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.
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.
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:
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)|
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
|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.|
There are no additional riders available for members or the master policyholder to purchase along with the DHFL Pramerica Life Group Term Care Plan.
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:
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.|
|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.|
Individual members are eligible for tax benefits under the prevailing laws of the Income Tax Act, 1961.
Customers are also provided a host of other benefits, such as:
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.