Pramerica Life Magnum Assure Plan

What is the Plan all About?

Pramerica Life Magnum Assure Plan is a non-participating endowment insurance plan that provides guaranteed monthly payouts to fulfill your future financial needs. With life cover, this plan also guarantees a secure future for your family, in case of your unfortunate death.

What are the Key Features?

Guaranteed Monthly Income during payout period
Fulfill medium & long term financial goals
Life cover available
?Avail loan facility
Get tax benefits

What are the Plan Benefits?

Death Benefit

In the event of death of the insured during the term of the policy, Death Sum Assured as equal monthly payouts is payable. Monthly payout = Death Sum Assured divided by Payout Period (in months).

Death Sum Assured is higher of Base Sum Assured, Maturity Sum Assured, 105% multiplied by all the premiums paid or 10 times of the Annualized Premium.

Here, Base Sum Assured = Annualized Premium * Policy Term (in years) * Death Benefit Multiple. Death Benefit Multiple = 2/2.5 for policy term of 10/15 years respectively.

When premium is paid annually, the monthly payout is 102.5% of Monthly Death Benefit

Maturity Sum Assured = Monthly Maturity Benefit * Payout period (in months).

Maturity Benefit

On survival of the life Insured till the end of the policy term, the Maturity Benefit is payable as regular monthly payouts during the payout period. The Maturity Benefit may vary depending on the policy Term and Age at entry.

Monthly Maturity Benefit = (Annualized Premium * Maturity Benefit Multiple)/12

When premium is paid annually, the monthly payout is 102.5% of Monthly Maturity Benefit.

The Policyholder/Nominee/Legal Heir can take all due future Monthly payouts as a lump sum amount. Lump sum Amount = Monthly Payout * Lump sum Factor

Loan Benefit

Under this plan, Loan is available up to 80% of the Surrender Value.

Surrender Value

Surrender Value is higher of Special Surrender Value or Guaranteed Surrender Value. Surrender Value is acquired on payment of all the due premiums for at least two consecutive policy years.

Tax Benefit

You can avail tax benefits under section 80C and 10 (10D) of the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	55 Years (Policy Term 10 Years), 50 Years (Policy Term 15 Years)
Age at Maturity	-	65 Years
Policy Tenure	10 Years	15 Years
Premium Paying Term	Equal To Policy Tenure	-
Premium Paying Mode	Annually & Monthly	-
Premium Amount	Rs 48,000	No Limit
Sum Assured	Annualized Premium * Policy Term (in Years) * Death Benefit Multiple	-
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 attached to this plan.

How the Plan Works?

Raman at 35 years, opts for Pramerica Life Magnum Assure Plan with the policy term of 10 years and payout period is 120 months.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Maturity Sum Assured as equal Monthly Payouts for the entire Payout period. This maturity amount helps fulfill the financial goals.

Scenario B: Raman dies during the Term of the Policy

In the event of demise of Mr. Raman during any policy year, the nominee will receive Death Sum Assured as equal monthly payouts. This payout provides financial cover for the family.