Objective

This is a pure term plan that pays a lump sum as well as a regular monthly amount to the nominees, in the event of death of the insured.

What does it do?

The death benefit will be paid in two parts- a lump sum which is 20 times the monthly benefit will be paid on death, and a regular monthly payout as selected by the policyholder. The monthly payout is guaranteed for a minimum of 48 months, even if the policyholder dies in last four years of the policy.
The policyholder can decide the monthly benefit that he expects his family would need in his absence.

Pros

This policy allows to reinstate a lapsed policy within three years from the date of lapse.
The lump sum benefit on death is helpful in managing immediate cash needs.
The choice of accident and critical illness rider expand the scope of coverage.
Premiums paid towards this policy qualify for tax deduction under Section 80C of IT Act.

Suited for

This policy is suitable for those who think that the dependants will not be able to deftly manage a lump sum amount and require a regular cash flow for sustenance.

Our View

A pure risk term plan is a definite buy for everyone

Eligibility

Entry Age (years)

Minimum

18

Maximum

50

Maximum Maturity Age (years)

65

Policy Term (years)

Minimum

10

Maximum

30

Sum Assured (Rs)

Minimum

Monthly income benefit of Rs 4000

Maximum

No Limit

Minimum Premium (Rs)

Yearly

2000

Quarterly

500

Monthly

200

Premium Payment Frequency

Yearly, Half Yearly, Quarterly and Monthly

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 from the due date. If a due premium is not received within the grace period of 30 days, 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