Pramerica Life Flexi E-Term Plan

• Insurance protection at minimal cost
• Flexibility in benefit payouts as Fixed or Increasing
• Lump sum or staggered payout based on the chosen option
• Diagnosis of any of the 35 Critical Illnesses
• Augment your life cover with accidental death benefit,
• Terminal and critical illness options available
• Increase your life cover with changing life stages and
• Avail tax benefits as per prevailing tax laws

Death Benefit

The benefits shall be paid as per the chosen variant and benefit payout will be  payable to the nominee as per the chosen option at the inception under the plan.

The benefit payout options are:

Option 1: Lump sum Payout

Option 2: Level Monthly Income: Under this option, Base Sum Assured would become payable in equal Level Monthly Income over a period from 5 to 15 years as chosen by the policyholder.

Option 3: Increasing Monthly Income: Under this option, Base Sum Assured would become payable in monthly installments over a period from 5 to 15 years as chosen by the policyholder  Monthly installment would increase by 10% per annum at simple interest at the end of each completed year.

The variants options are:

Life Cover

Variant  1:Life Cover: In case of an unfortunate demise of the life insured, during the Policy Term, while the Policy is in-force, death Sum Assured will be paid out to the nominee as per the benefit payout opted.The policy terminates thereafter.

Terminal Illness

Variant 2: Life Cover + Terminal Illness: This benefit offers on occurrence of either death of life assured or diagnosis of Terminal Illness, whichever is earlier, the Death Sum Assured will be paid out to the nominee as per the chosen benefit payout option at the inception. Terminal illness is an accelerated benefit and the policy will continue with the remaining Base Sum Assured, if any, (reduced by the extent of the Terminal Illness benefit paid) and the benefit payment upon diagnosis of Terminal Illness would be restricted to 1 crore.Terminal Illness benefit will be payable to the Life Insured as lump sum only.

Accidental Death Benefit:

Variant 3: Life Cover + Terminal Illness + Accidental Death Benefit: In addition to the option 2, this variant also provides an extra cover in case of an accidental death.The additional death benefit equal to Accident Death Benefit would become payable as lumpsum in case Life Assured dies due to an accident.

Critical Illness Benefit:

Variant 4: Life Cover + Terminal Illness + Critical Illness: In addition to the option 2, this variant also provides an extra cover of Critical Illness. The policy provides Critical Illness Benefit as chosen by the Policyholder at inception, upon diagnosis of any of the 35 critical illnesses.Critical Illness benefit is also an accelerated benefit and the policy will continue with the remaining Base Sum Assured (reduced by the extent of the Critical Illness benefit paid). The Policy will continue for remaining Base Sum Assured. Premium payment towards CI Benefit will cease after payment of Critical Illness Benefit.Critical Illness benefit is payable as Lump Sum only, on the first occurrence of any of the covered 35 critical illnesses.

Variant 5: Life Cover + Terminal Illness + Accidental Death Benefit + Critical Illness: This benefit is a combination of option 3 and option 4.

Options 4 and 5 are available, only if the policyholder has opted for regular premium option.

Maturity Benefit

This policy is a pure protection plan which does not offer any maturity benefits.

Life Stage Cover Enhancement Option

Under this option , there is an increase Base Sum Assured under your policy without any medicals on achieving any one or all of the events like Marriage,child birth,of 1st and 2nd child and in case of home loan. This benefit is available upon payment of an additional premium.

Surrender Benefit

The policy does not acquire any Surrender Value throughout the Policy Term and therefore there is no amount payable to you upon surrender of the policy.

Critical illness, Terminal Illness and Accidental death benefit can be opted as per the variants available under the plan for enhanced coverage under one umbrella plan.

Pramerica Life Flexi E-Term Plan is eligible for Tax benefits as stated:

• Premiums paid qualify for tax benefits as per Section 80C of the Income Tax Act, 1961.
• Premium paid towards the critical illness benefit qualify for tax benefits as per Section 80D of the Income Tax Act, 1961.
• Death benefit(s) are entitled for tax benefits as per Section 10 (10D) of the Income Tax Act.

(Subject to the provision stated therein.)

Let us understand this with the example of Mr. Ramesh

Plan Details of Mr. Rakesh:
Age: 25 years

Benefit Pay out: Pramerica Life Flexi E-Term Plan Lumpsum Option

Variant- Life Cover
Sum Assured: 1 Crore
Premium paying term: 40 years (Regular Pay)
Policy Term: 40 years

Case 1: Mr.Ramesh dies during the policy term

100% of the sum assured as lump sum payout is paid to the nominee on submission of all claim related documents and acceptance of the claim from the company.

Case 2: Mr.Ramesh survives the policy term

Since it is a pure term plan no maturity benefit is payable