt: 3
|
| Wealth+ ACE | 8 to 65 years | Total segregated funds: 11
Equity: 6
Hybrid: 2
Debt: 3
|
| Wealth Enhancer | 1 to 70 years | Total segregated funds: 14
Equity: 10
Hybrid: 1
Debt: 3
|
| Wealth Maximiser | 90 days to 65 years | Total segregated funds: 12
Equity: 7
Hybrid: 2
Debt: 3
|
| Smart Wealth+ | 8 to 55 years | Total segregated funds: 13
Equity: 9
Hybrid: 2
Debt: 2
|
| Invest Shield | 90 days to 55 years | Total segregated funds: 11
Equity: 7
Hybrid: 1
Low: 3
|
| Smart Invest 1 UP | 90 days to 60 years | Total segregated funds: 11
Equity: 7
Hybrid: 1
Low: 3
|