Things you must know about life insurance
Introduction/Overview
DHFL Pramerica Future Idols Gold+ is a traditional insurance plan designed to take care of the childs future if the policyholder is not around by creating a corpus to meet the childs future needs
Benefits
On death of the policyholder, Death Sum Assured + Interim Bonus + Final Bonus (if any) is payable
The death Sum Assured is higher of 10 times (if age is <45 yrs.) or 7 times (if age is >=45 yrs.) the annual premium or 125% of the base SA.
The death SA can be taken either in lump sum or 50% of the base SA is payable on death and 125% on the maturity date and 1% of the base SA to be paid in monthly instalments from death till maturity date for a minimum of 36 months
The death SA should not be lower than 105% of all premiums paid till death
On Maturity, 125% of the base SA +accrued Reversionary Bonuses + Final Bonus, is paid
Income tax benefit on the premium paid as per Section 80C and on the claims received as per Section 10(10D) of the Income Tax Act.
Additional Features or Riders
Compounded Reversionary Bonus, Interim Bonus and Final Bonus increase the corpus
Exclusions
In case of suicide committed within 12 months of policy inception only 80% of premiums paid are returned to the nominee. In case of suicide within 12 months of revival, higher of 80% of premiums paid or acquired Surrender Value is paid
Key Features
It is a participating plan with regular and limitedpremium payment option
The death benefit payable can be taken in lumps um or monthly instalments
Product Specification:
Details About Premium
Annual premium in Rupeesfor a male with SA 150,000
Policy Details
Grace Period: 30days grace period is allowed for premium payment in all modes. If policyholder fails to make payment within the grace period, the policy lapses
Policy Termination or Surrender Benefit: Policyholder is allowed to surrender the policy and receive the Surrender Value if at least 3 full years premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or the Special Surrender Value.
GSV = GSV % of Premiums paid + GSV% of vested reversionary Bonuses
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Inclusions
Loan isavailable under the plan to a maximum of 80% of the Surrender Value
Documents Required
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents. Medical examination may be required in some cases, based on the sum assured and the age of the person.
