The DHFL Pramerica Family Income Plan is a non-participating decreasing term plan. Unlike other plans where you are eligible to get a lump sum amount, this plan gives you monthly income based on a monthly financial amount chosen by you and the premiums paid. Your family will continue to receive the monthly income irrespective of whether you are around or not. Not only does this plan provide a protective cover but also makes you eligible for various benefits including tax benefit.
The eligibility criteria required in order to avail this plan are given in the table below:
|Parameters||Criteria for eligibility|
|Minimum age at entry||18 years|
|Maximum age at entry||55 years|
|Maximum Benefit Expiry Age||65 years|
|Minimum Monthly Family Income||Rs.2,000|
|Maximum Monthly Family Income||No Limit|
*Ages mentioned above are as on the policyholder’s last birthday.
Sum Assured is the minimum amount the insured will get from the insurer. The sum assured won't contain any benefits or bonuses the policyholder might be entitled to. The relevant information on sum assured for this plan is given in the table below:
|Sum Assured||The sum assured will be based on the premiums paid.|
Premiums to be paid will be decided at the beginning of the policy and will depend on the policy term, sum assured and the premium payment mode. All the relevant information on premiums for this plan is given in the table below:
|Minimum Policy Term||5 years|
|Maximum Policy Term||30 years|
|Premium Payment Mode||Annual, Semi-Annual, Quarterly or Monthly|
|Premium Payment Options||Regular Pay|
*Premiums vary based on age, location, plan term, taxes, and other factors
There are certain benefits under this plan which the policyholder can enjoy. The information on benefits provided under this plan is given in the table below:
|Death Benefit||Incase of the insured’s untimely death, the death benefit will be payable as:
There are two riders under this plan. They are:
Exclusions – What the DHFL Pramerica Family Income Plan does not cover
If the insured commits suicide within one year of the purchase or the revival of the plan, the nominee will be entitled to receive 80% of the total premiums paid.
Other Key Features
Some of the key features which comes along with this plan:
|Grace Period||A grace period of 30 days is given if the mode of premium payment is Annual, Semi-Annual or Quarterly. 15 days if the mode of premium payment is monthly.|
|Free-Look Period||A free-look period of 15 days is given.|
|Revival||The policy, if lapsed can be revived within three years from the date of first unpaid premium.|
|Nomination||Nomination is allowed under Section 39 of Insurance Act, 1938.|
|Assignment||Assignment is allowed under Section 38 of Insurance Act,1938.|
There are various tax benefits which the policyholder can enjoy under Section 80C and Section 10 (10D) of the Income Tax Act,1961. Since, the income tax laws are subject to change, it is important that one consults a tax advisor before making any tax related decisions.
The DHFL Pramerica Family Income Plan is a non-participating decreasing term plan where the nominee gets a sum of money on a monthly basis compared to other plans where one receives a lump sum amount. This plan aims to provide cover to those who would like to secure their family’s future irrespective of whether the policyholder is around or not. An individual who has availed this plan can also opt for a couple of riders which add an extra layer of protection. Apart from that, there are various benefits including the tax benefit which the insured can enjoy.
DHFL Pramerica is a joint venture between DHFL Investments Limited and Prudential International Insurance Holdings, Ltd. They are considered to be one of the best insurers known to take care of their customers as they enjoy a 99.65% success rate in addressing their consumers’ grievances. The company has won various awards which only goes on to show why they are one of the most preferred insurers amongst the people.