Pramerica Life TruShield Plan 2023 Benefits, Features, Details, Review

Pramerica Life TruShield Plan 2023 – The term insurance plan known as DHFL Pramerica Life TruShield does not participate in any linked plans. It is a one-of-a-kind, custom insurance policy that provides benefits and financial protection for your family in your absence. It comes with attractive life insurance coverage and maturity benefits like return of premiums to ensure that your loved ones’ dreams and goals are realized even if you die.

In addition, the policy provides a free look period of 15 days for offline purchases and 30 days for online purchases from the policy’s receipt. If a policyholder is unhappy with the term, they can choose to end it during the grace period. After deducting the equivalent risk premium and any other costs associated with stamp duty or medical examinations, the business will issue a refund of premiums paid.

Pramerica Life TruShield Plan 2023

Are you worried about the future? Well, Pragerica has got your covered! In this article, we will outline the Pragerica Life TruShield Plan 2023, which is a comprehensive insurance plan that will protect you and your loved ones in case of a major disaster. From hurricanes to earthquakes, we’ve got you covered. So don’t wait – get started today and see just how well Pragerica can protect you and your loved ones.

The Pramerica Life TruShield plan is a term insurance policy with a return on investment. Because the policy is in effect on the date of the life assured’s death, it provides financial protection for the life assured’s family in the event that the life assured passes away during the policy’s term. Level and Reducing Cover are the two death benefit options in this plan. If the life insured survived the duration of the policy, the Pramerica Life TruShield plan offered maturity benefits at the end of the policy’s term.

Pramerica Life TruShield Plan

Pramerica Life TruShield Plan India 2022 Details

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Best Features of the DHFL Pramerica Life TruShield Plan

Are you looking for a life insurance plan that offers excellent coverage and features? If so, you’ll want to check out the DHFL Pramerica Life TruShield Plan. This plan offers comprehensive coverage, including death benefits and accidental death benefits. Plus, it comes with a number of other excellent features, like a low-cost premium, no surrender charges, and a long term fund. If you’re looking for a life insurance plan that offers great coverage and features at an affordable price, the DHFL Pramerica Life TruShield Plan is the perfect option for you!

The DHFL Pramerica Life TruShield Term Plan differs from other insurance policies in a number of important ways, the most important of which are the following:

  • the DHFL Pramerica Life TruShield comes with a life insurance policy and an additional shield cover that will be paid in addition to the amount guaranteed in the event of the policyholder’s death.
  • The plan gives the policyholder the freedom to select the death benefits from their level cover or reducing cover in accordance with their personal and financial requirements.
  • It provides a premium return upon maturity if the life insured survives the policy’s term.
  • In contrast to its competitors, the plan provides variable premium payment options.If you have a Limited Pay cover, a Regular Pay cover, or a one-time payment option, you can pay the premium.
  • The policy can be reinstated within five years of the first unpaid premium if it lapses due to nonpayment of premiums.

DHFL Pramerica Life TruShield Term Plan Benefits

DHFL Pramerica offers a range of term plans that offer different benefits, including Life TruShield. This is a policy that provides protection in the event of death, disability, or illness in the policyholder or any dependents covered under the policy. If you’re interested in learning more about Life TruShield, or any of the other term plans offered by DHFL Pramerica, be sure to visit our website and speak to one of our advisors. They can help you find the right plan that fits your needs and meets your insurance needs.

DHFL Pramerica Life TruShield Term Plan

offers you the accompanying advantage choices that give monetary security as far as life cover, extra Safeguard Cover and demise benefits.

Comprehensive Coverage Benefit 

The benefit of comprehensive insurance coverage is provided by the DHFL Pramerica Life TruShield Term Plan. This policy covers provisions for suicide, premature death with an additional shield, and life insurance.

Premium Return Benefit  

In both Level Cover and Reducing Cover formats, this feature ensures that the life assured or policyholder will receive all premiums paid during the policy’s tenure, with the exception of any additional premiums, if they survive.

Flexible Payment Benefit 

This approach adds to your monetary moderateness by offering you various strategies for premium installment, for example, Restricted, Single and Ordinary Installment terms.

Premium Discount Benefit

Each premium paid by policyholders receives a discount from the company, which is proportional to the term of their payment and the payment options they select. The same is shown in the two charts that follow:

Premium Payment Term Discount Offered
1 installment 2%
5 installments 12.5%
7 installments 17.5%
10 installments 25%
12 installments 35%
Premium Payment Mode Discount
Limited Pay Option 2.75%
Regular Pay Option 3.60%
Single Pay Option 1.00%

What is Covered?

This blog post will feature information about COVID-19, which is a highly contagious respiratory virus. In addition to detailing the symptoms and how to avoid getting infected, this post will also discuss the prevention and treatment of COVID-19.

Death Benefit 

The life assured or policyholder can choose their death benefit, which can be collected from the insurance company in the form of a Level Cover or Reducing Cover, according to their financial and personal requirements.

  • Level Cover: If the policyholder selects Level Cover as their death benefit coverage, the sum assured remains the same from the policy’s inception until its termination.
  • Reducing Cover: If the policyholder selects Reducing Cover as the death benefit coverage, the death benefit amount at any time will be equal to the policy’s principal amount.

Additional Shield Cover Benefit 

After the entire term’s premiums have been paid, the policyholder receives an Additional Shield Cover in addition to the Death Sum Assured. It varies with each policy year and is not fixed.

Maturity Benefit 

The company will pay the life assured an amount equal to the Maturity Sum Assured if the policy holder survives the entire policy tenure from the date of policy commencement and the policy is still fully functional. This payment can be collected in either the form of Level Cover or Returning Cover.

Suicide Claim Benefit 

A mandatory payment of more than or equal to 80% of the total premium paid by the policyholder until the date of death is provided by the policy in force if the policy holder or the life assured dies due to suicide or self-harm, regardless of whether they were sane or insane, within a year of the start of the policy.

Surrender Benefit

DHFL Pramerica will provide you with a surrender benefit if you wish to surrender the term insurance plan or if the policy lapses due to nonpayment of premiums. The nominee or the life assured’s family members will be eligible for the following benefits in the event of the life assured’s death while the term plan is in a reduced paid-up state:

Limited and Single Pay Option – In this mode of payment, the sum will be a highest of –

  1. 125% of Single Premium if Entry Age Is Less Than 45 Years Old, and One Hundred Percent of Single Premium If Entry Age Is 45 Years Old or Older
  2. Maturity Sum Assured
  3. Base Sum Assured

Regular Pay Option – In this mode of payment, the amount will be a maximum of –

  1. 10 times the Annualized Premium
  2. Maturity Sum Assured

Also Read-Max Term Insurance for Coronavirus Plan

DHFL Pramerica Life TruShield Term Plan Eligibility

The following are the requirements that must be met before purchasing the DHFL Pramerica Life TruShield Term Plan:

Eligibility Criteria for the DHFL Pramerica Life TruShield Term Plan
Minimum Age at Entry 18 years
 

Maximum Age at Entry

For Policy Term 7 years 50 years
For Policy Term 10 years 55 years
For Policy Term 12 years 50 years
For Policy Term 15 years 50 years
For Policy Term 20 years 45 years
Minimum Age at Maturity 65 years
Maximum Age at Maturity Age as on last birthday before death
Minimum Policy Tenure 7 years
Maximum Policy Tenure 20 years
 

Premium Payment Term

Policy Term Premium Payment Term
7 years Regular Payment Term
10 years Single Payment Term, 5 Payment Term or Regular Payment Term
12 years Regular Payment Term
15 years Single Payment Term, 7 Payment Term or 12 Payment Term
20 years Single Payment Term or 10 Payment Term
Minimum Sum Assured Minimum of INR 5 Lakh
Maximum Sum Assured Maximum of INR 5 Crore (depending upon underwriting as approved by the Board underwriting policy)
Premium Payment Mode Single, Monthly, and Annually
 

Minimum Annual Premium

For Level Cover For Reducing Cover
Limited Pay INR 6,460 INR 6,010
Regular Pay INR 14,425 INR 12,705
Single Pay INR 29,570 INR 26,915

DHFL Pramerica Life TruShield Claim Process

The following is the claim procedure for the DHFL Pramerica Life TruShield Term Plan’s Death and Suicide Benefit:

Death Claims

  • The policyholder’s nominee or a family member must immediately notify the company of the death.
  • The Death Claim and Document Information forms, which can be obtained online or from the closest DHFL Pramerica Life Insurance Company branch, must be filled out before the process can begin.
  • Either online, at the Claims Helpdesk of the closest branch, or at the Gurgaon Office of DHFL Pramerica Life Insurance Company, the Death Claim form must be completed and submitted.
  • Within three to fifteen business days of submitting the death claim form, the company will send an acknowledgement letter and other information to the nominee or the policyholder’s family.
  • In the event that the business needs to conduct an investigation following the death of the policyholder or, in the case of life insurance, the life assured, an investigation would take 90 days, and claims would be settled after 30 days.Within 30 days of receiving the final documents, the claims would be settled if no investigation was required.

Documents Required For Death Claim

  1. The Death Claim and Document Information Form, duly filled in
  2. Policy Number
  3. Name of Policyholder
  4. Name of Nominee
  5. Contact Number of Nominee
  6. Address of Nominee

Claim Intimation Process

According to this plan, disclosing the date of the policyholder’s death or the life assured is crucial for the distribution of various benefits. You can accomplish this by following the steps below:

  • You can do this by going to the website www.pramericalife.in or by going to the DHFL Pramerica Life Insurance Company branch that is closest to you.
  • By calling the Customer Service Helpline at 1800-102-7070, the nominee or the deceased policyholder’s family member can also inform the company.
  • An Insurance Representative can also notify the company of a policyholder’s death.

The company will keep the nominee, family, policyholder, or assured informed of the claims settlement process at every stage. All claims will be settled within 30 days of receiving the final documents, and insurance representatives will contact you regarding the processing of the documents.

DHFL Pramerica Life TruShield Plan Review

In addition to receiving the “Sales Championship Award” from the Economic Times in 2018, the DHFL Pramerica was also honored with the “Pride of the Nation” Award in 2018 from the Ministry of Union Affairs, Government of India. This policy is a good option for those who want comprehensive protection and financial security against life’s uncertainties, as well as a death benefit and an additional cover shield.

Additionally, the term provides a 30-day grace period for the payment of all outstanding premiums. The DHFL Pramerica Life TruShield Term Plan is an adaptable and reflexive insurance cover that provides excellent financial security for you and your loved ones in times of crisis. It has an attractive claims settlement ratio of 96.08% for the fiscal year 2018-19, maturity benefit, flexible payout options, and a wide age margin for eligibility.

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