The eligibility requirements for each child plan are different. However, the basic outline is as follows:
Features and Benefits of Pramerica Life Child Insurance Plans
Pramerica Life is a renowned life insurance company that prides itself on providing innovative and affordable products. One of the products that they offer is child insurance, which is designed to provide financial protection for your children in the event of your death. In this article, we will take a look at the features and benefits of Prima Life Life Child Insurance Plans, so you can make an informed decision whether or not this is the right policy for you and your family.
The various child insurance plans that Pramerica Life offers are as follows:
Pramerica Life Future Secure Plan
- This plan is a guaranteed endowment plan that is not linked and does not participate. It guarantees annual additions, which are expressed as a percentage of the annualized cumulative premiums paid.
- Flexibility of payment: There are three options for paying the premium and five options for the policy’s terms to choose from. Income benefit: For a comprehensive coverage plan, there is the option to receive an income benefit in exchange for paying an additional premium. In the following ways, this can increase death benefit:
- 2% of the base aggregate guaranteed will be given as month to month pay from the date demise occurred till the strategy term fruition
50 folds of month to month pay will be payable on the booked development date as singular amount installment
- Tax cuts on premium installment according to existing assessment regulations
- Development Advantage – On endurance till development date, the arrangement holder will get base total guaranteed alongside accumulated measure of the Yearly ensured expansion part.
- Death Benefit: In the event of the policyholder’s sudden death, the company will pay a lump sum that is equal to the death benefit assured plus the accrued annual guaranteed addition.
- Loan Availability: Once the policy has acquired the surrender value, the policyholder can get a loan for up to 75% of the surrender value. The interest rate is set annually by the business.
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Future Idols Gold+ Pramerica Life
- This takes into account the child’s educational milestones, from elementary school to higher education.
- completes coverage in the event of the policyholder’s death, both now and in the future.
- consists of additional bonuses like reversionary, interim, and final bonuses in addition to higher death benefits with death sum assured.
- These are determined by the entry age and the terms of the policy.
- At the end of the policy’s term, maturity benefits in the amount of 125% of the base amount assured are paid out. In addition, the final
- bonus and accrued reversionary bonus, if any, are added to that.
- Accumulation of wealth through bonus addition with a declared annual compounded reversionary bonus Bonuses are not guaranteed
- because they are contingent on the performance of the participating fund.
- options for premium payment that are adaptable, such as regular or restricted premium payment terms.
Pramerica Life Rakshak +
- a non-participating endowment plan to ensure the child’s financial future.
- a guaranteed death benefit that is paid out immediately, on a monthly basis, and as a final benefit at maturity. If the policy is in effect,
- the Death Sum Assured and the Accrued Annual Guaranteed Addition must be paid. The policy’s starting age determines the death sum insured.
- Maturity Multiple (GMM). GMM is dependent on the policy term selected. Accrued Annual Guaranteed Additions are also included in the maturity benefit.
- Tax benefits on premium payments are included in the annual guaranteed addition, which increases every three years.
Life Rakshak Gold
- Guaranteed Maturity Benefit, which provides money for the child’s future needs. Base sum Assured and Guaranteed Maturity Multiple (GMM) as a whole, or lump sum corpus.
- Benefits for death that include:
- Benefit of lump sum immediately equal to base amount assured and accrued annual guaranteed addition monthly payment equal to 2% of base amount assured This begins in the month that the death occurred and lasts at least 36 months, even if it lasts beyond the policy’s term.
- Options for a limited amount of time to pay the premium, such as seven or ten years Annual Guaranteed Additions, which increase every three years Tax benefits on premium payment according to tax law Loan availability based on surrender value
Pramerica Life Smart Fee Protect
- Death Benefits — Increasing Monthly Income: Non-participating Endowment Plan to Ensure Continuous Education for the Child 5% increase annually beginning in the second year of the policy’s existence and paid in the event of the policyholder’s death.
- At maturity, the base amount assured and accrued guaranteed additions are paid. Maturity Benefits: In the case of an in-force policy, the policyholder receives an amount equal to the sum of the following upon maturity: Optional riders to boost income include: – Base
- sum assured and accrued annual guaranteed additions Annual guaranteed additions to the total premiums to increase income are provided by the Pramerica Life Traditional Critical Illness Rider and the Pramerica Life Traditional Accidental Death Benefit Rider.
- Income is contingent on the current status of the policy and the premium bands Tax benefit in accordance with the law Loan
- Availability: The loan amount is based on surrender value, and the company sets the interest rate annually.
How to Buy Pramerica Life Insurance Policy Online?
It is now simple to purchase a life insurance policy online. The only thing you need to do is submit an application and pay the premium. Under 15 minutes are allotted for the entire procedure. To purchase a Pramerica life insurance policy online, follow these steps: Go to the official website, enter your gender, annual income from all sources, alcohol and tobacco consumption, occupation, salary, and date of birth. In order to facilitate a call from our agent, you will need to enter your contact information after this.
- The screen will now display the various insurance company premiums.
- You can change things like the coverage, the term, how the premium is paid, how the claim is settled, and so on.
- To obtain the desired premium, submit the information. The premium can be changed by changing different factors, for example,
- Inclusion required, method of installment, and so on.
After choosing the best life insurance policy, you can use the life insurance premium calculator to figure out your premiums.
- By adding the riders you want, you can change your premium. You can buy a policy directly from them after deciding on the premium.
Why Pramerica Life Child Plans?
There are a number of Child Insurance plans offered by Pramerica Life; customers can choose the one that best suits their needs from among these options. In the event of a parent’s untimely death, these plans ensure that the children will have a financially secure future. Additionally, some child benefit plans support education costs.
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