DLF Pramerica Family Income Plan

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DLF Pramerica Family Income


	Objective		This term insurance plan pays policy benefits to the nominee as annual installments over a 20-year period, instead of a lump sum payment.

What does it do?		In case of the policyholder's death, the plan will pay an annual sum over next 20 years to the family. On survival, entire premium paid is returned to the policyholder on maturity.

Pros		The policy provides for maturity benefit on survival and surrender benefits if one wants to surrender the policy mid term. The annual payout can be used as a replacement of income, and it's better than receiving a lump sum payment.

Cons		There are no rider options available with the plan. Policy is available for a fixed tenure of 10, 15 or 20 years.

Suited for		This policy is suitable for those not happy with the idea of paying premium for a pure term plan, paying only death benefit.

Our View		The return of premium option is a marketing gimmick and does not add value, as you end up paying higher premium as compared to a plain risk cover offered by the same insurer. The annual payout of claim benefits is useful for the policyholder's nominees.


	Eligibility

Entry Age (years)

Minimum		18

Maximum		55

Maximum Maturity Age (years)		65

Policy Term (years)

Minimum		5

Maximum		30

Sum Assured (Rs)

Minimum		Monthly income benefit of 2000

Minimum		No Limit

Minimum Premium (Rs)

Yearly		1000

Half-Yearly		500

Quarterly		250

Monthly		100

Premium Payment Frequency		Yearly, Half Yearly, Quarterly and Monthly(ECS)

Premium Payment Term		Regular, equal to policy tenure

Policy Cover		Cover remains fixed for the tenure of the policy

Other Features

Free Look Cancellation		In case, you are not satisfied, you may choose to cancel the policy within 15 days of receiving the policy documents. Upon such cancellation, you will be paid back the premiums, minus the cost of stamp duty, medical reports and proportionate premium for the period for which the risk was covered

Grace Period		You are allowed to pay premiums within 30 days (15 days in case of monthly) from the due date. If a due premium is not received within the grace period, your policy will lapse and the life insurance cover, including the rider cover, if any, will be terminated

Lapsed Policy Reinstatement		You can reinstate your lapsed policy any time (within 3 years from the due date of the first unpaid premium) by paying all the due premiums and undergoing underwriting requirements, if any

Tax Benefits		Section 80C and Section 10 (10D) of the Income Tax Act, 1961 would apply. . Premiums paid for Critical Illness Rider may qualify for deduction under Section 80D of the Income Tax Act, 1961

Exclusions		In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable

Surrender Value		There is no surrender benefit in this plan

Customer Service

Address		DLF Pramerica Life Insurance Company Limited, 4th Floor, Building 9B, Cyber City, DLF City Phase-III, Gurgaon - 122002

Mail To		contactus@dlfpramericalife.com

Call On		1800-102-7070

SMS		5607070

Additions to the Plan

Available Rider(s)		DLF Pramerica Traditional Accidental Death Benefit Rider: covers death due to an accident. DLF Pramerica Traditional Critical illness Rider: The 10 critical illnesses are Aorta Surgery, Blindness, Cancer, Coronary Artery Bypass Surgery, Heart Attack, Heart Valve Surgery, Kidney Failure, Major Organ Transplant, Paralysis And Stroke. There is a survival period of 30 years to claim the benefit.

Rider Conditions

Entry Age (years)

Minimum		18

Maximum		55

Maximum Maturity Age (years)		65

Rider Term (years)

Minimum		5

Maximum		30

Sum Assured (Rs)

Minimum		50000

Maximum		50 lakh for ADDB Rider ; 25 lakh for Critical Illness rider

Rider Premium (Rs)		Rider premiums vary for each policyholder. For instance, if a 30-year old male opts for the ADB rider for Rs 5 lakh sum assured over a 10 year tenure; the annual ADB rider premium works to Rs 425

Happy Investing!!

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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