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  • DHFL Pramerica Magnum Assure 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

    When you think of your family members, you want to make sure that they are taken care of in your presence as well as your absence. For this reason, you need to make sure your hard-earned money is invested in the right places. For this reason, it is beneficial to invest in a life insurance plan that not only covers you but also provides maturity benefits. If you want to invest in a plan that is sure to give you the returns that are promised to you, then DHFL’s Pramerica Magnum Assure Plan is the one for you. It is a non-participating endowment plan that guarantees steady monthly payouts to take care of your and your family’s future needs. Some of its key features are the following:

    • Available policy terms are of 10 years or 15 years
    • Monthly income is guaranteed for a duration equal to payout period
    • Death benefits are guaranteed to your loved ones
    • Loan can be availed against the policy
    • The premiums paid have tax benefits

    Eligibility - Who is the Pramerica Magnum Assure Plan for?

    In order to be eligible for the Pramerica Magnum Assure Plan, customers need to meet the following eligibility criteria:

    Parameters Eligibility Criteria
    Minimum Age at Entry 18 years
    Maximum Age at Entry
    • 55 years for a policy term of 10 years
    • 50 years for a policy term of 15 years
    Maximum Maturity Age 65 years

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

    Sum Assured:

    The sum assured under a DHFL Pramerica Magnum Assure plan varies according to the premium payment tenure and the premiums paid.

    Base Sum Assured Annualised Premium x Policy Term (in years) x Death Benefit Multiple
    Monthly Payouts 102.5% of Monthly Death Benefit
    Maturity Sum Assured Monthly Maturity Benefit x Payout Period (in months)
    Monthly Maturity Benefit (Annualised Premium × Maturity Benefit Multiple) divided by 12

    Premium:

    Parameters Details
    Term of the Policy
    • 10 years
    • 15 years
    Premium Payment Term Equal to the policy term
    Annual Premium
    • Minimum Annual Premium - Rs.48,000
    • Maximum Annual Premium - No limit
    Premium Paying Modes
    • Monthly
    • Yearly

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

    Plan Coverage - What the Pramerica Magnum Assure Plan covers?

    The policyholder or the nominee becomes eligible for the following benefits when one purchases the DHFL Pramerica Magnum Assure Plan:

    Death Benefit In an event of death of the life insured, the company will pay the Death Sum Assured in the form of equal monthly payouts within the payout period. Death sum assured will be the highest of the maturity sum assured, or the base sum assured, or 105% of all the premiums paid at the time of death.
    Maturity Benefit If the policyholder survives till the date of maturity, the company will pay Maturity Benefit, in the form of monthly payouts during the payout period. Maturity benefit Multiple varies according to the Policy Term and Age at Entry:
    Age at Entry Term = 10 Years Term = 15 Years
    Lesser than or equal to 30 years 1.60 2.07
    31 to 40 years 1.59 2.03
    41 to 45 years 1.54 1.92
    46 to 50 years 1.49 1.80
    51 to 55 years 1.40 N.A.
    Tax Benefits Tax benefits on the premiums paid and the benefits received will be as per the prevailing tax laws.

    Additional coverage under the Pramerica Magnum Assure Plan

    The Pramerica Magnum Assure Plan does not provide any additional coverage when you purchase it.

    What the Pramerica Magnum Assure Plan doesn’t cover?

    The Pramerica Magnum Assure Plan covers death under all circumstances, such as death during war, terrorism, hostilities, and even civil commotion, but it does not cover death due to suicide. In case the policyholder attempts or commits suicide within a period of 12 months from the date of commencement or revival of the policy, the company shall pay an amount equal to higher of 80% of the total premium paid or surrender value, if any.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Some of the other key features of the Pramerica Magnum Assure Plan are the following:

    Policy Loan Up to 80% of the surrender value can be taken as loan against the policy once the policy acquires surrender value.
    Surrender The policyholder will be eligible to surrender the policy while it is in effect as long as premiums have been paid in full for 2 consecutive years.
    Policy Revival Policy revival is possible for a period of up to 2 years from the date of the first unpaid premium. The policy can be revived after meeting underwriting requirements and the payment of all the unpaid premiums, including interest, is required.
    Free Look Cancellation A period of 15 days (30 if the policy has been sold to you through distance marketing) from the date of the receipt of the policy term will be given to you to review the policy’s terms and conditions. You can then return the policy if you have an objection.
    Grace Period Payment of premiums through any mode will be given a grace period of 30 days.
    Lapse If the policyholder is unable to pay the premiums in full for a continuous period of 2 years, the policy will lapse.

     

    Tax Benefits – How you can save with the Pramerica Magnum Assure Plan?

    As per prevailing tax laws, tax benefits under section 10D and section 80C of the Income Tax Act of 1961 will be applicable.

    Other Benefits – How you can save with the Pramerica Magnum Assure Plan?

    The benefits received by the policyholder are not limited to the policy. Policyholder and nominees can avail other benefits such as:

    • Customer Service: If you have doubts about the insurance policy, you can take the help of DHFL’s customer support team to help you with your query in the following ways:
    • Visit the nearest DHFL Pramerica Life Insurance Company branch
    • Visit their website and email them your queries.
    • Call them on their toll-free number 1800 102 7070
    • Online Payment of Premium: Policyholders do not have to visit the company’s branches to pay their premiums. They can simply visit DHFL’s official website, authenticate themselves, and proceed to pay the premium digitally through netbanking, debit or credit cards, or mobile wallets. If they are unable to make a payment online, they can raise a request asking a representative of the company to come and collect a cheque.

    Why you should buy the Pramerica Magnum Assure Plan from DHFL?

    DHFL Pramerica Life Insurance Company Ltd. (DPLI) is a joint venture between Prudential International Insurance Holdings (PIIH), which is a subsidiary of Prudential Financial Inc. (PFI), and Dewan Housing Finance Corporation Ltd. (DHFL). PFI is headquartered in the U.S. and is a leader in financial services and DHFL is one of India’s leading mortgage and finance institutions and has its presence in over 450 locations throughout the country. In addition to this, it has offices in foreign locations like Dubai and London too. The company has grown over the years and provides customers easy access to meaningful financial services. DHFL Pramerica Life Insurance can be accessed through multiple distribution channels that have been customised to cater to the specific needs of diverse customer segments.