Pramerica Life Rakshak Gold Plan

What is the Plan all About?

Pramerica Life Rakshak Gold Plan is a non-participating, guaranteed endowment insurance plan that ensures a secure financial future of your family. This plan is also designed to provide financial protection for your children, even when you are not around.

What are the Key Features?

Guaranteed Maturity Benefit
Increasing Annual Guaranteed Addition
Avail Comprehensive/Enhanced Death Benefit
Limited Premium Payment Term
Option to avail policy loan
Tax benefits as per IT Laws

What are the Plan Benefits?

Death Benefit

In the event of unfortunate demise of the life insured during the policy term, following is the death benefit payable.

Immediate Benefit: Base sum assured as a lump sum is payable. Accrued Annual Guaranteed Addition is also payable.

Monthly Payout: 2% of the Base Sum Assured is payable monthly. This payout starts from the month of death for the rest of the policy term, subject to minimum payouts for 36 months even on completion of the policy term.

Benefit at Maturity: A lump sum amount equal to Base Sum Assured multiplied by Guaranteed Maturity Multiple (GMM) is payable.

The total death benefit payable is subject to a minimum of Death Sum Assured plus Accrued Annual Guaranteed Additions.

Death Sum Assured is equal to the higher of 11 times the Annualized Premium, 105% of all the Premiums paid, Base Sum Assured multiplied by a Guaranteed Maturity Multiple factor, OR the sum of immediate benefit, Monthly Payout & Benefit at Maturity Date.

Maturity Benefit

On survival of the life insured till the maturity date, an amount equal to the Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) plus accrued Annual Guaranteed Additions is payable.

Annual Guaranteed Addition (AGA)

Annual Guaranteed Addition is accrued (as specified) at the end of every policy year. AGA is also increased after every 3 policy years.

Guaranteed Maturity Multiple (GMM)

Guaranteed Maturity Multiple is the factor applied to the base sum assured for computing the benefit payable on the date of maturity. GMM Factor is 150%/175% for 12/18 year policy term, respectively.

Bonus

No bonuses are payable, as it is a non-participating endowment insurance plan.

Loan Benefit

You can avail loan amount up to a maximum of 75% of the acquired surrender value.

Surrender Value

Surrender Value can be acquired on payment of all premiums for at least 3 full policy years, when the premium payment term is 10 years. You can acquire the surrender value after payment of 2 full policy years, when the premium payment term is 7 years. Surrender Value payable is higher of Guaranteed Surrender Value plus surrender value of accrued guaranteed additions or Special Surrender Value.

Tax Benefit

Tax benefits are payable, subject to prevailing tax laws.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	18 Years	53 Years (For 12 Year Policy Term), 47 Years (For 18 Year Policy Term)
Age at Maturity	-	65 Years
Policy Tenure	12 Years	18 Years
Premium Paying Term	7 Years (For 12 Year Policy Term), 10 Years (For 18 Year Policy Term)	-
Premium Paying Mode	Annually, Semi Annually & Monthly	-
Premium Amount	Rs 12,170 (annually)	Depends On The Chosen Base Sum Assured, Age At Entry, Policy Term And Premium Payment Term
Sum Assured	Rs 75,000	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/ 15 Days ( For Monthly Mode)	-
Plan Type	Offline	-

Is any Rider Available with this Plan?

No rider can be attached under this plan.

How the Plan Works?

Mukesh is looking to buy a plan that can ensure guaranteed maturity benefit plus financial cover for his family. At ,30 years of age he buys Pramerica Life Rakshak Gold Plan with the policy term of 18 years and premium payment term of 10 years, pays annual premium of Rs 79,595 and the sum assured is Rs 5 Lacs.

Scenario A: Mukesh Survives the Policy Term

On survival of Mukesh till end of the policy term, Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) plus accrued Annual Guaranteed Additions is payable.

Scenario B: Mukesh dies during the Term of the Policy

In the event of the demise of Mukesh within the policy term, the death benefit payable is the sum of Immediate Benefit, Monthly Payout & Benefit at Maturity Date.