HFL Pramerica Life Insurance Company sells ULIP Plans to its customers which provide dual benefit of market linked returns and life insurance protection under the same plan. Let us see the different types of plans offered by the company an d the features and benefits of each of the plans in details. DHFL Pramerica Smart Wealth+ Plan – A unit linked insurance plan where the premiums paid are invested in the market for linked returns. The plans features and benefits are: Regular Pay or Limited Pay option of premium payment is available. After deducting the charges, the premium is invested in a choice of 4 available funds as per the discretion of the policyholder. The available funds are Debt Fund, Balance Fund, Growth Fund and Large Cap Equity Fund. There is an option called Fund Conservation at Maturity under which the Fund Value is partially credited to the Debt Fund every 6 months in the last 3 years of the policy tenure. This is done to protect the fund value from market volatility in the last few years of policy maturity. Persistency Units are added in the 10th, 15th and the 20th year @1% of the average Fund Value over the last 36 months prior to the addition. The Fund Value is payable on maturity which can be either taken in lump sum or in instalments within 5 years post maturity under the Settlement Option. When the insured dies, higher of the Sum Assured net of any partial withdrawals made or the Fund Value is paid with a minimum of 105% of all premiums paid till the date of death. One free partial withdrawal is allowed annually with a minimum value of Rs.10, 000 after the completion of 5 policy years Four free switches are allowed annually to switch between funds and premium redirection facility is also available for redirecting subsequent premiums to a different fund. The plan can be customized by adding the DHFL Pramerica Unit Linked Accidental Death Benefit Rider for added protection. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details DHFL Pramerica Wealth+ Ace Plan – A unit linked insurance plan under which premium is paid only at plan commencement in one lump sum. The plan has the following features: The premium is paid only at the commencement of the plan under the Single Pay option The premium net of charges can be invested under the Systematic Transfer Option or can be invested by the policyholder himself from a choice of 5 available funds. Under the Systematic Transfer Option, the net premium is first invested in the Liquid Fund which has low risk and from there the units are gradually moved to a fund chosen by the policyholder. This feature allows the policyholder to use the benefit of rupee-cost averaging. The policyholder may otherwise choose to invest the net premium in any fund from the available funds which are Debt Fund, Balance Fund, Growth Fund, Large Cap Equity Fund and Liquid Fund. The plan provides addition of Persistency Units in the 10thyear and subsequently every 5 years @1.5% or 2% of the average Fund Value over the last 36 months prior to the addition depending on the premium Fund Value is payable on maturity which can be either availed in lump sum or within 5 years post maturity in instalments under the Settlement Option. When the insured dies, higher of the Sum Assured net of any partial withdrawals made or the Fund Value is paid to the nominee subject to a minimum of 105% of all premiums paid till the date of death. One free partial withdrawal is allowed annually with a minimum value of Rs.10, 000 after the completion of 5 policy years Four free switches are allowed annually to switch between available funds. The plan can be customized by adding the DHFL Pramerica Unit Linked Accidental Death Benefit Rider for added protection. Income tax benefit on the premium paid as per Section 80C and on claims under Section 10(10D) of the Income Tax Act. Eligibility Details Applying For ULIPs through PolicyBazaar On the PolicyBazaar homepage, click on ULIPs under the Personal tab. Click New Quotes to compare and choose from top insurance providers. Fill your date of birth (DOB), whether you are a smoker/non-smoker, and the payout amount. On the basis of your payout amount, you will get an estimate of your premium. Next click Continue. Fill in your name, email address, city, country code, and mobile number. Click Continue. You will be taken to the Life Insurance quotes page where you will see life insurance quotes of more than 10 insurers. Next, choose the plan as per payment schedule – One Time Payout and Monthly Payout Plans. After reviewing and comparing each life insurance quote, click the premium amount to buy the desired plan. You will see a pop-up on the screen which will give you an overview of the chosen plan like premium, plan features, exclusions, additional riders, etc. Click Proceed. This will take you to the insurers website. You will have to fill in the necessary details to buy the plan. Other Plans : DHFL Pramerica life Insurance DHFL Pramerica Investment Plans.
