• DHFL Pramerica e Save 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 e-Save Plan is an online non-participating endowment insurance plan. In case the policyholder is looking for an insurance policy that also helps him/her with savings, the DHFL Pramerica e-Save Plan can definitely prove to be an ideal choice. Be it planning the higher education for the insured’s child or taking care of the policyholder after retirement, the DHFL Pramerica e-Save Plan is always there to offer support. This particular insurance policy comes with guaranteed benefits. The person opting for this policy can choose the policy term as per his/her convenience. The process of purchasing the DHFL Pramerica e-Save Plan is quick and hassle-free. It can be done sitting at home. The policyholder can also enjoy loan against the DHFL Pramerica e-Save Plan.

    Eligibility – Who is the DHFL Pramerica e-Save Plan for?

    In order to buy the DHFL Pramerica e-Save Plan, a customer has to fulfil certain eligibility 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 18 years
    Maximum age at entry (Policy term of 10 years) 55 years
    Maximum age at entry (Policy term of 15 years) 50 years
    Maximum age at entry (Policy term of 20 years) 45 years
    Maximum age at maturity 65 years
    Term of the policy 10 years, 15 years and 20 years

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

    Sum Assured – Sum Assured is the amount that is received by the policyholder at the end of the policy term. In case, the insured person encounters death while the DHFL Pramerica e-Save Plan is still in effect, the sum assured is received by the beneficiary or nominee of the insured person. The minimum Sum Assured in case of the DHFL Pramerica e-Save Plan depends on the annualized premium, term of the policy chosen and age of the policyholder at entry.

    Premiums – It is amount paid by the policyholder to the insurer in order to keep the DHFL Pramerica e-Save Plan active and running. The minimum annual premium in case of this particular policy stands at Rs.20,000. There is no limit on the maximum premium paid under the DHFL Pramerica e-Save Plan. The premium payment modes that can be availed by the policyholder under this plan are monthly, quarterly, half-yearly and yearly.

    Term of premium payment Regular Pay
    Premium payment mode Monthly, quarterly, half-yearly and yearly
    Modal Factor for monthly premium payment mode 0.09
    Modal Factor for quarterly premium payment mode 0.265
    Modal Factor for half-yearly premium payment mode 0.52
    Modal Factor for yearly premium payment mode 1

    Disclaimer – Premium may vary depending upon different factors like term of the plan, age, location, etc.

    Plan Coverage – What the DHFL Pramerica e-Save Plan covers

    Death Benefit In case the policyholder dies in an unfortunate event, the insurer will pay the death benefit to the legal heir or nominee of the insured. If the insured person’s age at entry is less than 45 years, then the insurer will pay higher of base sum assured or ten times of the annualized premium. In case the life insured’s entry age is more than or equal to 45 years, then the insurer will pay higher of base sum assured or seven times of the annualized premium. The death sum assured is equal to a minimum of 105% multiplied by the premiums paid as on death date. This is excluding all extra premiums.
    Maturity Benefit In case the policyholder survives till the maturity date of the DHFL Pramerica e-Save Plan, guaranteed additions along with the sum assured will be paid out by the insurer.
    Guaranteed Additions During the term of the policy, a plan is eligible for the guaranteed addition if the insurance policy is active. The guaranteed addition is p-aid out as a percentage of the cumulative annualized premium. The additions are also dependent on Premium band.
    Band 1 (Up to Rs.24,999) 7.00%
    Band 2 (Rs.25,000 to Rs.39,999) 8.00%
    Band 3 (Rs.40,000 to Rs.74,999) 9.00%
    Band 4 (Rs.75,000 and above) 10.00%
    Loans In case of financial emergencies, the policyholder might need funds to meet certain expenses. In order to fulfil this particular requirement, the insurer allows the policyholder to avail loans under the DHFL Pramerica e-Save Plan. Up to 80% of Surrender Value can be availed as loan under the policy. The outstanding amount along with the unpaid interest is deducted from any amount that is paid under this plan. The rate of interest associated with the loan under the DHFL Pramerica e-Save Plan is announced by the insurer on a yearly basis at the start of the financial year.
    Surrender Benefit The DHFL Pramerica e-Save Plan can be surrendered at any given point in time provided that the plan is active and policyholder makes payment for 2 consecutive premiums. Upon surrender of the policy, higher of the SSV (Special Surrender Value) or the GSV (Guaranteed Surrender Value) is payable.

    Riders / Add-on Plans – Additional coverage under the DHFL Pramerica e-Save Plan

    Riders or Add-on Plans cannot be availed by the policyholder under the DHFL Pramerica e-Save Plan.

    Exclusions – What the DHFL Pramerica e-Save Plan does not cover

    Suicide Exclusion – In case the insured individual commits suicide or attempts to commit suicide, whether insane or sane, within time span of 12 months from the revival date of the policy or the commencement date of the policy, the insurer will pay a 80% of the premiums along with the surrender value, if any.

    Other Key Features

    Revival Revival of the DHFL Pramerica e-Save Plan can take plan within a period of 2 years from the first unpaid premium date. In order to revive the insurance plan, all unpaid premiums must be cleared. The revival is subject to the underwriting requirements. All benefits are also revived after the policy revival happens.
    Free look period A 30 day free look period can be availed by the policyholder. If he/she does not like the policy and its terms and conditions, he/she can return the original policy document to the insurer along with the cancellation letter. The letter must state the policyholder’s reasons for not choosing the policy. After the policy is returned to the insurer, the refund of the premium is sent to the individual after deductions like stamp duty charges, medical examination costs and proportionate risk premium.
    Grace period For all the premium payment modes (monthly, quarterly, half-yearly and yearly), a grace period of 30 days can be enjoyed. The benefits under the DHFL Pramerica e-Save Plan are not hampered during this time. This is the time offered by the insurer to the policyholder to clear the unpaid premiums.

     

    Tax Deductions – How you can save under the DHFL Pramerica e-Save Plan

    The DHFL Pramerica e-Save Plan is eligible for tax deductions as per the prevailing Income Tax Laws. However, it is advisable that one consults a tax advisor to understand the tax deductions better.

    Why you should buy the DHFL Pramerica e-Save Plan from DHFL Pramerica

    DHFL Pramerica Insurance Company is the joint venture of Prudential International Insurance Holdings Limited (subsidiary of PFI) and Dewan Housing Finance Corporation Limited (DHFL). DHFL Pramerica Insurance Company is one of the leading insurance solution providers across the country. The solutions offered by them are tailored to meet the demands of the customers. Be it planning the higher education for the insured’s child or taking care of the policyholder after retirement, the DHFL Pramerica e-Save Plan is always there to offer support. This particular insurance policy comes with guaranteed benefits. The person opting for this policy can choose the policy term as per his/her convenience. The process of purchasing the DHFL Pramerica e-Save Plan is quick and hassle-free. PFI has an experience of 135 years in providing financial help to its customers. DHFL, on the other hand, is spread across 450 locations in India.

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