Insurance companies of today have evolved significantly to keep in touch with the changing dynamics of the general populace. Switching from basic insurance plans, insurance companies have now begun offering plans that reflect the growing needs of a policyholder in this inflation-ridden world. The DHFL Pramerica Wealth+ ACE Plan is one such progressive plan, which offers the dual benefit of savings and coverage to a policyholder.
This plan comes with various investment options, which the policyholder can choose from depending on their risk appetite and their financial goals. It also comes with various interesting benefits like the Persistency Units and Systematic Transfer Plans, which helps a policyholder make the best out of their investment.
In order to own this policy, a prospective policy buyer needs to meet the following requirements:
|Minimum Age at Entry||8 years for a 10-year policy term 3 years for a 15-year policy term 90 days for a 20 or 25-year policy term|
|Maximum Age at Maturity||65 years|
|Policy Tenure||10,15, 20 or 25 years|
Sum Assured: This is the amount that will be paid as benefit in case of maturity of the policy or death of the person insured.
|Minimum Sum Assured||1.25 times the premium paid if the entry age is below 45 years 1.10 times the premium pad if the entry age in more than 45 years|
|Maximum Sum Assured||Rs.10 crore subject to underwriting.|
Premiums: This is the amount a policyholder needs to pay in order to receive the coverage they are looking for.
|Maximum Premium||Depends on the Sum Assured chosen|
These are the coverage options offered by the DHFL Pramerica Wealth+ ACE Plan:
|Maturity Benefit||Upon maturity of the policy, a total amount equal to the fund value along with any persistency units will be paid.|
|Death Benefit||Upon death of the person insured, the higher of the following:
|Systematic Transfer Plan||Once a policyholder chooses this option, they can choose to invest their premiums in any of the fund options available. The policyholder will have the right to choose how much money goes into each fund. However, the minimum monthly investment will be at least 10% if the single premium. For instance, if the single premium is Rs.65,000, the monthly investment must be Rs.6,500. The main benefit of this plan is rupee cost averaging wherein, more units are bought when the market is down and vice versa to standardise the returns.|
|Persistency Units||As a token of the company’s appreciation, it offers Persistency Units after every five policy years after ten policy years. Here’s what it looks like:
The DHFL Pramerica comes with a rider plan.
The policy can be added to the base policy at the time of purchase. If the person insured dies while the rider is active, a Sum Assured as specified in the policy document will be paid to the beneficiaries. Note that, the minimum age at entry for this rider is 18 years.
Other Key Features – Freelook Period, Surrender Values, Grace Period etc.
|Free Look Period||If the policyholder is not satisfied with the policy and chooses to return the policy, he/she needs to state the reasons and return it 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.|
The DHFL Pramerica Wealth+ ACE Plan comes with a few tax benefits. These are as follows:
Note that these benefits are likely to change if the tax laws are changed in the upcoming years.
There are several aspects related to this plan that allows policyholders to save big. These are some of the key aspects:
DHFL Pramerica is one of the newest and the fastest growing insurance companies in the country. Having only been in existence for a handful of years, the company has raked in plenty of accolades for its contribution to the Indian insurance sector.
Besides, the company is known to offer unique plan options along with some interesting benefits to its customers. 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.
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.