DHFL Pramerica ULIP Plan
DHFL Pramerica ULIP
  • Wealth Addition
  • Switching Options
  • Tax Benefits Under 80C
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DHFL Pramerica ULIP Plans

DHFL Pramerica Life Insurance Limited is a joint venture between Prudential International Insurance & DHFL Investments Limited. DHFL Pramerica is dedicatedly providing protection and quality financial advice to its customers. The insurance company offers four unit-linked insurance plans. It provides life coverage & acts as an investment to the policyholder. Here we are going to discuss the four ULIP plans offered by the DHFL Pramerica Life Insurance company.

Tabular Representation DHFL Pramerica ULIP Plans

Here is a table mentioning all the details about 4 DHFL Pramerica ULIP plans as per 2019-2020.

Plan NameEntry AgePolicy Term(Regular Pay)PremiumMaximum Maturity Age
MinimumMaximumAge at the entry of life insuredPolicy Tenure
Pramerica Life Wealth Enhancer1 Years68 Years1 Year - 40 Years
41 Years - 45 Years
46 Years and above
7 Years to 20 Years
7 Years to 10 Years
NA
Rs.2,00,000 onwards (Single pay)75 Years
Pramerica Life Wealth Maximiser90 Days65 Years0 Years - 40 Years
41 Years - 65 Years
5 Years to 30 Years
5 Years to 25 Years
Rs.36,000 onward (Annually).75 Years
Pramerica Life Wealth+ Ace90 Days65 Years8 Years
3 Years
90 Days
10 Years
15 Years
20 Years or 25 Years
Rs.65,000 (Single Premium)75 Years
Pramerica Life Smart Wealth+8 Years55 Years20 YearsRs.30,000 onwards (Annually)75 Years

Details On DHFL Pramerica ULIP Plans

Here is a detailed description of the four ULIP plans offered by DHFL Pramerica Life Insurance Company:

1. Pramerica Life Wealth Enhancer Plan

It is a unit-linked and non-participating plan being offered by the DHFL Pramerica Life insurance company. Here is all that is offered to an insured under the plan:

  • Wealth additions from the first policy year.
  • Wealth boosters are provided at specific intervals to increase the fund value.
  • Tax benefits on the premiums paid under the plan.
  • At maturity, the insured gets the option for fund conservation to prevent the fund value from market fluctuations.

2. Pramerica Life Wealth Maximiser Plan

Under this ULIP, the policy buyer can choose one of the two investment strategies:

  • Defined Portfolio strategy
  • Life stage portfolio strategy

Other than this, the plan provides the insured with death benefit and maturity benefit.

Under the death benefit the insured get higher of :

  • Sum assured along with top-up sum assured.
  • Fund value, including top-up value, or
  • 105% of the total premium paid till the date of death, inclusive of top-up premium if any.

3. Pramerica Life Wealth+ Ace Plan

Pramerica Life Wealth+ Ace Plan’s features are:

  • It offers a single premium payment mode option. A lump sum amount is paid as the premium under this plan.
  • Currently, no top-up premiums are allowed under the plan.
  • The sum insured depends on the entry age of the person to be insured.
  • No discontinuation of policy is entertained before completion of the lock-in period. The lock-in period is 5 years.
  • Tax benefits are available under the plan.

4. Pramerica Life Smart Wealth+ Plan

This unit-linked insurance plan provides the policyholders with following the facilities and benefits:

  • Persistency Units are added as a reward for continuing the policy. It is equal to 1% of the average of the fund value.
  • The persistence unit is credited to policyholder’s account at the end of 10th, 15th and 20th policy year, subject to a condition that the policy is in force.
  • The plan also provides 4 free switches of funds. But, the minimum switch amount should be Rs.5000 unless 100% of the fund is switched.
  • Partial withdrawals of funds are allowed from the 6th policy year from the date of issue of the policy.

Why You Should Choose DHFL Pramerica ULIP Plans?

The features of the DHFL Pramerica ULIP plans and the benefits provided under them are excellent. The facilities, bonuses, and choices under-investment strategies are worth investing in these plans. Here are a few of the salient features along with benefits offered by the DHFL Pramerica ULIP plans for a better understanding:

  • Death Benefit: The death benefit is provided to the nominee in case of death of the policyholder under DHFL ULIP plans.
  • Maturity Benefit: In case the insured person survives till the maturity date, the fund value is paid to the policyholder. Since maturity covered is functioned, the death cover is ceased on maturity.
  • Surrender Benefit: Surrender benefit is provided after completion of the lock-in period under DHFL Pramerica ULIP plans.
  • Wealth Additions: It is a percentage of the average fund value of the preceding 3 years, allocated as extra units to the policyholder. It functions from the first year of the policy issue.

    For example, wealth addition percentage under Pramerica Life Wealth Enhancer Plan:

    Policy YearWealth Additions
    1 Year to 5 Years0.2%
    6 Years and onwards1.0%
  • Wealth Boosters: Wealth booster is provided under the Pramerica Life Wealth Enhancer Plan. Wealth booster of 1.5% of the average fund value of the preceding 3 years is allocated to the policyholder’s account at the end of the policy year.
  • Choice Of Investment strategies: There are ULIP plans under DHFL Pramerica that provide its policy buyers options of investment strategies.
  • Switching Option: The policyholder can switch his/her investment within available funds. DHFL Pramerica ULIP plans allow a few switches for free.
  • Partial Withdrawals: There are provisions for partial liquidation of funds under DHFL Pramerica ULIP plans after completion of the lock-in period.
  • Fund Conservation Option On Maturity: DHFL Pramerica Life insurance company provides the policyholder an option to preserve the fund values towards the end of the policy term. The insured needs to notify the insurance company 30 days before the start of the last policy year when the right to exercise this option becomes available.

FAQs

Yes, the policy term is different for different ages of the policy buyer under the Pramerica Life Wealth Enhancer Plan.

The minimum maturity age is 18 years for Pramerica Life Wealth Maximiser Plan

Yes, switches are chargeable. 4 switches in the policy year are not charged whereas any subsequent switches thereafter are charged with Rs.250 per switch.

Yes, the policyholder has an option to revive the discontinued policy within three years from the date of the first unpaid premium. This can only be done if the policyholder pays all the due premium amount.

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Last updated on 23-01-2020