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The plan has Guaranteed Maturity and Death Benefit so that at the very beginning you know exactly what you will get.
Introduction
Pramerica Life Smart Assure is a Non Linked Non Participating Endowment Life Insurance plan that delivers exactly what it promises. The plan has Guaranteed Maturity and Death Benefit so that at the very beginning you know exactly what you will get. Hence, you are able to plan your finances to take care of your important milestones with certainty.
Why should you take this plan?
* To be certain that you have the required savings corpus to take care of expenses towards an important milestone such as your child's education, deposit towards a new house, savings towards old age and so on.
* To ensure that your family remains financially protected even in your absence.
Key Features
Get life cover: during the policy term to secure your family when you are not around
Guaranteed Maturity Benefit: comprising Base Sum Assured and Accrued Maturity Additions
Maturity Additions: that accrue to the policy to augment Death/Maturity benefit
Flexible Premium Payment Term: with an option to pay Premium for a limited or regular period
Flexibility of availing loan: against the Policy
Tax Benefits: as per the prevailing tax laws
Benefits
Death Benefit
On unfortunate demise of the Life Insured during the Policy Term subject to Policy being in-force for full risk benefits, the Company will pay Death Sum Assured plus Accrued Maturity Additions, if any.
Death Sum Assured is defined as:
If Life Insured age at entry is less than 45 years
Higher of Base Sum Assured or
11 times of Annualized Premium# or
Maturity Sum Assured
If Life Insured age at entry is greater than or equal to 45 years
Higher of Base Sum Assured or
7 times of Annualized Premium# or
Maturity Sum Assured
Maturity Sum Assured is equal to Base Sum Assured.
The Death Sum Assured shall be at least equal to 105% multiplied by the total Premiums paid (excluding underwriting extra Premium, if any) as on date of death.
#The 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
Maturity Benefit
At maturity of the policy, the policyholder will receive Maturity Sum Assured plus Maturity additions.
Maturity Additions
The Maturity Additions (MA) will accrue at the end of the respective Policy years as defined in the table below, provided the Policy is in force for full benefits at that time.
Maturity Addition per 1000 of Base Sum Assured is as follows:
Automatic Cover Continuance
In case the Premium for the three Policy Years have been paid in full and any subsequent Premium installment is not paid, the risk cover for full Death Benefit will continue for a period of one successive year (Auto Cover Continuation Period) from the due date of first unpaid Premium even though the policy is in reduced Paid-Up status. If the Life Insured dies during this period, the Company will pay Death Sum Assured as applicable after deducting the Premium due, if any, on date of death.
Tax Benefit
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.
## Age as on last birthday
* For the combination having Policy Term as 15 years and Premium Payment Term as 12 years, the maximum entry age allowed is 50 years
For policies purchased through POS channel, the maximum Sum Assured, maximum Maturity Age, maximum Policy Term will be as per prevailing POS guidelines, as amended from time to time. There will be no medical underwriting for policies sold through POS channel.
Substandard lives may also be covered subject to Company 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
