Pramerica Life Rakshak+ Plan

What is the Plan all About?

Pramerica Life Rakshak+ Plan is a non-participating child benefit protection cum savings plan that is designed to safeguard your child’s future. This plan provides money to cater needs such as higher education, marriage, etc and support your child financially even in your absence. By investing in this plan, there is nothing that can prevent your child’s dreams from turning into a reality.

What are the Key Features?

Comprehensive Cover to meet family needs
Enhanced Death Benefit
Guaranteed Maturity Benefit
Increasing Annual Guaranteed Addition
Limited Premium Payment Term
Loan against the policy
Get tax benefits

What are the Plan Benefits?

Death Benefit

In the event of unfortunate death of the life insured during the policy term and the policy is in-force, Death Sum Assured plus Accrued Annual Regular Additions.

For age at entry less than 45 years:

Death Sum Assured is higher of Base Sum Assured multiplied by GMM factor or 105% of all the Premiums paid or 10 times the Annualized Premium paid till the date of death or Sum of 100% of the Base Sum Assured payable at the time of death.

GMM multiplied by the Base Sum Assured is payable on the scheduled maturity date and 2% of the Base Sum assured is payable every month from the month of death to the end of the Policy Term, subject to a minimum of 36 monthly payments irrespective of the policy term.

For age at entry 45 years and higher:

Death Sum Assured is higher of Base Sum Assured multiplied by GMM factor or 105% of all the Premiums paid or 7 times the Annualized Premium paid till the date of death or Sum of 100% of the Base Sum Assured payable at the time of death.

GMM multiplied by Base Sum Assured is payable on the maturity date and 2% of the Base Sum Assured is payable every month from the month of death to the end of the policy term, subject to a minimum of 36 monthly payments irrespective of the policy term.

GMM is Guaranteed Maturity Multiple.

Maturity Benefit

In case of survival of the life insured through the maturity date and Policy being in-force, the company will pay the Policyholder an amount equal to the Base Sum Assured * Guaranteed Maturity Multiple (GMM) plus accrued Annual Guaranteed Additions.

Guaranteed Maturity Multiple (GMM)

Guaranteed Maturity Multiple is a factor applied to Base Sum Assured or Paid-Up Sum Assured. It is used for computing the benefit payable on maturity of the policy. GMM factor is 150%/175%/200% for 10/15/20 years policy term, respectively.

Annual Guaranteed Addition (AGA)

Annual Guaranteed Addition is accrued to the policy at the end of each completed policy year. AGA will increase after every 3 policy years. The AGA rates are expressed as per 1,000 of Base Sum Assured.

Bonus

This policy does not offer any bonuses, as it is a non-participating insurance plan.

Loan Benefit

The maximum loan amount that can be availed is up to 80% of the acquired surrender value.

Surrender Value

The Surrender Value is higher of Guaranteed Surrender Value or Special Surrender Value. The Surrender Value can be acquired on payment of at least 2 full policy years’ premium.

Tax Benefit

You can avail tax benefits under section 80C & 10 (10D) of the Income Tax Act. Tax benefits are applicable, as per the prevailing tax laws.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	55 Years
Age at Maturity	-	65 Years
Policy Tenure	10/15 Years	20 Years
Premium Paying Term (PPT)	7 Years (Policy Term 10 Years) 10 Years (Policy Term 15 Years) 15 Years (Policy Term 20 Years)	-
Premium Paying Mode	Annually, Semi Annually & Monthly	-
Premium Amount	Rs 12,000 (annually)	Depends On The Chosen Base Sum Assured, Age At Entry, Policy Term And Premium Payment Term
Base Sum Assured	Rs 1,00,000	Rs 5 Crore (subject To Underwriting)
Freelook Period	15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy	-
Grace Period	30 Days	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No riders can be opted, under this plan.

How the Plan Works?

Mr. Ajay aged at 35 years, opts to buy Pramerica Life Rakshak+ Plan to secure his son’s future to meet education milestones. He buys this plan with the policy term of 15 years, premium payment term of 10 years, annual premium of Rs 16,691 and the base sum assured is Rs 1,00,000.

Scenario A: Mr. Ajay Survives the Policy Term

In case of survival of the life insured through the maturity date and Policy being in-force, the company will pay the Policyholder an amount equal to the Base Sum Assured * Guaranteed Maturity Multiple (GMM) plus accrued Annual Guaranteed Additions.

Scenario B: Mr. Ajay dies during the Term of the Policy

In the event of unfortunate death of Mr. Ajay during the policy term and the policy is in-force, Death Sum Assured plus Accrued Annual Regular Additions is payable.

On death of Mr. Ajay during the term of the policy, GMM multiplied by the Base Sum Assured payable on the scheduled maturity date and 2% of the Base Sum assured payable every month from the month of death to the end of the Policy Term is also payable.