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  • DHFL Pramerica Life Group Term Care 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 Life Group Term Care Plan is a non-linked, non-participating, single premium, group term life insurance scheme that will provide financial protection to the member’s family, if something unfortunate happens to the member. This group term plan is ideal for Financial Institutions, Banks, etc.

    This policy allows the policyholder to pay a single, one-time premium and enjoy the risk cover for the entire duration of the policy. The application process for this policy is simplified and time-efficient for maximum convenience to the master policyholder and members enrolled under it. Members and the master policyholder are entitled for tax benefits, as per the prevailing tax laws, under the Income Tax Act, 1961.

    Eligibility - Who is the DHFL Pramerica Life Group Term Care Plan for?

    Insurance providers have a few set criteria, which prospective policy buyers need to meet in order to avail the protection accorded by the plan.

    Parameters Criteria for Eligibility
    Minimum age at entry 18 years
    Maximum age at entry 63 years
    Maximum age at maturity 65 years
    Minimum Group Size 50 members for schemes
    Maximum Group Size No limit

    *Ages mentioned above are as on the member’s last birthday.

    Sum Assured and Premium Range - What you get and what it costs?

    Sum Assured

    The Sum Assured is a lump sum benefit that the member or his/her nominee will be entitled to receive from the insurer. For the DHFL Pramerica Life Group Term Care Plan, the Sum Assured will vary based on what type of cover is chosen by the master policyholder. The types of insurance covers that are offered by the insurer are:

    • Uniform Cover
    • Graded Cover
    • Loan Linked Cover
    • A cover that is subject to scheme rules

    The minimum and maximum sum assured for this policy are listed below:

    Minimum Sum Assured Rs.5,000 (per member/employee)
    Maximum Sum Assured Rs.2 lakh (per member/employee)

    Premiums*

    Your premium is a fixed amount of money or fee that you pay to the insurer to avail the benefits accorded by this policy.

    Policy Term 2 years
    Premium Payment Term Single Premium Payment

    *Premium will vary based on age, location, plan term and other factors

    Plan Coverage - What does the DHFL Pramerica Life Group Term Care Plan cover?

    Death Benefit If the member dies during the policy term, the insurer will pay his/her nominee a death benefit, through the master policyholder. The death benefit is based on what cover is chosen, at the commencement of the policy.
    Maturity Benefit No maturity benefit will be payable at the end of the policy tenure.

    Riders/Add-On Plans – Additional coverage under the DHFL Pramerica Life Group Term Care Plan

    There are no additional riders available for members or the master policyholder to purchase along with the DHFL Pramerica Life Group Term Care Plan.

    Exclusions - What the DHFL Pramerica Life Group Term Care Plan doesn’t cover?

    The Group Term Care Plan has a suicide exclusion. If the member commits suicide within 12 months from the inception of the plan or from when he/she joins the scheme, the insurer will pay the nominee the highest of, either:

    • 80% of the premium paid by the master policyholder, or
    • The Surrender Value that the policy has acquired.

    Other Key Features – Free-look Period, Surrender Value, etc.

    A few other features that can help you make a well-informed decision when buying your policy are:

    Free-Look Period For the DHFL Pramerica Life Group Term Care Plan, the free-look period is 15 days, during which you can return the policy if you disagree with any terms and conditions specified in the policy. Besides, members also have the option of cancelling the scheme within 15 days of receiving the Certificate of Insurance from the insurer. This policy is not sold through Distance Marketing modes, and hence a standard 15-day free-look period is maintained.
    Surrender Value
    • Individual member surrendering the policy:
    • If the member is covered under a loan-linked plan, the policy can be surrendered after prepayment of the whole loan amount.
    • Once the plan is surrendered by the member, the insurer will pay the Surrender Value to the member.
    The formula to calculate the Surrender Value is: 85% of the Single Premium paid (minus any applicable taxes) x Unexpired coverage term in completed months/Total coverage term x Coverage in-force/Initial coverage amount.
    • Master policyholder surrendering the policy:
    • The master policyholder can surrender the main policy, anytime during the policy tenure.
    • Individual members can choose to continue the cover or get a Surrender Value from the insurer.
    • The formula to calculate the Surrender Value is:
    X% of the single Premium paid x Unexpired coverage term in completed months/Total coverage term x Coverage in-force/Initial coverage amount. Note: X% will be equal to 85% or 75%, based on the percentage of lives that are surrendered.
    Claim Payable
    • For regulated entities (RBI-regulated Scheduled Banks, Cooperative Banks, NBFCs with an RBI-issued certificate of registration, National Housing Bank regulated Housing Finance Companies): If the member meets with an untimely death during the policy term, the claim amount will be first directed towards paying the outstanding loan amount, and the balance amount will be paid to the nominee.
    • For others: For any other entity apart from the ones mentioned above, the claim amount will be paid directly to the beneficiary.
    Termination of Cover The cover will cease to exist once the cover is terminated. Termination of the plan will occur as per the rules of this particular group scheme.
    New Entrants New entrants can join if they meet the eligibility criteria and pay the Single Premium amount.
    Nomination Under the DHFL Pramerica Life Group Term Care Plan, nomination facility is available as per Section 39 of the Insurance Act, 1938.
    Assignment Assignment facility is also provided to members, as per Section 38 of the Insurance Act, 1938.

    Tax Benefits – How you can save with the DHFL Pramerica Life Group Term Care Plan?

     

    Individual members are eligible for tax benefits under the prevailing laws of the Income Tax Act, 1961.

    Other Benefits of the DHFL Pramerica Life Insurance Company

    Customers are also provided a host of other benefits, such as:

    • Claims Intimation: Customers can now intimate the insurer of upcoming claims through the insurer’s website.
    • Track applications: To track your application status, navigate to the company website and simply enter your application number.
    • Fund Management: Customers are guaranteed full transparency and can check the performance of various funds on the insurer’s website.
    • Online Premium Payment: Customers can make instant premium payments on the insurer’s website and save precious time.

    Why you should buy the Life Group Term Care Plan from DHFL Pramerica?

    The DHFL Pramerica Life Group Term Care Plan offers members and their nominees many benefits. This policy provides policyholders tax benefits and a substantial life cover. The group plan provides financial security to family members of the life assured, in case something happens to the member.

    DHFL Pramerica Life Insurance Company, which began its operations on 1 September 2008, is one of the most-preferred insurers in the country. The insurer has a Claim Settlement Ratio of 98.8% for the financial year 2016-2017, one of the highest in the country. The company’s pan-India presence and range of insurance product portfolio ensure that the insurer can meet the needs of people across India.