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Pramerica Life Insurance Limited

Pramerica Life Insurance Limited

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About Pramerica Life Insurance Limited

Pramerica Life Insurance Limited is a joint venture between DHFL Investments Limited (DIL), a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL) and Prudential International Insurance Holdings, Ltd. (PIIH), a fully owned subsidiary of Prudential Financial, Inc. (PFI), a financial services leader headquartered in the U.S. The life insurance joint venture agreement between the two partners was signed in July 2013.

Pramerica Life Insurance Limited, which was earlier known as DHFL Pramerica Life Insurance Company Limited started operations in India on September 01, 2008 and has a pan India presence through multiple distribution channels which have been customized to address the specific insurance needs of diverse customer segments. The Company is committed to providing protection and quality financial advice to its customers

Pramerica is the brand name used in India and select countries by Prudential Financial, Inc.

Prudential International Insurance Holdings, Ltd. and Prudential Financial, Inc. of the United States are not affiliated with Prudential Plc. a Company incorporated in the United Kingdom

Company’s Past performance

Pramerica Life Insurance Limited company started with launching their Family Income Plan as their first product along with their first Life Insurance Plan. With time it reached its 1st benchmark of issuing its 100th policy.

Prahri is a unique initiative that the company has undertaken. This initiative is to serve the life insurance needs of defence personnel. With time and ease, the company crossed the 100,000 policies and the 3 million lives secured milestone.

33 years from establishment, the company and all its members still uphold the wishes of their founder. Members encourage hundreds and thousands of people to simplify their financial access. The company provides customers with home loan products, insurance services and unique fixed deposit needs that suit the customers’ needs.

Advantages and Features of this company

The benefits of Pramerica Life Insurance Limited Co. Ltd are also its key feature

  • Flexibility to pre-pone the Maturity Date anytime during the “Flexi Benefit” period.
  • Guaranteed Loyalty Benefit of 10% of annualized premium. Premium payment term is 5, 10 or 15 years as the case may be.
  • Limited Premium payment options of 5,10 or 15 years.

Wealth Accumulation through bonus additions.

Types of products

Pramerica Life Insurance provides a great number of plans not only for individual customers but also it provides plans for groups. These plans are:

Protection plans by Pramerica

  1. Family First Plan by Pramerica Life Insurance - death benefit of 20 times the monthly income of a person.
  2. Family Income Plan by Pramerica Life Insurance - Provides family with a monthly income.
  3. U-Protect Plan by Pramerica Life Insurance - Insurance protection with a minimum assured sum of Rs. 25 Lakhs.
  4. TruShield Plan by Pramerica Life Insurance - Shield cover as well as life coverage.
  5. Future Idols Gold+ Plan by Pramerica Life Insurance - to cover the expense of a child in the worst of situations.
  6. Rakshak+ Plan by Pramerica Life Insurance - offering death benefits and assured return sum
  7. Smart Fee Protect Plan by Pramerica Life Insurance - it is a non-participating endowment plan assuring child through a monthly income.

Savings Plans by Pramerica Life Insurance

  1. Flexi Cash Plan by Pramerica Life Insurance - preponing maturity benefits with insurance plans.
  2. Roz sanchay Plan by Pramerica Life Insurance - endowment plan giving life insurance cover along with substantial savings.
  3. Aajeevan Samriddhi by Pramerica Life Insurance - This provides insurance till the age of 99. Ensures retirement also.
  4. Sahaj Suraksha by Pramerica Life Insurance - This insurance plan is provided till the age of 75 years.
  5. Smart Cash Protect Plan by Pramerica Life Insurance - This gives policyholders a regular income. Enhancing cover and maturity benefits.
  6. Wealth+ Ace Plan by Pramerica Life Insurance - Insurance cover and investment opportunities. Customers need to pay one premium to activate this plan.
  7. Smart Wealth+ Plan by Pramerica Life Insurance - Insurance policy provided along with investment opportunities. This is a ULIP scheme.
  8. Magnum Assure Plan by Pramerica Life Insurance - a non-participating endowment plan that provides monthly income to customers.
  9. Premier Gain Plan by Pramerica Life Insurance - offering 10 times the annualized premium as death benefit.
  10. Smart Assurance Plan by Pramerica Life Insurance - provides maturity additions as well as a flexible premium payment term.
  11. Smart Income Plan by Pramerica Life Insurance - provides annual income as well as a flexible premium payment term.
  12. Smart Money Back Plan by Pramerica Life Insurance - this offers regular bonuses and liquidity at preset milestones during the term of the policy with flexible policy terms.
  13. eSave Plan by Pramerica Life Insurance - online non-engaging endowment plan is providing guaranteed add-ons and maturity benefits.

Group Plans by Pramerica Life Insurance

  1. Credit Life+ Plan by Pramerica Life Insurance - offers members a basic or enhanced life cover without medical along with accidents and terminal illness benefits.
  2. Term Plan by Pramerica Life Insurance - Provides guaranteed protections and a free-cover limit to enhance protection.
  3. Term Care Plan by Pramerica Life Insurance - puts members under an Assured Sum Criteria together with either fixed/reduced Assured Sum throughout policy term.
  4. Sarv Suraksha by Pramerica Life Insurance - offers comprehensive life cover at affordable costs.

Product Plans and details

To be eligible for any Life Insurance policies of Pramerica Life Insurance , an individual needs to be at least 18 years of age and less than 55 years of age. The individual should be either self-employed, a professional or must have his own business.

The documents that are required to apply for Life Insurance schemes by Pramerica Life Insurance are-

  • Identity Proof
  • Age proof
  • Income proof
  • Address Proof
  • PAN Number

A summary of the Pramerica Life Insurance Plans are as follows

1. Pramerica Life Insurance Protection Plan:

Type of Plan Basic Sum Assured Tenure
Family First 20 times monthly Income 10-30 years
Family Income Dependent on premium amount 5-30 years
U-Protect Rs. 25,00,000 10-30 years
TruShield Rs.5,00,000 10,15 & 20 years
Future Idols Gold+ Rs. 1,50,000 15,20 & 20 years
Rakshak+ Rs. 1,00,000 10,15 & 20 years
Rakshak Gold Rs. 1,00,000 12 & 18 years
Fee Protect Rs. 1,68,000 10 & 15 years

2. Pramerica Life Insurance Savings Plan:

Type of Plan Basic Sum Assured Tenure
Flexi Cash 15-year term -
Rs. 1,70,000
25 & 35-year term -
Rs. 2,00,000
15,25 & 35 years
Roz Sanchay 16 year term - Rs.1,00,000
21-year term -
Rs. 21,000
16 and 21 years
Aajeevan Samriddhi Rs. 25,00,000 99 - entry age
Sahaj Suraksha Rs.1,00,000 15 & 20 years
Smart Cash Protect Rs. 1,25,000 12,15 & 20 years
Smart Wealth+ Dependent on Premium pay term 5, 10,15 & 20 years
Smart Wealth+ Ace Below 45 years 1.25 times single premium 10,15,20 & 25 years
Above 45 years 1.10 times single premium
Magnum Assure Rs. 48,000 (per annum) 10,15,20 & 25 years
Premier Gain Rs. 3,50,000 10,15 & 20 years
Smart Assure Regular premium pay - Rs. 1,00,000. Limited Premium pay - Rs. 75,000 10,15 & 20 years
Smart Income 11 times annualized premium 7 - 20 years
Smart Money Back Rs. 1,20,000 16 & 20 years
eSave Dependent on entry, age, premium & policy term 10,15 & 20 years

3. Pramerica Life Insurance Group Plans:

Type of Plan Basic Sum Assured Tenure
Credit Life+ Rs. 10,000 2 years
Term Plan Rs. 1,000 per member Yearly renewal
Term Care Rs. 5,000 per member 2 years
Sarv Suraksha Rs. 5,000 per member Yearly renewal
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