DHFL Pramerica Life Insurance Company is one of the fastest growing private life insurers in India. The company has a great product lineup that includes term plans, endowment plans, ULIPS, child protection plans, etc. The life insurance covers offered by DHFL Pramerica helps people secure the financial requirements of their loved ones in case of their unexpected demise. The group plans offered by the company are highly popular in the corporate sector, and it has an extremely high claim settlement ratio for its group plans. Let’s have a detailed look about the company and how it helps customers with their insurance requirements.
|Percentage of Grievances Solved||99.75%|
|Claim Settlement Ratio||96.62%|
|Group Death Claims||99.47%|
|Solvency Ratio||5.52 (for the quarter ended March 2018)|
The insurance plans offered by the company are listed below:
|Protection Plans||Child Progress Plans||Health Plans>||Savings Plans||Group Plans||Online Savings Plans|
|DHFL Pramerica Family First Plan||DHFL Pramerica Future Idols Gold+ Plan||DHFL Pramerica Dengue Shield Plan||DHFL Pramerica Aajeevan Samriddhi Plan||DHFL Pramerica Dengue Group Shield Plan||DHFL Pramerica Life Flexi e-Term Plan|
|DHFL Pramerica Family Income Plan||DHFL Pramerica Rakshak Gold Plan||DHFL Pramerica Flexi Cash Plan||DHFL Pramerica Group Credit Life+|
|DHFL Pramerica TruShield Plan||DHFL Pramerica Rakshak+ Plan||DHFL Pramerica Magnum Assure Plan||DHFL Pramerica Group Term Plan|
|DHFL Pramerica U-Protect Plan||DHFL Pramerica Smart Fee Protect Plan||DHFL Pramerica Premier Gain Plan||DHFL Pramerica Life Group Term Care|
|DHFL Pramerica Roz Sanchay Plan||DHFL Pramerica Life Sarv Suraksha|
|DHFL Pramerica Sahaj Suraksha Plan|
|DHFL Pramerica Smart Assure Plan|
|DHFL Pramerica Smart Cash Protect|
|DHFL Pramerica Smart Income Plan|
|DHFL Pramerica Smart Money Back Plan|
|DHFL Pramerica Smart Wealth+ Plan|
|DHFL Pramerica Wealth+ ACE Plan|
|DHFL Pramerica e Save Plan|
DHFL Pramerica Life Insurance Company is a joint venture between DHFL Investments Limited and Prudential International Insurance Holdings, Ltd. Since its inception, the company, with its range of insurance solutions, has aimed to help consumers make a well-informed decision that can help them meet their financial goals and secure the lives of their dependants. Here are a few reasons to choose DHFL Pramerica Life Insurance Company as your insurance provider:
Some of the awards won by the company in the recent times include:
Listed below are the various plans offered by the insurer:
Protection plans offered by the insurer will help policyholders safeguard the lives of their family. Protection plans are term-based plans, offering you coverage for the duration of the policy term. In case the policyholder meets with an untimely death during the policy term, the insurer will pay a death benefit to the nominee, which can help the family tide over financially difficult times. The protection plans offered by the insurer are:
|Plan name||Key Features|
|DHFL Pramerica Family First Plan||
|DHFL Pramerica Family Income Plan||
|DHFL Pramerica TruShield Plan||
|DHFL Pramerica U-Protect Plan||
Child Progress Plans offered by the insurer help you ensure that your child’s life is secure, no matter what happens in the future. The various Child Progress Plans offered by the insurer are listed below:
|Plan name||Key Features|
|DHFL Pramerica Future Idols Gold+ Plan||
|DHFL Pramerica Rakshak Gold Plan||
|DHFL Pramerica Rakshak+ Plan||
|DHFL Pramerica Smart Fee Protect Plan||
Medical expenses, which can usually be quite high, usually put a dent on your savings and investments. Health insurance plans ensure that even if you or your beneficiary fall ill and require hospitalization, your medical expenses will be taken care of the insurer.
|Plan Name||Key Features|
|DHFL Pramerica Dengue Shield Plan||
Savings plans help consumers meet their long-term goals by putting away a small sum of money as a premium on a regular basis. The Savings Plans offered by the insurer are listed below:<
|Plan name||Key Features|
|DHFL Pramerica Aajeevan Samriddhi Plan||
|DHFL Pramerica Flexi Cash Plan||
|DHFL Pramerica Magnum Assure Plan||
|DHFL Pramerica Premier Gain Plan||
|DHFL Pramerica Roz Sanchay Plan||
|DHFL Pramerica Sahaj Suraksha Plan||
|DHFL Pramerica Smart Assure Plan||
|DHFL Pramerica Smart Cash Protect||
|DHFL Pramerica Smart Income Plan||
|DHFL Pramerica Smart Money Back Plan||
|DHFL Pramerica Smart Wealth+ Plan||
|DHFL Pramerica Wealth+ ACE Plan||
|DHFL Pramerica e Save Plan||
As the name suggests, group insurance plans provide insurance coverage to a group of people. Group insurance plans are usually purchased by corporates to provide a cover to their employees. These plans are a great way for the employer/master policyholder to ensure the loyalty of members. The insurer offers the following group plans:
|Plan Name||Key Features|
|DHFL Pramerica Dengue Group Shield||
|DHFL Pramerica Group Credit Life+||
|DHFL Pramerica Group Term Plan||
|DHFL Pramerica Life Group Term Care||
|DHFL Pramerica Life Sarv Suraksha||
|Plan Name||Key Features|
|DHFL Pramerica Life Flexi e-Term Plan||
The insurer offers a speedy 3-step process for claims submission:
Customers are also provided multiple channels to intimate the insurer of the claim.
Once the company has received the intimation, the insurer will send the customer an acknowledgement letter.
Post this, you can submit the claims form and all relevant documents to the Claims Helpdesk at any one of the insurer’s branches.
DHFL Pramerica continues to grow in India with an increasing customer base every year. The company has a simple and hassle-free claim settlement process to ensure full satisfaction for its customers. The company’s claim settlement ratio for the fiscal year 2017-18 is given as follows:
|No. of claim received||No. of claims paid||Claim settlement ratio|
The company’s claim settlement ratio trend since 2011 is as follows:
While the documents required for specific DHFL Pramerica insurance policies might vary, listed below are the basic documents that you will be required to submit for all plans:
The customer can check his/her policy status by signing in on the insurer’s website and clicking on the respective option. Policyholders can also check the status of their policy by emailing the Customer Service team on their dedicated email ID, or call the toll-free number 1800 102 7070.
Alternatively, the customer can also request for a call-back through the insurer’s website or visit any of the insurer’s branches for details about their policy.
Customers can always choose to make their premium payments through traditional means, such as by paying cash, a cheque, or a Demand Draft in any of the insurer’s branches. However, to make the premium payment process more convenient and hassle-free, the insurer has provided customers the option to pay their premiums online.
To pay your premium online, simply visit the insurer’s website, and click on the ‘Pay Online’ tab located on your right. Once you provide all the necessary details, such as your application/policy number, name, etc., you can make your payment. The insurer accepts payments made through Net Banking, Debit Cards, Credit Cards, mobile wallets and Paytm.
DHFL Pramerica Life Insurance Company makes it convenient for prospective customers to calculate the premium amount that they will have to pay for various policies. The company has an Online Premium Calculator for each insurance product. In order to compute the premium amount, the policy taker needs to provide a few details of themselves, such as, the current age, the number of years for which coverage is required, premium payment mode, monthly income, etc.
The insurer is committed to settle claims in a timely and hassle-free manner, so as to not inconvenience policyholders or their nominees. The settlement timelines will vary based on what kind of claim you are making. However, the time required to settle claims will be lesser if you provide all necessary documents, at the start. For more information on the same, ensure you visit the insurer’s website.
The insurer will send you a letter informing you of the decision pertaining to your claim on your given communication address, as soon as a decision has been made. The insurer will make the payment electronically, via NEFT.
You can choose to walk into any one of the insurer’s branches and make the payment via cash, cheque, or DD. You also have the added benefit of making your premium payments digitally on the insurer’s website, through net banking, debit/credit card payments, mobile wallets and Paytm.
The facility to take a loan against an insurance policy does not apply to all DHFL Pramerica Life Insurance policies. Term-linked plans and most ULIPs don’t provide policyholders a loan facility. However, if you have an endowment plan, a savings plan or a Child Progress plan, you can take a loan after your policy has acquired a Surrender Value. You will find more details about this in your policy brochure.
In order to have your claims settled, you need to, first, intimate the insurer of the claim. You can choose to do the claim intimation online or offline. Post this, you will have to collect the relevant claim forms and fill it in legible writing. After you have submitted the forms to any of the branches, the insurer will start the claims process. You will be informed of the insurer’s decision within 30 days from the date of receipt of your claims documents.
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The MD and CEO of DHFL Pramerica Life Insurance Company Ltd., Anoop Pabby, stated that a special help desk has been set up in the states of Andhra Pradesh and Tamil Nadu for the cyclone-affected policyholders in the area. In order to expedite the claim settlement process, the claims procedure has been simplified and nodal officers have been appointed to supervise the claims process. Pabby expressed his condolences to individuals who lost their family members in the cyclone and stated that they have made the claims process simpler so that nominees may receive the benefits quicker to manage their immediate expenses.
10 January 2019
The well-known life insurance company, DHFL Pramerica, released the third film as part of its new digital campaign to make people understand how important life insurance in a person’s life is. The campaign has been conceptualised by the ad agency, Webenza India Private Limited. The premise of each of the films, that was released as part of the campaign, is that Indians tend to procrastinate their daily tasks including buying a life insurance policy. The company, thus, emphasises on the fact that the more a person delays getting a life insurance policy, the more expensive the insurance policy will cost. In the ad, the procrastination of Indians has been personified. In each of the ads, the lead pushes an important task for later and prefers an easier task for the day.
The CEO and MD of DHFL Pramerica, Anoop Pabby, said that the campaign is a wake-up call to all those who are pushing life insurance purchase for another day. He says that if a person pushes the task for too long, policies will cost more than he/she can afford or will not be available to him/her at all due to his/her age or health condition.
14 December 2018
DHFL Pramerica Life Insurance has stated that nearly 70% of the company’s new businesses come through its mobile application ‘AceApp’, which was launched in 2017. This digital tool has helped the company simplify its customer interaction and other sales procedures.
Given the complex nature of the life insurance business, the company launched this application to help its salesforce. The company’s Chief Marketing & Digital Officer stated that the use of digital tools has significantly helped the company. Since the app takes care of all end-to-end sales processes, the complex nature of life insurance products has been simplified for customers.Customers can try out multiple options offered by the application on product types and premium payment. Most importantly, the application has simplified the documentation process, which still continues to be one of the tedious tasks in the life insurance industry
7 December 2018
DHFL Pramerica has revealed yet another film which is a part of a three-film campaign that urges Indians to stop procrastinating and buy a life insurance policy on time. Each of the three films portrays three different situations where the lead tends to postpone an important task to another day. The objective of the campaign is to help people realise that they should stop pushing important purchases to another day and buy a life insurance policy at the earliest. The company has observed that people do not understand the importance of a life insurance plan until they face a crisis situation. Not buying a life insurance policy only has a negative impact, especially on the family members of the breadwinners. Hence, the film that promotes DHFL Pramerica life insurance plans, asks people to realise the value and need of a life insurance policy and act fast so that one’s family’s future is financially secure.
22 November 2018
DHFL Pramerica Life Insurance has been conducting The Prudential Spirit of Community Awards (SOCA) for 23 years in the USA and introduced the same in India in the year 2010. SOCA basically recognises school-going children who have voluntarily done community service that has had an impact on the society. The applications are open for students from standard 6 to standard 12. Winners of the individual, as well as group categories, will receive medallions and a cash prize of Rs.50,000. Participating schools and Principals of the nominees will receive Certificates of Participation and Certificates of Merit respectively. The winners will get an opportunity to represent the country in the SOCA awards held in Washington. They will also win a return trip back from Washington. In the last 8 years, 30,000 students have participated in the programme and 700 students have been recognised for the quality community service they did that helped the society. Saina Nehwal has been chosen as the ambassador for the initiative as she is considered a role model for youngsters today. Interested students can nominate themselves for the programme by applying on the official SOCA website. The last date to complete the application process is December 31.
21 November 2018
DHFL Pramerica Life Insurance has launched a 60-day digital campaign, which is titled ‘#KalSePehle’ to encourage people to purchase life insurance. The ad campaign targets the habit of procrastination and making excuses with a relatable example to emphasize that fact that we should all act now. The ad intends to encourage people to stop putting off important decisions and to purchase life insurance in a timely manner.
As per the Bombay Stock Exchange (BSE) filings, DHFL Pramerica Life Insurance registered a 73% growth in its net profit at Rs.106 crore in FY18. The private-sector life insurance company collected a sum of Rs.1,450 crore in new business premium during the fiscal. The insurer has claimed to have added a total of 43,000 new retail customers during the first half of FY18-19, with an 80% renewal rate and 22% growth rate.
7 November 2018
DHFL Pramerica Life Insurance recently organised the fifth edition of the Behtar India Go Green City Summit in Mumbai. The event was organised at Pawar Public School. The campaign aims to bring together different sections of the society to work collaboratively in the fields of environment, hygiene, and health. The campaign has helped in saving over 9,600 trees so far, in addition to saving over 1 crore litres of water. As part of the campaign, over 16,000 dengue protection kits have also been given to children from under-privileged backgrounds
2 November 2018