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DLF Pramerica Family Income
Objective | This term insurance plan pays policy benefits to the nominee as annual installments over a 20-year period, instead of a lump sum payment. | |||
What does it do? | In case of the policyholder's death, the plan will pay an annual sum over next 20 years to the family. | |||
Pros | The policy provides for maturity benefit on survival and surrender benefits if one wants to surrender the policy mid term. | |||
Cons | There are no rider options available with the plan. | |||
Suited for | This policy is suitable for those not happy with the idea of paying premium for a pure term plan, paying only death benefit. | |||
Our View | The return of premium option is a marketing gimmick and does not add value, as you end up paying higher premium as compared to a plain risk cover offered by the same insurer. | |||
Eligibility | ||||
Entry Age (years) | ||||
Minimum | 18 | |||
Maximum | 55 | |||
Maximum Maturity Age (years) | 65 | |||
Policy Term (years) | ||||
Minimum | 5 | |||
Maximum | 30 | |||
Sum Assured (Rs) | ||||
Minimum | Monthly income benefit of 2000 | |||
Minimum | No Limit | |||
Minimum Premium (Rs) | ||||
Yearly | 1000 | |||
Half-Yearly | 500 | |||
Quarterly | 250 | |||
Monthly | 100 | |||
Premium Payment Frequency | Yearly, Half Yearly, Quarterly and Monthly(ECS) | |||
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 (15 days in case of monthly) from the due date. If a due premium is not received within the grace period, 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 | ||||
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. | |||
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 | |||
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