DHFL Pramerica Roz Sanchay Plan

Financial security is something that features on the priority list of most of the people. It is also important to get an insurance plan that guarantees good savings. Since unfortunate events come unannounced, it is always important to be prepared for such emergencies. With a good amount of savings, one can secure their as well as their family’s future. With DHFL Pramerica Roz Sanchay Plan, policyholders get assured savings and solid financial security for their family. It helps them to create a saving corpus for their post-retirement years so that they don’t have to depend on anybody during old age.

Eligibility- Who is the DHFL Pramerica Roz Sanchay Plan for?

To be eligible for DHFL Pramerica Roz Sanchay Plan, the customer has to meet a few criteria. The following are the eligibility requirements:

Parameters	Details
Minimum entry age	A minimum age of 8 years is required
Maximum entry age	For a policy term of 21 years, the maximum entry age is 45 years while for a policy term of 16 years, the maximum entry age is 50 years
Maximum maturity age	66 years
Policy term	16 years and 21 years

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

Under DHFL Pramerica Roz Sanchay Plan, following are the sum assured and premium range:

Sum Assured

• The minimum sum assured for a policy term of 16 years is Rs.1,00,000.
• The minimum sum assured for a policy term of 21 years is Rs.1,20,000.
• The maximum sum assured is Rs.5 crore.

Premium:

Premium paying mode	Monthly, half-yearly, and annually
Premium paying term	For a policy term of 16 years, the premium paying term is 12 years. For a policy term of 21 years, the premium paying term is 16 years.
Amount of premium	Depends on the sum assured and policy term chosen by the policyholder

Plan coverage-What the DHFL Pramerica Roz Sanchay Plan covers

 

The DHFL Pramerica Roz Sanchay Plan provides death and maturity benefits. It also provides an Annual Guaranteed Addition (AGA) that is basically a part of the original sum assured that is added to the benefits of your policy at the conclusion of every policy year. Beginning on the 4th policy year till the end of the term of your policy, you will be provided with an AGA only if all your premiums have been paid till the conclusion of that policy year.

Death benefit: In case of the unfortunate death of the policyholder during the term of the policy, basic death benefit and the accumulated AGA will be paid to the nominee. In this case, the policy has to be active to get complete policy benefits. The basic death benefit is 150% of the base sum assured in the very first year of the policy. It will ascend by an equal amount to 5% of the basic sum assured for every concluded policy year till the end of the term of the policy.

• If the age of the policyholder at entry is less than 45 years, the highest of the following will be provided:

• 105% of the paid premiums till the day of the demise, or,
• 150% of the basic sum assured, or,
• 10 times of the annualized premium

• If the entry age is 45 years or higher, the highest of the following will be provided:

• 105% of the paid premiums till the date of demise, or,
• 150% of the basic sum assured, or
• 7 times of the annual premium

• Maturity Benefit: This is a guaranteed benefit. The policyholder will receive 105% of the basic sum assured and accumulated AGA only if the policy is in active state and all the premiums have been paid.
• Annual Guaranteed Addition (AGA): AGA rates differ depending on the years completed of the policy term and the chosen policy term.

Exclusions - What the DHFL Pramerica Roz Sanchay Plan doesn’t cover

If the policyholder commits suicide within a year from the commencement of the policy, the nominee is entitled to a higher of 80% of the premiums paid till date or the surrender value (if any). No other benefits are applicable in the case of suicide, whether sane or insane.

Other key features-Freelook Period, Surrender values, Grace Period, etc.

• Freelook Period: Policyholders are granted a free-look period of 15 days from the commencement of the policy. If the policyholder disagrees with the terms and conditions of the policy, he/she can return the policy and receive a refund for the premium paid.
• Grace Period: Policyholders are granted a grace period of 30 days to pay their premiums. All benefits are applicable during the grace period.
• Surrender Values: Policyholders are entitled to the surrender value if they have paid premiums for three consecutive years for a 10 years Premium Paying Term.
• Reduced paid-up policy: If policyholders have paid the premiums for two consecutive years from the commencement of the policy and have failed to pay their premiums, the policy will automatically be shifted to a reduced paid-up policy.
• Nominations: Policyholders can make nominations as per Section 39 of Insurance Act, 1938.

Tax Benefits – How you can save with the DHFL Pramerica Roz Sanchay Plan

In accordance with the Income Tax Act 1961, policyholders of the DHFL Pramerica Roz Sanchay Plan can avail tax benefits under:

• Section 80C of the Income Tax Act, 1961, for the premium contributions made towards the scheme.
• Section 10 (10D) of the Income Tax Act, 1961, for proceeds from maturity and death benefits.

Other benefits – How you can save with the DHFL Pramerica Roz Sanchay Plan

Some of the benefits of the DHFL Pramerica Roz Sanchay Plan are listed below:

• Depending on the loan they have availed, policyholder can decide the coverage, calculate their premium amount, and make a single premium contribution towards the plan.
• On the DHFL Pramerica website, customers can avail insurance products of their choice, make claims, take advice, and check the performance of their investments.
• Customers can also pay online using their credit cards, debit cards, e-wallets, etc. They also make premium calculations.
• Before availing an insurance product, customers can see if the product actually suits their needs and can make an estimation before buying the product.

Why you should buy the Roz Sanchay Plan from DHFL Pramerica?

DHFL Pramerica Life Insurance Company is one of the most reputed insurance companies in India. It has marked a remarkable growth since its inception. The company is headquartered in Gurgaon. It provides an array of insurance solutions for people. It has 102 branches and 3426 employees under its umbrella. DHFL Pramerica handles assets worth Rs.2814.84 crore and has a customer database worth 12 million people. The company has bagged awards like Skoch Technology for Growth Silver Award, Skoch Financial Inclusion Award, Celent Model Asia Award, among others.