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.
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
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:
|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.
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.
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.
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:
|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 are available under the Income Tax Act, 1961.
Tax laws are subject to amendments from time to time. You are advised to consult a tax advisor to know about the prevailing laws.
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.