DHFL Pramerica Smart Income Plan

Life is not predictable and even more so in the current scenario of economic and political instability. In such cases, ensuring the wellbeing of family members is highly important. This is especially the case for entrepreneurs as they have the added burden of working in a risky environment wherein returns are not predictable. In such cases, procuring a life insurance plan is the best possible option as these plans provide not just cover but also protection in terms of maturity benefits.

The Smart Income Plan by DHFL Pramerica is a Guaranteed Annual Income plan which is non-participating and has been designed to keep the member’s financial needs in mind. Through the Annual Income option, the policyholder and his/her family can avail steady income.

Policyholders have the option to customise their plan based on their needs and requirements as there are a number of Premium Payment Tenure options available. Policyholders can also procure a loan through this policy and tax benefits on their premiums.

In order to avail this plan, policyholders will have to select a suitable policy tenure and a Premium Payment Tenure.

Eligibility - Who is the DHFL Pramerica Smart Income Plan for?

In order to avail the above plan, customers will have to meet the following eligibility criteria:

Age at Entry (in years)	Minimum - 8 years, subject to 18 years as minimum age of maturity Maximum - 55 years
Age at Maturity (in years)	Minimum - 18 years Maximum - 65 years
Policy Tenure	Minimum - 7 years Maximum - 20 years

All ages are as on last birthday of the member.

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

Sum Assured:

Sum Assured varies based on the premium payment tenure chosen and the policy tenure.

Base Sum Assured	11X Annualised Premium
Maturity Sum Assured	Annual Payout * Lump Sum Factor
	PPt	Factor	PPT	Factor
	5	4.4258	11	8.1888
	6	5.1557	12	8.6890
	7	5.8410	13	9.1587
	8	6.4845	14	9.5997
	9	7.0888	15	10.0138
	10	7.6561

Premium:

Premium Payment Tenure		Policy Term (years)	Premium Payment Term Options (Years)
		7	5
		8	5,6
		9	5,6 or 7
		10	5,6,7,8,9 or 10
		11	6,7,8,9,10 or 11
		12	7,8,9,10,11 or 12
		13	8,9,10,11,12 or 13
		14	9,10,11,12,13 or 14
		15	10,11,12,13,14 or 15
		16	11,12,13,14 or 15
		17	12,13,14 or 15
		18	13,14 or 15
		19	14 or 15
		20	15
Payout Period	Equal to Premium Payment Term
Annual Premium	Minimum Annual Premium - Rs.24,000 Maximum Annual Premium - No limit
Premium Paying Mode	Annual/Semi-Annual/Quarterly and Monthly In case policy tenure is less than 10 years, only Annual mode of payment is available.

Customers should note that premiums may vary based on location, age, premium payment term and other factors.

Plan Coverage - What the DHFL Pramerica Smart Income Plan covers

Following are the benefits provided by the DHFL Pramerica Smart Income Plan

Death Benefit	In case of untimely death of policyholder during the policy tenure or when the policy is in paid-up status, the following lump sum benefit will be provided - (T)/(N)*Death Sum Assured Where - T - Number of premiums that are paid under the policy N - Number of premiums that are payable under the policy
Maturity Benefit	Upon policyholder’s survival until maturity, the following benefit will be paid at the end of every year during the payout period - (T)/(N)*Annual Payout Where - T - Number of premiums that are paid under the policy N - Number of premiums that are payable under the policy

Exclusions - What the DHFL Pramerica Smart Income Plan does not cover

There are no exclusions to this plan, however in case the policyholder commits suicide or attempts suicide, regardless of sane or insane within a period of 12 months of the date of commencement of the policy or revival of the policy then an amount that is equal to higher of 80% of the total premiums paid or surrender value, if applicable, will be paid.

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

Free look cancellation	In case a policyholder is not satisfied with the plan, he/she can return the same along with stated reasons within a period of 15 days from the date of receipt of the policy. In case the policy has been procured through distance marketing i.e., sale through a mode other than face-to-face interaction, the Free look period available is 30 days.
Grace period	For all modes of payment, a grace period of 30 days is allowed.
Loan	Policy loan is available once the said policy acquires Surrender value. Up to 80% of the surrender value will be available as loans. Outstanding amount of loan along with unpaid interest on the amount will be cut from the amount that is payable under the policy.
Policy Revival	Policies that have lapsed can be revived within a period of two years from the date of the first unpaid premium and prior to maturity date by paying all the premiums that have been due, along with applicable interest. In case the policy has not been revived despite instructions, the policyholder will receive an amount that is equal to 15% of the premiums that have been paid as long as the individual has paid the complete premium amount for a minimum of one policy year.
Lapse	In case the policyholder does not pay the premium payment even before paying the same for two continuous years in full, the policy will lapse after the grace period has expired.
Paid-Up Policy	In case the policyholder does not pay premiums after completing payments for the first two policy years, the policy will be converted to a Paid-p policy after the grace period has expired. In such a case, the policyholder can surrender a reduced paid-up policy so as to receive benefits immediately.

 

Tax Benefits - How you can save with the DHFL Pramerica Smart Income Plan

Tax benefits are available under this plan based on existing tax laws. However as these laws are subject to change from time to time, customers are asked to consult their tax advisors prior to purchasing the plan.

Other benefits - How you can save with the DHFL Pramerica Smart Income Plan

The Smart Income Plan provides a number of benefits and features making it suitable for almost everyone. Additionally, there are certain other advantages that can be availed and these include -

• Apply Online - Policyholders have the option to apply for their plans online by visiting the DHFL Pramerica website, instead of having to visit one of the offices.
• Customer Care - Policyholders have the option to contact the Customers Care service in case of any doubts or grievances from the convenience of their home.
• Premium Calculator - Customers can gauge their premiums or even the tax that they might have to pay by using the premium calculator available on the DHFL Pramerica website.
• Payment of premium - Customers can pay their premium online or through Credit Cards, Debit Cards or Netbanking methods.

Why you should buy the Smart Income Plan from DHFL Pramerica?

One of the most well-known providers of insurance policies in the market today, DHFL Pramerica is known for its unique plan options. As part of its plan portfolio, DHFL Pramerica provides a number of plans ranging from life insurance policies to group plans. This company is a joint venture between Prudential International Insurance Holdings, Ltd. which is a financial services company that has its headquarters in the U.S. and the second largest housing finance company in the private sector, Dewan Housing Finance Corporation Ltd. and

Robust customer service, Quality products, and latest technology are some of the reasons why this company’s products are sought after. DHFL Pramerica has also been the recipient of a number of awards such as ‘Website of the Year’ in 2016 and ‘Skoch Technology for Growth Silver Award’, again in the year 2016.