Pramerica Life Secure Savings Plan

INTRODUCTION
Pramerica Life Secure savings Plan, a savings cum protection plan that offers guaranteed annual income along with a lump sum savings booster paid out with the final income instalment.

Why should you take this plan?
* To get a guaranteed annual income even after your retirement
* To maintain your lifestyle even after you stop earning
* To financially secure your family

Key Features
Flexibility; Choose a Premium Payment Term Policy Term combination to suit your savings need.
Protection against unfortunate events:Get life cover during the policy term to secure your family when you are not around
Guaranteed Protection: No ambiguity, no surprises. Guaranteed Benefits on Death or Maturity
Guaranteed Income
Get guaranteed Annual payouts during the Payout Period after completion of Policy Term
Savings Booster- Receive between 0.16 to 6 times* of your Annualised Premium at the end of the Payout Period for your legacy planning
Higher benefits
* Get the benefit of a bigger Savings Booster as you pay higher premium
* High Savings Booster for Female lives

Tax Benefits:
Avail tax benefits on the premiums paid and on benefits received as per applicable income tax laws
* Savings Booster Multiple depends on age at entry, gender, premium payment term and premium band.

Benefits
Death Benefit
In the unfortunate event of demise of the Life Insured during the Policy Term while the policy is in-force, the Company will pay lump sum benefit equal to Sum Assured on Death.
Where Sum Assured on Death will be highest of
* 11 times the Annualised Premium (or)
* 105% of total premiums paid * till date of death (or)
* Maturity Sum Assured = (One Annual Payout (multiplied by) Lump Sum Factor for annual payout) (plus) Saving booster (multiplied by) Lump Sum Factor for savings booster) (or)
* Guaranteed amount assured to be paid on death, which is the Base Sum Assured.



Policy will terminate after the payment of Death Benefit.

Maturity Benefit
On Survival of the Life Insured till the end of the policy term and provided all due premiums have been paid, you will receive the following benefits:
* Annual Payouts during the Payout Period, plus
* Savings Booster with last Annual Payout installment

Where Annual Payouts will be 150% or 170% of Annualised Premium#, based on Premium Payment Term and Savings Booster is Annualised Premium# multiplied by Savings Booster Multiple.

In the unfortunate event of death of Life Insured during the Payout Period, the beneficiary will continue to receive the outstanding Annual Payouts and Savings Booster when due.

The beneficiary would have the option to take lump sum amount which will be discounted value of remaining Annual Payouts (if any) and Savings Booster at 8.85% per annum.

Maturity Benefit payable on the basis of different Premium Payment Terms
Premium Payment Term of 8 Years
Annual Payouts 8 annual installments of 150% of Annualised Premium# from the end of 14th year to 21st year
Savings Booster at the end of 21st year based on your entry age and premium band

Premium Payment Term of 10 Years
Annual Payouts 10 annual installments of 170% of Annualised Premium# from the end of 14th year to 23rd year
Savings Booster at the end of 23rd year based on your entry age and premium band

Premium Payment Term of 12 Years
Annual Payouts 12 annual installments of 170% of Annualised Premium# from the end of 14th year to 25th year
Savings Booster at the end of 25th year based on your entry age and premium band





Please refer to Company Website for Savings Booster Multiple (SBM) table.
#Annualised Premium shall be the Premium payable in a Policy Year, excluding any premium towards underwriting extra, loadings for modal premium and taxes, if any

Option to receive Maturity Benefits in Lump sum
You have an option to receive maturity benefit i.e. the annual payouts along with the Savings Booster as a lump sum amount by making a written request to the Company at least 6 months before Maturity Date. Lump sum amount in such case will be equal to the Maturity Sum Assured.