Pramerica Life Smart Income

Introduction
Pramerica Life Smart Income is a Non Linked Non Participating Endowment Life Insurance plan that lets you customize it to suit your future financial needs.

Why should you take this plan?
* To get regular Guaranteed Annual Income to meet your expenses towards important milestones
* To meet your future financial needs, the way you want

Key Features
Guaranteed Annual Income (Payout): Get Guaranteed Annual Income for a duration equal to the Premium Payment Term
Align Policy as per your needs: Flexibility to choose from various Premium Payment Term options for each Policy Term
Flexibility to avail loan: Option to avail loan against the
policy Flexibility to avail loan: Option to avail loan against the policy
Tax Benefits as per the prevailing tax laws

Benefits
Death Benefit
In case of unfortunate demise of the Life Insured during the Policy Term, the Company will pay lump sum benefit equal to Death Sum Assured, which will be highest of
Base Sum Assured (11 times of Annualized Premium)
Maturity Sum Assured
105% of the total premiums (excluding underwriting extra Premium, if any) paid till the date of death.
Where Maturity Sum Assured is: Annualized Premium# x Maturity Benefit Multiplier (MBM) x lump sum factor

Lump sum factor is defined as:


The policy will terminate after payment of Death Benefit.
Maturity Benefit
On survival of the Life Insured till Maturity Date, the Company will pay Annual Payouts for duration equal to the payout period, where Annual Payout is defined as Annualized Premium x Maturity Benefit Multiplier (MBM).
The Maturity Benefit Multiplier (MBM) will vary by Policy Term and entry age of Life Insured. The first payment will be made on the Maturity Date. If the Life Insured dies while he/she is receiving the Annual Payouts, the Annual Payouts will continue for the remaining duration of Payout Period.

#Annualized Premium shall be the Premium payable in a year chosen by the Policyholder, excluding the taxes, rider premiums, underwriting extra Premium and loadings for modal Premium, if any

Payout Period
Payout Period is the period over which the Maturity Benefit is paid in equal installments. The Payout Period is equal to the Premium Paying Term and commences immediately after the end of Policy Term.
Option to receive lump sum benefit at any time during the payout period, the beneficiary will have the option to receive the outstanding annual payouts as a lump sum amount by making a written request. Lump sum amount, if opted, will be calculated as lump sum factors x Annual Payouts. The claim payment obligation of the Company will end on the payment of lump sum and no further benefits will be paid. The Company may change the lump sum factor depending on economic conditions and subject to prior approval from the IRDA of India.

Tax Benefits
Tax Benefits may be applicable as per prevailing tax laws. Tax laws are subject to change. Please consult your tax advisor for details.

Loan Availability
The policyholder can avail a loan against the policy after it acquires Surrender Value, up to 80% of the Surrender Value. The rate of interest applicable on the loan will be declared by the Company on an annual basis at the beginning of every financial year.

Eligibility




Age as on last birthday
Substandard lives may also be covered subject to Company,s Board Approved Underwriting Policy and with any extra premium, if applicable Goods and Services Tax will be charged over and above the quoted Premium.
*Monthly mode of Premium Payment is available only through credit card, direct card and ECS