Pramerica Life Wealth Maximiser

Pramerica Life Wealth Maximiser
Financial security becomes a major factor in determining whether our journey through the ocean of life is going to be a smooth or a rough one. Therefore, this critical factor needs to be carefully addressed when it comes to choosing a Life Insurance plan to protect our family and secure their financial future. We need to be financially equipped and significantly insured to fulfill the certain as well as uncertain needs of our family. Pramerica Life Wealth Maximiser is a Unit Linked Non Participating Life Insurance plan which offer various advantages to choose from.

Reasons to buy this plan
Life Cover for your family with high returns to help meet increasing expenses.
Wealth creation for your planned milestones in life.

Know about this plan-
Plan Benefits-
Death Benefit

In case of an unfortunate demise of the Life Insured during the Policy Term, the Policy will pay Death Benefit which is higher of

1. sum Assured* including Top-Up Sum Assured, if any or
2. Fund Value, including Top-Up Fund Value, if any, or
3. 105% of total Premium paid including Top-Up premiums, if any.
Where, Sum Assured is defined as multiple of Annualized Premium / Single Premium as opted at inception of policy.
*Sum Assured will be reduced to the extent of partial withdrawals made in the last 2 years immediately preceding the date of death. The partial withdrawal made from the top-up premium shall not be reduced for this purpose.

Maturity Benefit
On survival of the Life Insured till maturity date and subject to Policy being in-force for full risk benefits, the Policy will pay the Fund Value including Top-Up fund value, if any, to the Policyholder.
Death cover chosen will cease on Maturity.

Surrender Benefit
The Policy will acquire surrender value from the first Policy year but it becomes payable only after completion of "lock-in period" which is a period of 5 consecutive Policy years from the date of commencement of the Policy.
The surrender value will be the value of units less discontinuance (or surrender) charges, if applicable.

Persistency Units
As a reward for continuing your policy, Persistency units equal to 0.50% of the average of Fund Value including Top-Up Fund Value of preceding 36 monthiversaries would be allocated to the Policyholder's unit account at the end of every policy year, starting from sixth policy year provided monies are not in Discontinuance Fund.
No Persistency Units would be given to policies sold online

Wealth Boosters
Wealth Boosters would be allocated as extra units at the end of every fifth policy year, starting from the end of tenth policy year. Wealth Booster as a percentage of average fund value including Top-up Fund Value of preceding 36 monthiversaries would be allocated to the policyholder's unit account at the end of 10th, 15th, 20th, 25th and 30th policy anniversaries, if they fall within the policy term.

Choice of Investment Strategies
At inception, Policyholder can choose one of the below investment strategies.

Defined Portfolio Strategy
Life Stage Portfolio Strategy
Within the Defined Portfolio Strategy, Policyholder can choose to invest with or without Systematic Transfer Plan Option. Once opted in, the investment strategy will continue throughout the policy term. Policyholder cannot switch from one investment strategy to another during the policy term.

Defined Portfolio Strategy
Under this option, you can opt to invest in any of the funds as available (except DPF or Liquid Fund) in proportions of your choice. Within the Defined Portfolio strategy, you also have an option to select Systematic Transfer Plan (STP) option and/or Fund Conservation Option for which Liquid Fund will be made available to you. The Policyholder can switch monies amongst these funds using the switch option.
You have an option to choose from five funds to invest your money in. You can look at the investment objectives of each of our funds and match those with your investment goals and then decide the proportion of money you would like to invest in each of them. If you are opting for more than one fund, the minimum investment in any fund should be at least 1% of the Single / Annual Premium (as applicable) paid. The funds and fund objectives are as follows:



Systematic Transfer Plan
With STP, you can invest a specific amount in a regular fashion at monthly intervals. This gives you the advantage of rupee cost averaging. You buy more units when markets are down and fewer units when markets are up, thereby reducing the average cost of purchase of units in the funds selected by you.

Life Stage Portfolio Strategy
Considering the ever changing financial needs as per the different life milestones, we offer a life stage based investment strategy wherein the investments are distributed between Large Cap Equity Fund and Debt Fund with their proportions varying as per the different life stages. At inception the funds will be distributed between two funds, Large Cap Equity & Debt Fund. As and when the next milestone is achieved, the funds will be re-distributed according to the attained age (age bands) as given in following table.



Top-Up
To boost your savings, you can pay additional Top-Up Premiums over & above the base premium as long as all due premium till date has been paid The minimum Top-up premium is 5,000. Sum Assured would increase by Top-up Sum Assured after availing a Top-up facility.

Switching option
Within Defined Portfolio Strategy, you can switch your investments within the available funds, depending on your financial priorities and investment decision. There are no switching charges or restriction on number of switches during entire policy term. The minimum switch amount is Rs 5000 unless 100% of the fund is switched.

Premium Redirection
Within Defined Portfolio Strategy, you have the flexibility to change the proportion of Premium that is invested in different funds by giving an advance notice to the Company of at least 15 days before exercising this option. There are no Premium Redirection charges or restriction on number of redirection during the entire policy term. This feature would not be applicable for single premium payment policies.

Partial withdrawals
To manage any unexpected need for money or for any exigency, partial withdrawals can be made from your investment account after 5 Policy years. The policyholder can make unlimited number of partial withdrawals as long as the total amount of partial withdrawals in a year does not exceed 20% of the Fund Value in a policy Year. The minimum withdrawal amount is Rs 10,000. The partial withdrawals are free of cost.

Fund Conservation
Within Defined Portfolio Strategy the Company will give you an option to preserve your capital towards end of your Policy, when your investments are due to be paid back. All your investments are systematically transferred from Debt fund, Balance fund, Growth fund, Large Cap Equity fund and Multi Cap Opportunities fund to Liquid Fund in the last 12 months of your Policy; on monthly basis.
All Premiums received during this period will be re-directed to Liquid Fund

Settlement option
Upon Maturity of the policy, you will have the option, to receive maturity benefit as a structured payout over a period of 1, 2, 3, 4 or 5 years post maturity by availing settlement option. For e.g. if you choose settlement period of 1 year with monthly frequency, the first installment will be paid on the Maturity Date, second installment will be paid upon completion of one month from date of maturity and so on.

Option to Increase/Decrease the Sum Assured
You can increase or decrease the sum assured within maximum and minimum limits after third policy anniversary provided you have paid all the premium/s due and would be subject to underwriting and other requirements of the Company.

Option to Increase/Decrease the Premium Payment Term
Provided all due premiums have been paid, you can choose to increase the Premium Payment Term by notifying the Company.
Provided at least five years' premiums have been paid, you can choose to decrease the Premium Payment Term by notifying the Company.
Increase or decrease in Premium Payment Term must always

Option to Increase/Decrease in Policy Term
You can choose to increase or decrease your policy term by notifying the Company.
On decrease of policy term, your Sum Assured will not reduce unless it is requested by you
*Please refer to sales brochure for further details



TAX BENEFITS
Tax benefits will be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.

EXCLUSIONS
In case of death due to suicide or attempted suicide, whether sane or insane, within 12 months from the date of commencement of the Policy or from the date of revival of the Policy, as applicable, the nominee(s) or beneficiary of the Policyholder shall be entitled to the fund value available as on the date of intimation of death and the charges other than FMC and Guarantee Charges, if any levied subsequent to the date of death shall be added back to the fund value as available on the date of intimation of death.