DHFL Pramerica Rakhsak+ Plan

To a lot of us, securing our child’s future is a major goal in our lives. Fulfilling their educational needs is of top priority to lot of people. Nearly every parent would like their child to get the best education to help them excel in our society. The DHFL Pramerica Rakhsak+ Plan helps in making you realize this dream. This is a guaranteed endowment non-participating insurance plan that offers comprehensive cover and protects the future of the life insured's child. A large sum of money will be payable to the family of the life insured at the time of maturity of the plan or if the policyholder meets with an untimely demise.

Eligibility – Who is the DHFL Rakhsak+ Plan for?

An individual will have to meet the eligibility criteria listed below to avail the DHFL Rakhsak+ Plan:

Parameters	Details
Minimum Age of Entry	18 years
Maximum Age of Entry	55 years
Maturity Age	65 years

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

Sum Assured

The sum assured is based completely on the premiums that you will be required to pay to avail the benefits of the policy. The sum assured for DHFL Rakhsak+ Plan is listed below:

Parameters	Details
Minimum Base Sum Assured	Rs.1 lakh
Maximum Base Sum Assured	Rs.5 crore subject to an underwriting

Premiums*

Premiums are paid to the insurer to purchase a policy from them so that the individual can come under the umbrella of benefits and coverage that this plan has to offer. The premiums that a policyholder will have to pay towards a DHFL Rakhsak+ Plan are listed below:

Parameters	Details
Term of the Policy	10 years 15 years 20 years
Premium Payment Modes	Monthly Half-Yearly Yearly
Premium Payment Term		Term of Policy	Premium Payment Term
		10 years	7 years
		15 years	10 years
		20 years	15 years

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

Premiums for a DHFL Rakhsak+ Plan can be made using any of the following ways:

• Using payment gateways or internet banking
• Payment in cash at the insurer’s branch office
• With a cheque or demand draft
• Through the use of debit or credit cards
• ECS/Direct Debit/Salary Deduction Scheme

Modal Factors and Premium Modes:

Premium Modes	Modal Factors
Monthly	0.09
Semi-Annual	0.52
Annual	1

Plan coverage – What the DHFL Rakhsak+ Plan covers

The DHFL Rakhsak+ Plan offers a number of different benefits and these are listed in the table below:

Parameters	Details
Death Benefit	A death benefit along with Accrued Annual Guaranteed Addition is payable to the plan’s beneficiary or nominee at the time of death of the policyholder. A final death benefit is payable at the time of the scheduled maturity of the plan.
Tax Benefits	As per prevailing tax laws of the Income Tax Department.
Maturity Benefits	If the life insured survives until the end of the policy tenure, he/she will be eligible for a maturity benefit which is equal to the sum of the Annual Guaranteed Additions plus Base Sum Assured after multiplying it with the Guaranteed Maturity Multiple or GMM.

Riders/Add-Ons

There are no additional riders that are available for purchase along with the DHFL Rakhsak+ Plan.

Exclusions – What the DHFL Rakhsak+ Plan covers

If the life insured commits suicide within a year from the date of the inception of the policy, a sum total of 80% of the total premiums that were paid till the time of death shall be payable to the beneficiary or nominee of the policy.

If the policyholder commits suicide within a year from the date of revival, the policy will become void and the higher value between the acquired Surrender Value and 80% of the premiums that were paid until the time of death of the policyholder.

Other Key Features

Parameters	Details
Free Look Period	In case the policyholder is not satisfied with the “Terms and Conditions” of the policy, a 15 day (30 days in the case of distance marketing) period is provided where the insured can return the policy back to the insurer. The company will return the Fund Value after deducting any expenses incurred by the insurer such as stamp duty charges, medical expenses, etc.
Grace Period	A 30-day grace period is provided for all modes of premium payments.
Nomination	Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.
Assignment	Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.
Loan	Loan facility is provided with a DHFL Rakhsak+ Plan.
Premium Payment Term	A policyholder can enjoy the benefits of paying premiums for a limited period only.
Annual Guaranteed Addition (AGA)	This will be accrued at the end of each policy year. The Annual Guaranteed Addition will, however, increase after 3 consecutive policy years.
Surrender	A policy can be surrendered by a policyholder at anytime after making a two years premium payments. Surrender Value that is payable shall be the higher value between the Guaranteed Surrender Value (GSV) and Special Surrender Value (SSV).
Revival/Reinstatement	This facility is available for plans where premiums have not been paid for a period up to 2 years

 

Tax Benefits – How you can save with DHFL Rakhsak+ Plan

A policyholder can enjoy tax benefits on any premium that is paid towards DHFL Rakhsak+ Plan under the prevailing tax laws under Section 80C and for withdrawals or maturity amount under 10(10D) of the Income Tax Act, 1961. Tax benefits are subject to changes without prior notice so it is important that the policyholder consults a Tax Advisor to stay informed about any changes made.

Why you should buy the Rakhsak+ Plan that is offered by DHFL Pramerica?

DHFL Pramerica Life Insurance Company Limited is a joint venture between Prudential International Insurance Holdings Ltd. and Dewan Housing Finance Corporation Ltd. The company is one of the fastest growing insurance companies in the country offering financial protection for your child’s future, retirement, and wealth accumulation. With over 103 branches spread across India, the company is easily accessible to its large customer base which is made up of over 13 million satisfied customers. The company has Claim Settlement Ratio of 84% and also has experience managing over Rs.2,893.05 crore Assets Under Management.