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  • DHFL Pramerica Aajeevan Samriddhi Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The DHFL Pramerica Aajeevan Samriddhi Plan helps you make provisions for your retirement days. With this plan, you can ensure that your family’s lifestyle is financially protected through your retirement and also in your absence. You can avail life cover up to the age of 99 with the benefit of increasing protection that helps meet increasing family responsibilities.

    Eligibility – Who is the DHFL Pramerica Aajeevan Samriddhi Plan for?

    To be eligible to buy the DHFL Pramerica Aajeevan Samriddhi Plan, a customer has to fulfil certain criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:

    Parameters Criteria for Eligibility
    Minimum age at entry 8 years
    Maximum age at entry 15-year premium payment term - 50 years 20-year premium payment term - 45 years
    Maximum age at maturity 99 years
    Term of policy 99 years - entry age

    *Ages mention are the ages as on the last birthday

    Sum Assured and Premium Range – What you get and what it costs

    With this plan, you can get a minimum sum assured of Rs.75,000. The policyholder is entitled to death benefits, maturity benefits, survival benefits and bonuses. The minimum premium needed to avail this plan is Rs.5,500 p.a. Given below are the details pertaining to the premiums and sums assured:

    Particulars Details
    Minimum premium Rs.5,500 p.a.
    Maximum premium Depends on the chosen basic sum assured, premium payment term and entry age
    Minimum sum assured Rs.75,000
    Maximum sum assured No limit, subject to underwriting
    Premium payment term 10 years and 20 years
    Premium payment mode Monthly, semi-annually, annually

    *Premiums may vary depending upon factors like age, term of plan, location, etc.

    Plan Coverage – What the DHFL Pramerica Aajeevan Samriddhi Plan covers

    The benefits under this plan change as the plan progresses or as you grow older. Depending on your age, certain benefits become payable. When you attain the age of 65 years, you will be eligible to claim a survival benefit. Upon reaching the age of 99 years, you can claim a maturity benefit and the policy will come to an end. Given below are the details of the benefits offered with this plan.

    Death Benefit Within first 5 years After 5 years up till age 65 After 65 years to 99 years
    Basic death benefit + guaranteed additions Basic death benefit + guaranteed additions + accrued reversionary bonus + final bonus, if any Basic death benefit + final bonus, if any
    Survival Benefit Applicable on attaining 65 years
    Accrued guaranteed additions + accrued reversionary bonuses
    Maturity Benefit Applicable on attaining the age of 99 years (End of policy term)
    Basic sum assured + final bonus, if any

    *Ages mention are the ages as on the last birthday

    The basic death benefit is calculated as shown below:

    Premium payment term 1st to 10th policy year 11th to 15th policy year 16th policy year onwards
    15 years Maximum of (11 x annual premium) or the basic sum assured Maximum of (16 x annual premium) or the basic sum assured Maximum of (16 x annual premium) or the basic sum assured
    20 years Maximum of (11 x annual premium) or the basic sum assured Maximum of (16 x annual premium) or the basic sum assured Maximum of (22 x annual premium) or the basic sum assured

     

    Apart from the benefits mentioned above, the policyholder is also eligible to participate in profits and bonuses. The policy will be eligible from the 6th policy year. The company will declare the bonus at the end of every financial year after carrying out an annual valuation as per the IRDAI regulations.

    Guaranteed additions - After the first 5 policy years, the policy will be eligible to receive guaranteed additions at the rate of Rs.40 per Rs.1,000 sum assured. The addition will accrue at the end of every policy year and be payable upon death or at the age of 65, whichever is earlier.

    Compounded reversionary bonus - A regular bonus will be declared and attached to the policy immediately. It will be payable with the death or survival benefit. The bonus is expressed as a percentage of the total of the basic sum assured + any reversionary bonus already attached.

    Interim bonus - During the inter-valuation period, bonus may be paid by the company for policies that result in claims through death, surrender of maturity.

    Final bonus - Upon the termination of the policy due to maturity, death or surrender, the company many pay a terminal bonus depending on the performance of the participating funds.

    Riders / Add-on Plan – Additional coverage under the DHFL Pramerica Aajeevan Samriddhi Plan

    There are no riders available with this plan.

    Exclusions – What the DHFL Pramerica Aajeevan Samriddhi Plan does not cover

    From the commencement date of the policy, if the life insured commits suicide within 12 months, whether sane or insane, the company will reimburse 80% of the premiums paid minus any survival benefit already paid, service tax and underwriting extra).

    From the reinstatement date of the policy, if the life insured commits suicide within 12 months, whether sane or insane, the company will pay the surrender value.

    Other Key Features

    It is important to know the details of life insurance plan before you purchase one. Given below are the features of the Aajeevan Samriddhi Plan:

    Free-look period 15 days (30 days in case of distance marketing). The policyholder can choose to cancel the policy within this period if they are not satisfied with the terms of the plan. The original policy document must be returned along with a letter stating the reasons for objection. The premium paid will be refunded minus any proportionate risk premium + stamp duty + medical expenses, if any.
    Grace period 30 days is granted for all premium payment modes.
    Loan facility Once the policy acquires a surrender value, you can take a loan for up to 90% of the surrender value. The rate of interest will be applicable as declared by the company from time to time.
    Surrender value After paying premiums for 3 years, you will be eligible to surrender the policy if you are unable to pay future premiums. The surrender value is equal to the higher of the following:
    • Guaranteed surrender value = x% of the total premiums paid + guaranteed additions + accrued bonuses, if the policyholder is less than 65 years of age.
    • Special surrender value
    (X = 50% in the 3rd to 10th year. From the 11th year onwards, X increases by 1.5%, subject to a maximum of 70%).
    Discontinuance If you discontinue premiums before the first three years, the policy will lapse. No benefits are payable. If you discontinue the policy after three years, then the policy will be converted to a paid-up policy.
    Paid-up value Paid-up sum assured + accrued guaranteed additions + accrued reversionary bonuses + final bonus, if any. The paid-up sum assured = number of premiums paid/number of premiums payable x basic sum assured. Upon death or maturity, the paid-up value minus any survival benefit already paid will be payable to the nominee.
    Revival You can revive the policy within 2 years from the due date of the first unpaid premium. All unpaid premiums must be paid + interest. Once revived, all benefits will be restored.
    Nomination As per Section 39 of the Insurance Act, 1938.
    Assignment As per Section 38 of the Insurance Act, 1938.

    Tax Benefits – How you can save under the DHFL Pramerica Aajeevan Samriddhi Plan

    Tax benefits are available under the Income Tax Act, 1961.

    • Premiums paid are eligible for tax deductions under Section 80C.
    • Benefits received are eligible for tax deductions under Section 10(10D).

    Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to know about the prevailing laws.

    Why you should buy the DHFL Pramerica Aajeevan Samriddhi Plan from DHFL Pramerica?

    DHFL Pramerica Insurance Company, a top insurance providers in India, was born out of a joint venture between Prudential International Insurance Holdings Limited (subsidiary of PFI) and Dewan Housing Finance Corporation Limited. The insurer provides protection and quality financial advice with a number of innovative and flexible products in its portfolio.

    The Aajeevan Samriddhi Plan is suitable for those who need life cover to ensure that their family is financially protected in the future. The plan provides protection all the way up to the age of 99 years and guarantees a maturity benefit. Guaranteed additions plus multiple opportunities to earn bonuses also makes this plan very attractive.