DHFL Pramerica Smart Assure Plan

Every parent’s aim in life is to ensure that their child’s future is secured by giving them a good education and to also provide a stable household for their family. You can do this, and more, with a DHFL Pramerica Smart Assure Plan. This plan offers a large sum of money to your family in case you meet with an unfortunate accident which leads to your death. The DHFL Pramerica Smart Assure Plan is a non-participating endowment plan that offers a guaranteed death benefit. This plan also offers wealth creation with Maturity Additions which can be used to finance your children’s education in the future. Some of the key features of this plan are listed below:

• A policyholder will receive guaranteed maturity benefits with this plan
• Tax benefits can also be availed on premiums paid under prevailing tax laws
• Flexibility with premium payment term and modes
• Loan facility is available

Eligibility – Who is the DHFL Pramerica Smart Assure Plan for?

Insurance providers usually set the eligibility criteria which need to be met in order to avail the protection accorded by the plan:

Parameters	Criteria for Eligibility
Minimum Age of Entry	8 years
Maximum Age of Entry	60 years for a policy term of 10 years 55 years for a policy term of 15 years 50 years for a policy term of 20 years
Maximum Maturity Age	70 years

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

Sum Assured

The sum which is assured with a DHFL Pramerica Smart Assure Plan is based completely on the premiums that you pay to avail the benefits of the policy.

Parameters	Details
Minimum Base Sum Assured	Regular Pay: Rs.1 lakh Limited Pay: Rs.75,000
Maximum Base Sum Assured	Rs.25 lakhs

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.

Parameters		Details
Term of the Policy		10 years 15 years 20 years
Premium Payment Term	Term of the Policy		Premium Payment Term
	10 years		5/7 years
	15 years		7/10/15 years
	20 years		10/15/20 years
Premium Payment Modes		Monthly Quarterly Half-Yearly Yearly

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

Premiums for a DHFL Pramerica Smart Assure 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	Details
Monthly	0.09
Quarterly	0.52
Half-Yearly	0.265
Yearly	1

Plan coverage – What the DHFL Pramerica Smart Assure Plan covers

The DHFL Pramerica Smart Assure Plan offers a number of different benefits and these are listed in the table below:

Parameters	Details
Death Benefit	Higher value between Base Sum Assured or Maturity Sum Assured or 11 times the annualized premium if the age of the policyholder at the time of entry is lesser than 45 years Higher value between Base Sum Assured or Maturity Sum Assured or 7 times the annualized premium if the age of the policyholder at the time of entry is greater than 45 years
Tax Benefit	As per prevailing tax laws of the Income Tax Department.
Maturity Benefit	At the time of maturity, a policyholder is eligible to receive the Maturity Sum Assured along with Maturity Additions

Riders/Add-Ons

There are no additional riders that are available for purchase along with the DHFL Pramerica Smart Assure Plan.

Exclusions – What the DHFL Pramerica Smart Assure Plan doesn't cover

If the policyholder commits suicide within a year from the date of commencement of the policy or from the date of revival, the policy will become void and the amount payable will be equal to 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.
Assignment	Assignment is allowed as per the prevailing tax laws under Section 38 of the Insurance Act, 1938.
Nomination	Nomination is allowed as per the existing tax laws under Section 39 of the Insurance Act, 1938.
Loan	Loan facility is provided with a DHFL Pramerica Smart Assure Plan
Premium Payment Term	A policyholder can enjoy the benefits of paying premiums for a limited period only.
Surrender	A policy can be surrendered by a policyholder at anytime after making premium payments for two years and will be eligible for a Surrender Value. Surrender Value will be the higher amount between Special Surrender Value (SVV) and Guaranteed Surrender Value (GSV).
Revival/Reinstatement	This facility is available for plans where premiums have not been paid for a period up to 2 years. All unpaid premiums with interest will have to be paid to revive the policy.

 

Tax Benefits – How you can save with DHFL Pramerica Smart Assure Plan

A policyholder can enjoy tax benefits on any premium that is paid towards DHFL Pramerica Smart Assure 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 purchase the Smart Assure Plan offered by DHFL Pramerica

DHFL Pramerica begun operations in India in 2008 and is committed to offering quality financial advice and customer protection. The company has Claim Settlement Ratio of 84% and also has experience managing over Rs.2,893.05 crore Assets Under Management. 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.