Pramerica Life Smart Assure Plan

What is the Plan all About?

Pramerica Life Smart Assure Plan is a non-participating endowment insurance plan that offers Guaranteed Maturity and Death Benefit. This plan helps plan your finances, so you can easily take care of key milestones.

What are the Key Features?

Guaranteed Maturity Benefit through Maturity additions
Guaranteed Increasing Death Benefit
Choose limited/regular premium payment period
Option to avail loan against the policy
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 plus Accrued Maturity Additions is payable.

For age at entry less than 45 years, The Death Sum Assured is higher of Base Sum Assured, Maturity Sum Assured, or 11 times of Annualized Premium. For age at entry 45 years or more, the Death Sum Assured is higher of Base Sum Assured, Maturity Sum Assured, or 7 times of Annualized Premium.

The death benefit is at least 105% of all the premiums paid, till the date of death.

Maturity Benefit

On survival of the life Insured till the end of the policy term, the Maturity Benefit payable is Maturity Sum Assured plus Maturity Additions.

Maturity Additions

Maturity Additions is accrued at the end of the respective Policy years, as defined under the policy.

Automatic Cover Continuance

In case of payment of all the premiums for at least first three policy years and then premiums are not paid, the risk cover for full Death Benefit is still available for a period of one successive year (Auto Cover Continuation Period) from the due date of first unpaid Premium.

Loan Benefit

Loan is available up to 80% of the Surrender Value for Pramerica Life Smart Assure Plan.

Surrender Value

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

Tax Benefit

This policy provides tax benefits under the Income Tax Act, subject to change in tax laws.

Who can Buy the Plan?

Factor	Minimum	Maximum
Age (as on last birthday)	8 Years	60 Years (policy Term 10 Years), 55 Years (policy Term 15 Years), 50 Years (policy Term 20 Years)
Age at Maturity	-	70 Years
Policy Tenure	10/15 Years	20 Years
Premium Paying Term	5 & 7 Years (policy Term 10 Years), 7, 10 & 15 Years (policy Term 15 Years), 10, 15 & 20 Years (policy Term 20 Years)	-
Premium Paying Mode	Annually, Semi Annually, Quarterly & Monthly	-
Premium Amount	Rs 6,000	As Per Maximum Base Sum Assured
Sum Assured	Rs 1 Lac (regular Pay), Rs 75000 (limited Pay)	Rs 25 Lacs
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 Smart Assure Plan with the policy term of 15 years, premium paying term of 10 years, annual premium of Rs 10,277 and the sum assured is Rs 1 Lac.

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 1 Lac plus Maturity Additions. This maturity amount helps fulfill your financial objectives.

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 Rs 1 Lac plus Accrued Maturity Additions. This payout provides financial cover for the family.