DHFL Pramerica Smart Cash Protect
Product Info
UIN
140N037V01
Status
Active
Launch Date
08/11/2013
Withdrawn Date
Product Overview
DHFL Pramerica Smart Cash Protect Plan is a participating endowment cum insurance plan with bonus facility. Policyholders receive cash benefits for staying invested for the full duration of the policy term. Thus, we find that this policy helps policyholders prepare for their future and helps them achieve their long-term financial goals along with providing protection for their loved ones
Product Description
- This policy provides long-term coverage with a limited premium payment period
- Policyholders receive a Guaranteed Income from the sixteenth policy year till maturity of the policy.
- The policyholders’ savings grow with the Bonuses the policy offers
- High level of life protection may be availed with no fixed ceiling on the maximum Basic Sum
COMPARE & BUY SIMILAR PLANS
Unique Features
- The plan pays back the accumulated bonuses in the initial 15 years on the completion of 15th policy year and starts paying a guaranteed yearly payout of 6% of sum assured from the 16th policy year till maturity or death, whichever is earlier.Along with the guaranteed payout there can also be a non-guaranteed yearly payout,which will depend on the bonus declaration.
Eligibility Criteria
| Eligibility Criteria | |||||
|---|---|---|---|---|---|
| Premium Payment Terms | |||||
| Age at Entry | 12 years | 15 years | 20 years | ||
| Minimum: | 23 years | 20 years | 18 years | ||
| Maximum: | 55 years | 55 years | 50 years | ||
| Policy Term | 70 – Age at entry | 75 – Age at entry | 85 – Age at entry | ||
| Policy Term Minimum | 30 years | 35 years | 40 years | ||
| Maximum Maturity Age | 85 years | 90 years | 90 years | ||
| Premium Paying Term | 12 years, 15 years, 20 years | ||||
| Premium Paying Mode | Annual, Semi-Annual and Monthly | ||||
| Minimum Premium | Rs. 12,000 | ||||
| Maximum Premium | No limit, subject to underwriting | ||||
| Minimum Sum Assured | Rs. 1,25,000 | ||||
| Maximum Sum Assured | No limit, 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 | |||||
OneInsure App Benefits
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Product Benefit
| Benefit | Description | ||||
| Maturity Benefit | 50% of the Sum Assured + Final Bonus (if any). | ||||
| Survival Benefit | Policyholder will receive Reversionary Bonus accrued during initial 15 policy years. | ||||
| Bonus Income | The policyholder will be paid bonus declared every year | ||||
| Guaranteed Income | Policyholder will be entitled to receive annual payouts equal to 6% of the Sum Assured. | ||||
| Death Benefit | In case of unfortunate demise of the Life Insured during the first15 policy years | ||||
| Death Sum Assured + Accrued Reversionary Bonus + Final Bonus | |||||
| (if any). | |||||
| The policy will terminate after paying the benefits | |||||
| In case of unfortunate demise of the Life Insured after completion of the 15th policy year | |||||
| Death Sum Assured + Final Bonus (if any). | |||||
| The Death Sum Assured is defined as maximum of 11 times the Annualised Premium Or 50% of the Sum Assured. However, the minimum Death Benefit shall be at least equal to 105% multiplied by the total premium paid as on the date of death | |||||
| Tax Benefit | Tax benefits will be as per Section 80C & Section 10(10D) of the Income Tax Act, 1961 | ||||
Other Policy Features
| Feature | Description | |||||
|---|---|---|---|---|---|---|
| Bonuses | Compounded Reversionary Bonus: | This is a regular bonus expressed as a percentage of the total of basic sum assured and the reversionary bonus amount already attached to your policy. | ||||
| Any Bonuses declared by the Company during the first three policy years shall vest in the policy only after the policy has been in force for full policy benefits during three policy years | ||||||
| Bonus Income | This is a Regular Bonus expressed as a percentage of the Sum Assured payable every year. The Bonus declared in any year would depend upon the actual experience with respect to various factors including investment returns. | |||||
| Final Bonus | The Company may pay a bonus as well on the termination of the policy due to death, surrender or maturity | |||||
| The bonuses are dependent upon the performance of the relevant participating fund and are not guaranteed. | ||||||
| Surrender | You have an option to surrender your policy after paying premium for two consecutive policy years in full. | |||||
| On surrender, Surrender Value equal to higher of the Guaranteed SurrenderValue (GSV) and Special Surrender Value (SSV) would be paid | ||||||
| Year in which policy is surrendered |
GSV as a percentage of premiums paid (X) | |||||
| 2 | 30.00% | |||||
| 3 | 40.00% | |||||
| 4 | 50.00% | |||||
| 5 and onwards | Increasing every year by 2.5%, subject to maximum of 70% | |||||
| Notes :- On surrender, the policy would terminate and no further benefit would be paid on death or maturity. | ||||||
| Lapse | Before first two policy years | |||||
| the policy will lapse without any value and no benefits would be payable. Such lapsed policies can be revived within a period of 2 years from the date of the first unpaid premium by paying all the due premium with interest | ||||||
| Paid-Up | After first two policy years | |||||
| Provided premium for the first two policy years have been paid in full | ||||||
| Paid-Up Sum Assured = (T/N multiplied by Sum Assured) Where, T = Number of premiums paid N = Number of premium payable |
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| Paid-Up Death Benefit | ||||||
| Death during the first 15 policy years = Paid-Up Sum Assured + Accrued Reversionary Bonuses till the date of policy becoming Paid-Up + Final Paid-Up Bonus, if any. |
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| Death after completion of the 15th policy year = Paid-Up Sum Assured + Final Paid-Up Bonus, if any. |
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| Paid-Up Survival Benefit | ||||||
| End of the 15th policy year: Accrued Reversionary Bonuses till the date of policy becoming Paid-Up. | ||||||
| Paid-Up Guaranteed Income | ||||||
| Every year from the 16th policy year onwards till maturity: 6% of the Paid-Up Sum Assured |
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| Paid-Up Maturity Benefit | ||||||
| 50% of Paid-Up Sum Assured + Final Paid-Up Bonus, if any. On surrender of a Paid-Up policy, a Surrender Value will be payable. |
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| 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 reinstatement of the Policy,
the Policy shall be void and the Company will only be liable to pay the higher of 80% of premiums paid or the surrender value.
Claim Process
Know Claim Process Of DHFL Pramerica Smart Cash Protect
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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