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DHFL Pramerica Smart Wealth+ Plan

What is the Plan all About?

DHFL Pramerica Smart Wealth+ is a non-participating Unit Linked Insurance Plan that helps build wealth through higher returns. This plan helps you in planning for a better future for your family. It offers a dual benefit of wealth creation and life cover.

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What are the Key Features?

  • Wealth creation for planned milestones
  • 4 different fund options to choose from
  • Loyalty additions as Persistency Units
  • ‘Fund Conservation at Maturity’ to safeguard fund value
  • Flexible regular or limited premium payment option
  • 4 free switches are available in a year
  • 2 free Premium re-directions during a policy year
  • Partial Withdrawal to access funds
  • Optional ‘Accidental Death Benefit Rider’
  • Enjoy tax benefits

What are the Fund Investment Options?

This policy offers following 4 investment funds and you have the option to invest in any one or combination of fund options.

  • Debt Fund
  • Balance Fund
  • Growth Fund
  • Large Cap Equity Fund

The minimum investment in any fund should be at least 10% of the premium allocated.

What are the Plan Benefits?

Death Benefit

    In the event of death of the life assured, the Death Benefit payable is higher of Sum Assured less partial withdrawals# or Fund Value, subject to a minimum of 105% of the total premiums paid.

    Sum Assured is defined as a multiple of Annualised Premium, where multiple is:

    For 5 years premium pay term (age at entry less than 45 years), multiple of Annualised Premium is 10. For 5 years premium pay term (age at entry equal to 45 years & above), multiple of Annualised Premium is 7. For 10/15/20 years premium pay term (age at entry less than 45 years or equal to 45 years & above), multiple of Annualised Premium is 10.

    # Sum Assured is reduced to the extent of Partial Withdrawals made during the last two years prior the date of death. After attaining 60 years of age, all Partial Withdrawals made within two years before attaining age 60 years and all Partial Withdrawals made after attaining age 60 is reduced from the Sum Assured.

Maturity Benefit

    On survival of the life insured till the end of the policy term, the Fund Value is payable at maturity.

Fund Conservation Option

    There is an option to secure your funds towards the end of your Policy. All the investments are systematically transferred to the Debt Fund in the last three years of the policy.

Persistency Units

    Persistency Units equal to 1% of the average of Fund Value at previous 36 months would be allocated to the Policyholder’s Unit Account at the end of 10th, 15th, and 20th Policy anniversaries. This reward is offered, provided the policy being in force.

Settlement Option

    On maturity, you can opt to receive your money in annually, semi annually, quarterly or monthly installments over a maximum period of 5 years. The minimum amount of withdrawal during this period is Rs 5,000 This option can be exercised at least 7 days before the maturity of the policy. No life cover or other insurance cover is applicable during this settlement period.

Switching

    You can switch among 4 available fund options to suit your changing investment needs. The minimum switch amount allowed is Rs 5,000.

Premium Re-direction

    Premium Re-direction facility is available to alter future premium allocation and it will apply to your subsequent premiums.

Partial Withdrawal

    Partial Withdrawal is allowed from 6th policy years onwards (in case of minor lives, life assured attains 18 years). The minimum partial withdrawal amount allowed is Rs 10,000. The minimum fund value required after such withdrawal should be at least equal to 75% of the fund value before withdrawal.

Addition/Deletion of Riders

    You have the option to add/delete riders during the Policy Term on completion of any policy month subject to eligibility conditions and other requirements. In order to exercise this option, you need to intimate the company in writing of at least 15 days in advance.

Non-negative Non-Clawback Additions

    At the end of each year from the end of 5th Policy year, this policy may also be eligible for Non-Negative Clawback additions if the reduction in yield at that time is greater than the maximum reduction in yield allowed. The Non-Negative Clawback additions, if required, is added to the fund value.

Bonus

    The plan is not eligible for the bonuses, as it is a non-participating insurance plan.

Loan Benefit

    No loan benefit can be availed under this plan.

Surrender Value

    Upon surrendering the policy with-in the lock-in period of 5 years, the fund value less applicable discontinuance charges is credited to the ‘Discontinued Policy Fund’ and it is refunded upon completion of the lock-in period. The proceeds is then payable after the end of the lock-in period.

    Upon surrendering the policy after the lock-in period of 5 years, the Fund Value as on the date of surrender is payable immediately.

Who can Buy the Plan?

Factor Minimum Maximum
Age (as on last birthday) 8 Years 55 Years
Age at Maturity - 75 Years, 65 Years (ADB Rider)
Policy Tenure 20 Years -
Premium Paying Term (PPT) 5/10/15 Years 20 Years
Premium Paying Mode Annually, Semi Annually, Quarterly & Monthly -
Premium Amount For 5 Years PPT: Rs 36,000 (annually), Rs 45,000 (semi Annually), Rs 50,000 (quarterly), Rs 60,000 (monthly) For 10/15/20 Years PPT: Rs 30,000 (annually), Rs 36,000 (semi Annually), Rs 42,000 (quarterly), Rs 48,000 (monthly) Rs 5 Crores (subject To Underwriting)
Sum Assured Multiple For 5 Years PPT < 45 Years- 10 Times Of Annualized Premium >= 45 Years- 7 Times Of Annualized Premium For 10/15/20 Years PPT 10 Times Of Annualized Premium -
Freelook Period 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy -
Grace Period 30 Days (15 Days In Case Of Monthly Mode) -
Plan Type Offline -

Is any Rider Available with this Plan?

DHFL Pramerica Unit Linked Accidental Death Benefit (ADB) Rider can be opted, on payment of additional rider premium.

What are the Plan Charges?

Premium Allocation Charges: This charge is deducted from the premiums paid and the balance amount is then allocated to funds chosen. The Premium Allocation Charge is 5.15%/2.50% for 1st policy year/2nd policy year onwards, respectively.

Policy Administration Charge: Policy administration charge is 0.25%/0.30% of annualized premium per month for 1st to 5th policy year/6th policy year onwards, respectively subject to a maximum of Rs 500 per annum. This charge is deducted at the beginning of each policy month by cancellation of appropriate units.

Mortality Charges: Mortality charge is levied on Sum at Risk. This charge is deducted every month by cancellation of units.

Fund Management Charges: Fund management charge levied is a percentage of the Fund Value. It is 1.20% p.a for Debt Fund, 1.35% p.a for Balance Fund, Growth Fund & Large Cap Equity Fun, 0.50% p.a for Discontinued Policy Fund. Fund management charge is subject to revision up to a maximum of 1.35% p.a for each of the fund upon prior approval from IRDAI.

Discontinuance Charge: This charge is levied, in case the policy is discontinued during the first 4 policy years. This charge is levied as applicable under the policy terms & conditions. For more details, please refer the policy brochure.

Switching Charge: Four switches are available free of cost during a policy year. A charge of Rs 250 is levied when opted for subsequent switching in the same policy year.

Premium Re-direction: 2 free Premium re-directions are available during a policy year. A charge of Rs 250 is levied when opted for subsequent redirection in the same policy year.

Partial Withdrawal: 1 free partial withdrawal is allowed during a policy year. Such withdrawals can be done up to 10 times during the entire policy term. A charge of Rs 250 is levied when opted for subsequent withdrawal in the same policy year.

Taxes: The charges mentioned under this plan are subject to applicable tax and cess, as applicable.

Is the Plan, eligible for Tax Benefit?

Tax benefits can be availed under section 80C & 10(10D) under the Income Tax Act, subject to change in tax laws.

How the Plan Works?

Mr. Ram aged 32 years, is leading a happy life with his wife and daughter. He wants to build a corpus amount, so his family can achieve their dreams like daughter’s education, her marriage, etc. He also wants to ensure financial security of the family, in case of a mishap. He thus opts for DHFL Pramerica Smart Wealth+ with the policy term of 20 years, premium payment term of 15 years, annual premium of Rs 50,000 and sum assured of Rs 5,00,000.

Scenario A- Maturity Benefit: In case of his survival till maturity of the policy, the Fund Value is payable at maturity. There is an option to secure your funds towards the end of your Policy. All the investments are systematically transferred to the Debt Fund in the last three years of the policy. Persistency Units equal to 1% of the average of Fund Value at previous 36 months would be allocated to the Policyholder’s Unit Account at the end of 10th, 15th, and 20th Policy anniversaries. This reward is offered, provided the policy being in force.

Scenario B- Death Benefit: In the event of his death during the policy term, the Death Benefit payable is higher of Sum Assured less partial withdrawals or Fund Value.