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Pramerica Life Insurance Company

Pramerica Life Insurance Limited is an insurance company in India which is formerly known as DHFL Pramerica Life Insurance Company Limited, headquartered in Gurugram. The company provides a wide range of life insurance solutions for individuals as well as groups. We are committed to catering to our customers’ various financial protection needs such as securing their child’s future, retirement planning, savings, and wealth creation.

Pramerica Life Insurance Limited started its operations across India in 2008 and Pramerica Life Insurance is a joint venture between DHFL Investments Limited, which is a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), and Prudential International Insurance Holdings.

Key Features of Pramerica Life Insurance Company

Claim Settlement Ratio:  

It is very important to check the claim settlement ratio (CSR) of the insurer before investing in any plan. An insurance company that has a good claim settlement ratio as a higher ratio indicates better claim credibility of the company. The Claim Settlement Ratio indicates how many claims have been settled out of the total number of claims submitted in a given year.

As per the IRDAI, the claim settlement ratio of Pramerica Life Insurance was 98.42% in 2019-20 which means your family doesn't have to go through any inconvenience while getting claims.  It helps customers to compare quotes and get the best life insurance policy.

Solvency Ratio:

The solvency ratio of Pramerica Life Insurance helps an individual to know the company's ability to meet its long-term financial duty. The solvency ratio provides financial year information about the company.  IRDAI declared that every life insurance company to maintain a solvency ratio of 1.5. As per IRDAI Annual Report 2019-20, the solvency ratio is Pramerica Life Insurance 1.83 that fulfills the set standards of IRDAI.

Annual Premium

The annual premium of a company is regarded as a very useful metric that helps in determining its efficiency and business performance in the industry. From the year 2016-17 to 2019-20 the company achieved the highest annual premium of Rs. 1844.46 crores. However, this premium amount dropped down to Rs. 1228.06 crores during the year 2019-20.

Operating Network:

Pramerica Life Insurance Company operates across the country with 138 branch offices and a strong workforce population of 2652 employees. The company provides excellent insurance products with affordable premium rates.

Pramerica Life Insurance Plans

Pramerica Life Insurance offers a wide range of life insurance products that are carefully crafted to fulfill customer's various financial protection needs such as protection plans, unit linked insurance plans, health plans, child progress plans, savings plans, retirement plans, etc. The company works with a vision to secure and enrich every life that they touch.

1. Protection Plans:

i) Pramerica Life Saral Jeevan Bima

Pramerica Life Saral Jeevan Bima is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan.

Key Features:

  • Protection: Secure your family’s future at a nominal cost
  • Flexibility: Flexibility to choose Single Premium, Limited Premium (5 years or 10 years), or Regular Premium
  • Tax Benefit: Avail tax benefit as per the prevailing tax laws
  • Death Benefit: Avail Death benefit in case of unfortunate death of the policyholder
  • Entry Age: Minimum: 18 Years, Maximum: 65 years
  • Maturity Age: Maximum 70 Years
  • Premium Payment Mode: Single, yearly, half-yearly, monthly
  • Sum Assured: Minimum Rs. 5 lacs to Maximum Rs. 25 lacs.
  • Policy Term: 5 to 40 years

ii) Pramerica Life TruShield

Pramerica Life TruShield is a plan specially designed to take care of your family's financial needs in your absence. This is a plan that provides pure life insurance cover along with a return of premium on maturity for the benefit of your loved ones.

Key Features:

  • Comprehensive Protection: Life Insurance covers along with the Additional Shield Cover payable on the unfortunate death of insured
  • Death Benefit: Flexibility to select the death benefit option as per your need
  • Maturity Benefit: Return of all premiums paid, upon survival till completion of the policy term
  • Premium Payment Options: Flexible to choose Premium payment options for a Limited Pay, Regular Pay, or as a one-time payment
  • Tax Benefit: Avail tax benefit as per the prevailing tax laws
  • Entry Age: Minimum: 18 Years, Maximum: 50 years
  • Maturity Age: Maximum 65 Years
  • Premium Payment Mode: Single, yearly, monthly
  • Sum Assured: Minimum Rs. 5 lacs to Maximum Rs. 50 crores
  • Policy Term: 7,10,12,15,20 years

iii) Pramerica Life U-Protect

Pramerica Life U-Protect is specially designed for you so that you can ensure that your family is secure and leads a comfortable life, even when you are not around.

Key Features:

  • Comprehensive Protection: Comprehensive insurance protection plan at nominal cost
  • Premium: Attractive premium rates for male and female lives. Lower premiums for maintaining a healthy non-smoking lifestyle
  • Tax Benefit: Avail tax benefit as per the prevailing tax laws
  • Entry Age: Minimum: 18 Years, Maximum: 55 years
  • Maturity Age: Maximum 65 Years
  • Premium Payment Mode: yearly, half-yearly
  • Sum Assured: Minimum Rs. 25 lacs to No limit
  • Policy Term: 10 years to 30 years

2. Unit Linked Insurance Plans:

i) Pramerica Life Wealth Enhancer

Pramerica Life Wealth Enhancer is a unit linked insurance plan specially designed to take care of your family's financial needs in your absence.

Key Features:

  • Death Benefit: Avail Death benefit in case of unfortunate death of the policyholder
  • Surrender Benefit: A Policy issued under this plan will acquire Surrender Value on payment of Single Premium. 
  • Maturity Benefit: On survival of the Life Insured till maturity date, Fund Value will be paid to you.
  • Entry Age: Minimum: 1 Year, Maximum: 70 years
  • Maturity Age: Minimum 18 years to Maximum 75 Years
  • Premium Payment Mode: single
  • Policy Term: 1 to 46 years

ii) Pramerica Life Wealth Maximiser

Pramerica Life Wealth Maximiser is a Unit Linked and Non-Participating Life Insurance plan which offers Life Cover for your family with high returns to help meet increasing expenses.

Key Features:

  • Death Benefit: Avail Death benefit in case of unfortunate death of the policyholder
  • Surrender Benefit: The Policy will acquire surrender value from the first Policy year but it becomes payable only after completion of the "lock-in period"
  • Maturity Benefit: On survival of the Life Insured till maturity date, Fund Value will be paid to you.
  • Entry Age: Minimum: 90days, Maximum: 65 years
  • Maturity Age: Minimum 18 Years, Maximum 75 Years
  • Premium Payment Mode: single, yearly, half-yearly, quarterly, monthly
  • Policy Term: 5 to 30 years
  • Premium Payment Term: Single pay, Limited pay, Regular Pay

iii) Pramerica Life Wealth+ Ace

Pramerica Life Wealth+ Ace is a Single Premium Unit Linked Insurance Plan specially designed to financially secure and protected the future for your loved ones.

Key Features:

  • Death Benefit: Avail Death benefit in case of unfortunate death of the policyholder
  • Maturity Benefit: On maturity, fund value including the value of persistency units will become payable.
  • Systematic Transfer Plan: With a Systematic Transfer Plan, you can regularly invest a specific amount in one or more of the four funds
  • Entry Age: Minimum: 90days, Maximum: 65 years
  • Maturity Age: Minimum 18 Years, Maximum 75 Years
  • Policy Term: 10, 15, 20, 25 years
  • Premium Payment Term: Single pay
  • Sum Assured: 1.25 times of Single Premium Subject to a maximum of Rs. 10 Crore

iv) Pramerica Life Wealth+ Ace

Pramerica Life Smart Wealth+ is a Unit Linked Non-Participating Life Insurance Plan that facilitates wealth creation for your planned milestones in life.

Key Features:

  • Death Benefit: Avail Death benefit in case of unfortunate death of the policyholder
  • Maturity Benefit: On survival of the Life Insured till maturity date, subject to Policy being in force for full risk benefits, the fund value will be paid to the Policyholder.
  • Entry Age: Minimum: 8 years, Maximum: 55 years
  • Maturity Age: Maximum 75 Years
  • Policy Term: 20 years
  • Premium Payment Term: 5,10,15,20 years
  • Premium Payment Mode: yearly, half-yearly, quarterly, monthly

3. Child Progress Plans:

i) Pramerica Life Rakshak Gold

Pramerica Life Rakshak Gold is a Non-Linked Non-Participating Endowment Life Insurance Plan that is specially designed to secure your future needs.

Key Features:

  • Maturity Benefit:  Provides guaranteed maturity benefit to taking care of your financial goals
  • Increasing Annual Guaranteed Additions that increase after every 3 policy years
  • Limited Premium Payment: 7 or 10 years
  • Tax Benefit: Avail tax benefit as per the prevailing tax laws
  • Entry Age: Minimum: 18 years, Maximum: 53 years
  • Maturity Age: Maximum 65 Years
  • Policy Term: 12, 15, 18 years
  • Premium Payment Term: 7, 10 years
  • Premium Payment Mode: yearly, half-yearly, monthly
  • Sum Assured: Rs. 75,000 to 5 crores

4. Retirement Plans:

i) Pramerica Life Saral Pension

Pramerica Life Saral Pension plan is a non-linked non-participating individual immediate annuity plan that provides savings into an annuity to give you a guaranteed regular income in your retirement years.

Key Features:

  • Retirement Income: Guaranteed regular income for your entire retired life.
  • Return of purchase price: 100% Return of purchase price
  •  Medical test: No medical tests required on purchase
  • Loan: Avail loan on this plan in case of emergency
  • Higher Annuity Rates:  Get Higher Annuity Rates for large premiums
  • Entry Age: Minimum: 40 years, Maximum: 80 years
  • Premium Payment Mode: yearly, half-yearly, quarterly, monthly
  • Annuity Amount: yearly-12,000/-, half-yearly-6000/-, quarterly-3000/-, monthly-1000/-

5. Health Plans:

i) Pramerica Life Cancer+ heart shield

Pramerica Life Cancer+Heart Shield is a non-linked, non-participating fixed benefit individual health product that covers you against the financial impact of various critical illnesses along with cancer, heart problems.

Key Features:

  • Plan Options: This plan provides various coverage options such as 1. Cancer Shield 2. Heart Shield 3. Cancer and Heart Shield 4. Comprehensive Shield
  • This plan provides the benefit to cover another 26 listed major critical stage illnesses.
  • Entry Age: Minimum: 18 years, Maximum: 65 years
  • Maturity Age: Maximum 75 Years
  • Policy Term: 10 to 40 years
  • Premium Payment Term: Regular pay, equal to the policy term
  • Premium Payment Mode: yearly, half-yearly, quarterly, monthly
  • Sum Assured: Rs. 5 lacs to 50 lacs

6. Savings Plans

i) Pramerica Life Secure Savings Plan

Pramerica Life Secure Savings Plan, a savings cum protection plan that offers guaranteed annual income along with a lump sum savings booster paid out with the final income installment. This plan supports your family and helps you overcome any financial hurdle.

Key Features:

  • Flexibility: Flexibility to Choose a Premium Payment Term 
  • Protection against unfortunate events: Get life cover during the policy term to secure your family when your absence.
  • Guaranteed Income – Get guaranteed Annual pay-outs during the Pay-out Period after completion of Policy Term 
  • Tax Benefits: Avail tax benefits on the premiums paid and on benefits received as per applicable income tax laws
  • Entry Age: Minimum: 5 years, Maximum: 60 years
  • Maturity Age: Minimum 18 to Maximum 73 Years
  • Policy Term: 13 years
  • Premium Payment Term: 8, 10, 12 years
  • Premium Payment Mode: yearly, half-yearly, quarterly, monthly
  • Sum Assured: 11 X Annualised Premium

ii) Pramerica Life Smart Income Plan

Pramerica Life Smart Income is a Non-Linked Non-Participating Endowment Life Insurance plan that provides steady income through a guaranteed annual income benefit to make your loved ones financially independent in your absence.

Key Features:

  • Flexibility: Flexibility to Choose a Premium Payment Term 
  • Guaranteed Annual Income: Get Guaranteed Annual Income for a duration equal to the Premium Payment Term
  • Loan Availability: Option to avail loan against the policy
  • Tax Benefits: Avail tax benefits on the premiums paid and on benefits received as per applicable income tax laws
  • Entry Age: Minimum: 8 years, Maximum: 60 years
  • Maturity Age: Minimum 18 to Maximum 73 Years
  • Policy Term: 7 years to 20 years
  • Premium Payment Mode: yearly, half-yearly, monthly
  • Sum Assured: 11 X Annualised Premium

iii) Pramerica Life Smart Assure Plan

Pramerica Life Smart Assure is a Non-Linked Non-Participating Endowment Life Insurance plan that provides guaranteed maturity and death benefit and secures your family’s financial needs.

Key Features:

  • Flexibility: Flexibility to Choose a Premium Payment Term 
  • Guaranteed Maturity Benefit: comprising Base Sum Assured and Accrued Maturity Additions
  • Loan Availability: Option to avail loan against the policy
  • Tax Benefits: Avail tax benefits on the premiums paid and on benefits received as per applicable income tax laws
  • Entry Age: Minimum: 8 years, Maximum: 46 years
  • Maturity Age: Maximum 70 Years
  • Policy Term: 10/12/15/16/18/20/22/24 years
  • Premium Payment Mode: yearly, half-yearly, quarterly, monthly
  • Sum Assured: Rs.75,000/- to No limit

iv) Pramerica Life Flexi Cash

Pramerica Life Flexi Cash is a non-linked participating endowment life insurance plan which gives you the flexibility to control your policy and that allows you to customize the benefits as per your financial needs.

Key Features:

  • Flexibility: The policyholder has the freedom to pre-pone his/her policy maturity date anytime during the Flexi benefit period.
  • Guaranteed Loyalty Benefit of 10% of the Annualised Premium each year from 2nd policy year onwards if the selected premium payment term is equal to 5 years, 10 years, or 15 years.
  • Limited Premium Payment options of 5, 10, or 15 years
  • Entry Age: Minimum: 8 years, Maximum: 60 years
  • Maturity Age: Maximum 75 Years
  • Policy Term: 15, 25, 35 years
  • Premium Payment Mode: yearly, half-yearly, monthly
  • Sum Assured: Rs.1,70,000/- to No limit

v) Pramerica Life Smart Cash Protect

Pramerica Life Smart Cash Protect is a non-linked participating endowment life insurance plan that provides regular cash benefits every year, along with life cover to meet your financial plans.

Key Features:

  • Guaranteed Income Get Annual Payout equal to 6% of the Sum Assured from the 16th policy year onwards until the end of the policy or death, whichever is earlier
  • Bonus Income In addition to Guaranteed Income, get an Additional annual payout of bonus income every year from the 16th Policy year and onwards until death or maturity whichever is earlier
  • Limited Premium Payment:  options of 12, 15, or 20 years based on your savings horizon
  • Maturity Benefit: 50% of the Sum Assured plus Final Bonus
  • Entry Age: Minimum: 18 years, Maximum: 55 years
  • Maturity Age: Maximum 90 Years
  • Policy Term: 30 to 67 years
  • Premium Payment Mode: yearly, half-yearly, monthly
  • Premium Payment Term: 12, 15, 20 years
  • Sum Assured: Rs.1,25,000/- to No limit

vi) Pramerica Life Roz Sanchay

Pramerica Life Roz Sanchay is a Non-Linked Non-Participating Endowment Life Insurance savings cum protection plan that offers guaranteed benefits that keeps on increasing every policy year.

Key Features:

  • Comprehensive Cover: Prevailing Death Benefit along with Accrued Annual Guaranteed Addition payable on the unfortunate death of the insured.
  • Increasing Protection: The plan offers a special 'Increasing protection Death Benefit which allows policyholders to increase 5% of their base sum assured amount every year.
  • Guaranteed Maturity Benefit: 150% of the Base Sum Assured along with Accrued AGAs payable at maturity, is guaranteed at the start of the Policy
  • Loan Availability: Option to avail loan against the policy
  • Tax Benefits: Avail tax benefits on the premiums paid and on benefits received as per applicable income tax laws
  • Limited Premium Payment Term: 12 or 16 years
  • Entry Age: Minimum: 8 years, Maximum: 55 years
  • Maturity Age: Maximum 66 Years
  • Policy Term: 16,21 years
  • Premium Payment Mode: yearly, half-yearly, monthly
  • Premium Payment Term: 12, 16 years
  • Sum Assured: Minimum Rs. 80000/- to Maximum Rs. 5 crores

vii) Pramerica Life Magnum Assure

Pramerica Life Magnum Assure is a Non-Linked Non-Participating Endowment Life Insurance Plan which gives you double benefits and offers guaranteed monthly pay-outs to ensure that your family's financial needs are properly looked after.

Key Features:

  • Guaranteed Monthly Income: Get Guaranteed Monthly Income for a duration equal to the Pay-out Period
  • Guaranteed Death Benefit: Get a Guaranteed death benefit
  •  Loan Availability: Option to avail loan against the policy
  • Tax Benefits: Avail tax benefits on the premiums paid and on benefits received as per applicable income tax laws
  • Entry Age: Minimum: 18 years, Maximum: 55 years
  • Maturity Age: Maximum 65 Years
  • Policy Term: 10, 15  years
  • Premium Payment Mode: yearly, monthly
  • Premium Payment Term: Regular pay

Pramerica Life Insurance Claim Process

Step 1- Claim Intimation:

The first step is to intimate the insurance company by calling on the customer service number 1800-102-7070 Download the Pramerica Life insurance claim form from the website or collect the death claim intimation form from the nearest Pramerica Life insurance branch office and fill in the details and attach the documents required.

Step 2- Claim Processing:

The filled claim form along with the required documents has to be submitted to the nearby branch of Pramerica Life Insurance Company. The claim officer will contact the nominee for further verification.

Step 3- Claim Decision:

After the submission, the company will verify the documents and assess the claim.  You will be kept in the loop through regular messages and emails. Once everything is according to their rules, it will process the claim within 30 days.

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