DHFL Pramerica Rakshak Plus
Product Info
UIN
Status
Launch Date
Withdrawn Date
Product Overview
DHFL Pramerica Rakshak+ is a traditional Endowment plan to take care of the child’s future needs in case of the unfortunate death of the policyholder. The plan also creates a corpus for financial requirements of the child
Product Description
- Comprehensive Cover
- Enhanced Death Benefit
- Guaranteed Maturity Benefit
- Increasing Annual Guaranteed Addition to Policy
COMPARE & BUY SIMILAR PLANS
Unique Features
- DHFL Pramerica Rakshak+ is a Non Participating Guaranteed Endowment.
- In case of death of life assured, 2% of the Base Sum Assured payable every month from the month of death to the end of the policy term, further subject to a minimum of 36 monthly payments even if this requires payments after the policy term is over.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Minimum | Maximum | ||||
| Age at Entry | 18 Years | 55 Years | |||
| Maturity Age | 65 Years | ||||
| Premium Paying Term | Policy Term | Premium Payment Term | |||
| 10 years | 7 years | ||||
| 15 years | 10 years | ||||
| 20 years | 15 years | ||||
| Premium Paying Mode | Yearly, Half-Yearly and Monthly | ||||
| Minimum Premium | Rs. 12,000 (Yearly) | ||||
| Maximum Premium | Depends on the chosen base Sum Assured, age at entry, policy term and premium payment term |
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| Minimum Base Sum Assured | Rs. 1,00,000/- | ||||
| Maximum Base Sum Assured | Rs. 5 Cr subject to underwriting | ||||
| Notes :- Age as on last birthday as on last policy anniversary *Substandard lives may also be covered subject to company’s underwriting manual and with any extra premium, if applicable |
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| Factor Mode | Mode | Modal Factors | |||
| Annual | 1 | ||||
| Semi-Annual | 0.52 | ||||
| Monthly* | 0.09 | ||||
| Notes:- *Monthly mode of Premium payment is available only through credit card, direct debit and ECS | |||||
| Guaranteed Maturity Multiple (GMM) | Policy Term | GMM Factor | |||
| 10yrs | 150% | ||||
| 15yrs | 175% | ||||
| 20yrs | 200% | ||||
OneInsure App Benefits
Product Benefit
| Benefit | Description | |||||
|---|---|---|---|---|---|---|
| Maturity Benefit | Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) PLUS accrued Annual Guaranteed Additions | |||||
| Death benefit | Age of the Life Insured at the inception of the Policy is less than 45 years :- Highest of 10 times the Annualized Premium (Or) Base Sum Assured multiplied by GMM factor (Or) 105% of all the Premiums paid till the date of death (Or) Sum of 100% of the Base Sum Assured payable |
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| Age of the Life Insured at the inception of the Policy is 45 years and higher:- Highest of 7 times the Annualized Premium (Or) Base Sum Assured multiplied by GMM factor or 105% of all the Premiums paid till the date of death (Or) Sum of 100% of the Base Sum Assured payable at the time of death and GMM x Base Sum Assured payable |
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Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Surrender Benefit | ||||||
| Year in which policy is surrendered |
GSV as a percentage of premiums paid (X) | |||||
| Policy Year | Policy Term | |||||
| 1 | 10 Years | 15 Years | 20 Years | |||
| 2 | 30.00% | 30.00% | 30.00% | |||
| 3 | 30.00% | 30.00% | 30.00% | |||
| 4 | 50.00% | 50.00% | 50.00% | |||
| 5 | 55.00% | 50.00% | 50.00% | |||
| 6 | 60.00% | 55.00% | 50.00% | |||
| 7 | 65.00% | 55.00% | 55.00% | |||
| 8 | 70.00% | 60.00% | 55.00% | |||
| 9 | 75.00% | 60.00% | 55.00% | |||
| 10 | 75.00% | 65.00% | 60.00% | |||
| 11 | NA | 65.00% | 60.00% | |||
| 12 | NA | 70.00% | 60.00% | |||
| 13 | NA | 70.00% | 65.00% | |||
| 14 | NA | 75.00% | 65.00% | |||
| 15 | NA | 75.00% | 65.00% | |||
| 16 | NA | NA | 70.00% | |||
| 17 | NA | NA | 70.00% | |||
| 18 | NA | NA | 70.00% | |||
| 19 | NA | NA | 75.00% | |||
| 20 | NA | NA | 75.00% | |||
| Notes :- On surrender, the policy would terminate and no further benefit would be paid on death or maturity. | ||||||
| Lapse | Before paying 2 complete policy years premium | |||||
| The policy will lapse. Such lapsed Policy can be revived within a period of two years from the date of first unpaid Premium by paying all due Premium with interest | ||||||
| Paid-Up | After paying 2 complete policy years premium: | |||||
| The policy will be converted to a Paid-Up policy with following reduced benefits. | ||||||
| Paid-Up Sum Assured calculated in the following manner:Reduced Annual Guaranteed Addition Rate x by Paid-Up Sum Assured | ||||||
| On Death , T/N (multiplied by) Death Sum Assured + AGA Accrued till the date of Paid-Up + Reduced AGA Accrued after the date of Paid-Up, if any. | ||||||
| On Maturity , equal to the Paid Up Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) Plus accrued Annual Guaranteed Addition. | ||||||
| Notes :- Where, T = Number of premiums paid N = Number of premiums payable | ||||||
| Revive | Revival of a policy is available up to 2 years from the date of first unpaid premium | |||||
| Payment of all unpaid premiums with applicable interest is required to revive the policy in all cases | ||||||
Add-ons
Not Available
Exclusions
If the Life Insured under the Policy, whether medically sane or insane, commits suicide, within one year of the date of issuance of the Policy, the Policy shall be void and the Company will only be liable to pay the premiums paid till date.
Tax Benefits
Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961
Claim Process
Know Claim Process Of DHFL Pramerica Rakshak Plus
Company Overview
DHFL Pramerica Life Insurance Company Ltd is a joint venture between Dewan Housing Finance Corporation Ltd (DHFL), one of the top private sector housing finance company in India and Pramerica, a financial services leader from US and presence in Asia, Europe, and Latin America. The company’s mission is to provide quality financial advice and solution and assist customers to take right decisions to meet their life’s short term and long term financial goals.
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