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Pramerica Life Insurance Limited, formerly known as DHFL Pramerica Life Insurance Company Limited is a renowned name in Indias life insurance industry. The company started its operations across India in 2008 and is a joint venture between DHFL Investments Limited, which is a wholly-owned subsidiary of Dewan Housing Finance Corporation Ltd. (DHFL), and Prudential International Insurance Holdings. Ever since its inception, this company has made significant growth in terms of its annual premium, customer service and distribution networks. It has a pan India presence through a number of distribution channels which have been specifically designed and customized to address the needs of their potential customers.
Pramerica Life Insurance offers a wide range of life insurance plans that are carefully crafted to fulfill customers various financial protection needs such as securing their childs future, retirement planning, savings and wealth creation. The company works with a vision to secure and enrich every life that they touch.
Due to its commitment and excellence in delivering best services to its customers, Pramerica Life Insurance has achieved several awards and accolades. Given below is a list of some of the most prestigious awards received by this company. Read along to find out.
As per the data of Insurance Regulatory and Development Authority of India (IRDAI), there are 24 life insurance companies that cater to different types of life insurance products in India. Given such a plethora of insurance providers available in the market, it is quite obvious to feel confused while selecting the ideal insurer for yourself. To help you in clearing your doubts, we've listed down the key features of Pramerica Life Insurance Limited that will highlight the benefits offered by the company and assist you in determining whether this company is right for you.
Annual premium (2019-20) | Rs.1,228.06 crores |
Claim settlement ratio (2019-20) | 98.42%. |
Solvency ratio | 1.83 |
No. of offices | 156 |
Given below is a brief explanation of these features. Lets understand them in detail.
The annual premium of a company is regarded as a very useful metric that helps in determining its efficiency and business performance in the industry. If we talk about the annual premium of Pramerica Life Insurance, it can be said that the company has witnessed unsteady growth in its annual premium over the last four years. From the year 2016-17 to 2019-20 the company achieved the highest annual premium of Rs. 1844.46 crores. However, this premium amount dropped down to Rs. 1228.06 crores during the year 2019-20.
To get a more clear picture about the annual premium of Pramerica Life Insurance, refer to the chart given below.
Annual Premium Of Pramerica Life Insurance Company from 2016 to 2020
**Data has been sourced from IRDAI's Annual Report
All of us consider buying a life insurance plan so that we can ensure future financial safety of our family, if in case we die an unexpected death. And if such a thing happens and your insurer fails to provide your family the required financial protection, then all your efforts of buying the insurance would be of no use. Therefore, it is very important to check the claim settlement ratio (CSR) of the insurer before investing in any plan. Higher the CSR, better is the claim credibility of the company. In the case of Pramerica Life Insurance, the company had witnessed a significant growth in its claim settlement ratio since last few years. In 2019-20, the CSR of the company stood at 98.42%.
The graph given below shows the performance of this companys claim settlement ratio from 2016 to 2020.
Claim Settlement Ratio of Pramerica Life Insurance
**Data has been sourced from IRDAI's Annual Report
To get an idea about the financial reputation and trustworthiness of any insurance company, the first factor that you should consider checking is its solvency ratio. This is because the solvency ratio helps in measuring the ability of the insurance company to meet its long term debt obligations and other monetary commitments. As per IRDAI, all life insurance companies in India are obliged to maintain a solvency ratio of at least 1.5% i.e., called a healthy ratio and Pramerica Life Insurance has managed to maintain a solvency ratio of more than 1.5% over the past few years. At present, the solvency ratio of the company is 3.46%. However, it should also be noted that there has been a significant fall in this companys solvency ratio over the last four years.
For your convenience, we've created a graph below that highlights the solvency ratio of Pramerica Life Insurance for the last four years. This chart will help you in establishing a more clear idea about the financial soundness of the company.
Solvency Ratio of Pramerica Life Insurance
**Data has been sourced from IRDAI's Annual Report
In order to ensure that its services are available to all segments of the society, Pramerica Life Insurance operates a PAN India presence through a large number of operating and distribution networks. At present, the company has 138 branch offices that are located in various different cities across the country and a strong workforce population of 2652 employees. Ever since its inception, the company has served around 4.4 million customers and helped them in securing their lives.
Pramerica Life Insurance offers a variety of life insurance products that are well-suited to meet both (investment and life cover) needs of its customers. With a list of 18 Pramerica life insurance plans, customers can easily purchase the one to safeguard their future.
The table given below provides a summarized view of all the life insurance plans offered by Pramerica Life Insurance. Lets check them out.
S.No | Pramerica Life Insurance Plans | Type of plan | Who Should buy? |
1 | Pramerica Life Saral Jeevan Bima | Protection Plan | This plan is designed for people who want to provide financial protection to their families with comprehensive coverage at an affordable cost. |
2 | Pramerica Life TruShield | Protection Plan | People who are interested in buying a life insurance cover that provides an assured return of premiums to deal with rising expenses should consider investing in this plan. |
3 | Pramerica Life U-Protect | Protection Plan | The plan is suitable for customers willing to pay nominal premium rates for their insurance cover. |
4 | Pramerica Life Wealth Enhancer | ULIP Plans | Those who want to invest in a life insurance cover for their family with high returns to meet increasing expenses should consider buying this plan. |
5 | Pramerica Life Wealth Maximiser | ULIP Plans | The plan is ideal for customers who wish to select a suitable life cover based on their desired level of protection. |
6 | Pramerica Life Wealth +Ace | ULIP Plans | This plan is a one-time investment that helps customers to build a financially secure and protected future for their family members. |
7 | Pramerica Life Smart Wealth+ | ULIP Plans | People interested in receiving high returns to create wealth in the long term should consider buying this plan. |
8 | Pramerica Life Rakshak Gold | Child Progress Plan | The plan is designed for people who want to secure their child's financial future in case of their absence. |
9 | Corona Rakshak Policy, Pramerica Life | Health Plans | The plan provides an effective way to deal with expenses involved in the treatment of COVID-19. |
10 | Pramerica Life Cancer + Heart Shield | Health Plans | The plan is suitable for customers who are willing to secure their savings in case they are diagnosed with cancer, heart, or any one of the other 26 listed major critical illnesses. |
11 | Pramerica Life Dengue Shield | Health Plans | The plan is an ideal choice for those who wish to secure themselves against the financial impact of dengue during illness and the recovery process. |
12 | Pramerica Life Secure Savings Plan | Savings Plans | People interested in earning a guaranteed annual income even after their retirement should consider buying this plan. |
13 | Pramerica Life Smart Income | Savings Plans | This plan is ideal for customers wishing to provide their families with a steady income through a guaranteed annual income benefit after their death. |
14 | Pramerica Life Flexi Cash | Savings Plans | People interested in availing the benefit of flexibility to prepone the maturity date of their policy should buy this plan. |
15 | Pramerica Life Smart Assure | Savings Plans | This plan provides customers with an assurance of providing their family members with a guaranteed increasing death benefit. |
16 | Pramerica Life Smart Cash Protect | Savings Plans | This is an endowment life insurance plan that has been designed to take care of both regular as well as long-term expenses of the customers. |
17 | Pramerica Life Roz Sanchay | Savings Plans | People looking for a life insurance plan that provides comprehensive coverage along with guaranteed maturity benefits should consider buying this plan. |
18 | Pramerica Life Magnum Assure | Savings Plans | The plan is ideal for customers who wish to provide their family members with guaranteed monthly payouts in case of their sudden death. |
To determine which is the ideal plan for you, let's study these plans in detail. Given below is a brief explanation of all the 18 life insurance plans offered by the company.
There are three plan variants available within the Protect plan category. We've described all these three plans in detail below.
Pramerica Life Saral Jeevan Bima is a non-linked, no participating individual pure risk premium life insurance plan that offers life insurance cover at an affordable cost to provide financial protection to the policyholder and his family members.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 18 years | 65 years |
Maturity Age | N/A | 70 years |
Sum Assured | Rs. 5,00,000 | Rs. 25,00,000 |
Premium Payment Mode | Single/Yearly/Half-Yearly/Monthly | |
Policy Payment Options | Regular, Limited & Single Premium |
Pramerica Life TruShield is a non-linked, non-participating term life insurance plan that offers a return on premium. The plan is specially designed to take care of your family's financial needs in case you are no longer around to take care of them.
Key Features:
Eligibility Criteria:
Policy Term | 7 Years | 10 Years | 12 Years | 15 Years | 20 Years |
Maximum Entry Age | 50 Years | 55 Years | 50 Years | 50 Years | 45 Years |
Minimum Entry Age | 18 years | ||||
Maturity Age | 65 Years | ||||
Minimum Sum Assured | Rs. 5,00,000 | ||||
Maximum Sum Assured | Rs. 50 Crores | ||||
Premium Payment Mode | Single, Annual, and Monthly | ||||
Policy Payment Options | Limited, Regular & Single Pay |
Pramerica Life U-Protect is a non-linked, non-participating term life insurance plan that is designed to provide financial protection to the family of the insured in case of his/her sudden demise.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 18 years | 55 years |
Maturity Age | N/A | 65 years |
Sum Assured | Rs.25,00,000 | No limit subject to underwriting |
Premium Payment Mode | Yearly, Half Yearly | |
Policy Payment Options | Regular |
There are four variants available within the ULIP life insurance plan category. Lets discuss these plans in detail.
Pramerica Life Wealth Enhancer is a perfect combination of savings & protection. It is a Unit Linked Non-Participating Single Premium Life Insurance plan and allows you to pay just once and enjoy the benefits of up to 20 years.
Key Features
Eligibility criteria:
Criteria | Minimum | Maximum |
Entry Age | 1 year | 70 years |
Maturity Age | 18 years | 75 years |
Premium Amount | Rs.25,00,000 | No limit subject to underwriting |
Premium Payment Term | Single Pay |
Pramerica Life Wealth Maximiser is a unit-linked non-participating life insurance plan that allows policyholders to enjoy the benefit of choosing an adequate life cover based on their desired level of protection.
Key Features:
1. Defined Portfolio Strategy
2. Life Stage Portfolio Strategy
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 90 days | 65 years |
Maturity Age | 18 years | 65 years |
Premium Payment Mode | Single, Annual, Half-Yearly, Quarterly and Monthly* | |
Premium Payment Term | Single Pay, Limited Pay or Regular Pay |
Pramerica Life Wealth+Ace is a unit-linked, non-participating single premium life insurance plan. It is an excellent solution that allows you to plan and secure your family's future.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 8 Years for Policy Term 10 Years 3 Years for Policy Term 15 Years 90 Days for Policy Term 20 or 25 Years | 65 years |
Maturity Age | N/A | 75 years |
Policy Term | 10, 15, 20 or 25 Years | |
Premium Payment Term | Single Pay. |
Pramerica Life Smart Wealth+ allows you to plan for a better future. Under this plan, policyholders have the option to choose between regular or limited premium payment tenures to suit their needs and requirements.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 8 Years | 55 years |
Maturity Age | N/A | 75 years |
Policy Term | 10, 15, 20 or 25 Years | |
Premium Payment Mode | Annual, Half-Yearly, Quarterly, and Monthly |
Pramerica Life Insurance offers a single plan under the Child plan category. This plan is called the 'Pramerica Life Rakshak Gold plan. Given below is a detailed overview of the plan. Read along to find out.
Pramerica Life Rakshak Gold is specially designed to safeguard your child's future in your absence. The plan provides money to cater to the various needs of your child like higher education, marriage, etc.
Key Features:
Eligibility criteria:
Criteria | Minimum | Maximum |
Entry Age | 18 Years - For policy term of 12 Years, 15 Years, and 18 Years | 53 Years- For 12-year policy term 50 Years- For 15-year policy term 47 Years- For 18-year policy term |
Maturity Age | N/A | 70 years |
Sum Assured | Rs 75,000/- | Rs 5 Crores subject to underwriting |
Premium Payment Mode | Yearly, Half-Yearly and Monthly | |
Policy Term | 12 Years, 15 Years and 18 Years |
There are three plan options available within Pramericas Health Plan category. To know these plans in detail, go through the following section.
COVID-19 has become a big threat to us. While battling with this highly infectious disease, it is essential to take all necessary precautions, and at the same time, should also be prepared to protect yourself and your family from its financial impact. With this policy, be prepared to deal with the virus without worrying about your medical expenses.
Key Features:
Eligibility criteria:
Criteria | Minimum | Maximum |
Entry Age | 18 Years | 65 Years |
Sum Assured | Rs 50,000 | Rs 2,50,000 |
Premium Payment Term | Single-Premium | |
Policy Term | 105 days / 195 days / 285 days |
Pramerica Life Cancer+Heart Shield is a non-linked, non-participating fixed benefit individual health product that covers you against the financial impact of various critical illnesses (on diagnosis and recovery). Along with cancer & heart problems, the plan also covers another 26 major critical stage illnesses.
Key Features:
Option I: Cancer Shield
Option II: Heart Shield
Option III: Cancer & Heart Shield
Option IV: Comprehensive Shield
Eligibility criteria:
Criteria | Minimum | Maximum |
Entry Age | 18 Years | 65 Years |
Sum Assured | Rs 5,00,000 | Option I: Rs. 50,00,000 Other Options: Rs. 25,00,000 |
Maturity Age | N/A | 75 Years |
Policy term | 10 Years | 40 Years |
Premium Payment Term | Regular Pay, equal to Policy Term | |
Premium Payment Mode | Annual, Semi-annual, Quarterly, and Monthly |
Pramerica Life Dengue Shield is a traditional fixed benefit individual health plan that helps and protects you against the financial impact of dengue during illness and recovery. On diagnosis of dengue fever (Dengue Haemorrhagic Fever and/ or Dengue Shock Syndrome), 100% of the chosen sum insured will be paid (conditions apply) to the policyholder.
Key Features:
Eligibility criteria:
Criteria | Minimum | Maximum |
Entry Age | 91 days | 65 Years |
Sum Assured | Rs. 25,000, Rs. 40,000 or Rs. 50,000 | |
Policy term | 5 Years | |
Premium Payment Term | Regular Pay, Single Pay | |
Premium Payment Mode | Annual, Semi-annual, and Monthly |
There are 7 plan variants available within this category. All these plans offer different features and benefits. Given below is detailed information on these plans. Lets check them out.
Pramerica Life Secure Savings Plan is a non-linked, non-participating endowment life insurance plan that supports your family, and helps you overcome any financial hurdle.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 5 Years | 60 Years |
Maturity Age | N/A | 73 Years |
Policy term | 13 Years | |
Base Sum Assured | 11 X Annualised Premium Minimum Base Sum Assured will be: 11 X Rs. 25,000=Rs. 2,75,000 | |
Premium Payment Term | 8 years, 10 years, and 12 years | |
Premium payment mode | Annual, Semi-annual, Quarterly, and Monthly |
Pramerica Life Smart Income is a non-participating guaranteed annual income plan that offers steady income through a guaranteed annual income benefit to make your family financially independent in your absence.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 8 years, subject to the minimum age at maturity 18 years | 60 Years |
Maturity Age | 18 years | 75 Years |
Policy term | 7 Years | 20 Years |
Base Sum Assured | 11 X Annualised Premium | |
Premium payment mode | Yearly, Half Yearly, and Monthly* For Policy Term less than 10 years, only Annual mode of premium payment is available |
Pramerica Life Flexi Cash is a non-linked endowment life insurance plan that allows you to customize the benefits as per your financial needs.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 8 years | For Policy Term 15 Years: 60 years For Policy Term 25 Years: 50 years For Policy Term 35 Years: 40 years |
Maturity Age | N/A | 75 Years |
Policy term | 15, 25, 35 years | |
Premium payment mode | Yearly, Half-Yearly and Monthly |
Pramerica Life Smart Assure is a non-linked, non-participating endowment life insurance plan that gives an assurance of Guaranteed Increasing Death Benefit and secures your family's financial needs.
Key Features:
Eligibility criteria:
Criteria | Minimum | Maximum |
Entry Age | 8 years | For Policy Term 10 Years: 60 years For Policy Term 12 Years: 58 Years For Policy Term 15 Years: 55 Years For Policy Term 16 Years: 54 years For Policy Term 18 Years: 52 Years For Policy Term 20 Years: 50 Years For Policy Term 22 Years: 48 years For Policy Term 24 Years: 46 Years |
Maturity Age | N/A | 70 years |
Sum Assured Amount | Limited Pay- Rs. 75,000 Regular Pay- Rs.1,00,000 | No limit subject to underwriting |
Premium Payment Mode | Yearly, Half-Yearly Quarterly, and Monthly |
Pramerica Life Smart Cash Protect is a non-linked participating endowment life insurance plan that offers regular cash benefits every year, along with life cover to meet your financial plans.
Key Features:
Eligibility Criteria:
Policy Term | 12 Years | 15 Years | 20 Years |
Minimum Entry Age | 23 Years | 20 Years | 18 Years |
Maximum Entry Age | 55 Years | 55 Years | 50 Years |
Minimum Maturity Age | 30 years | 35 years | 40 years |
Sum Assured Amount | Minimum: Rs. 1,25,000 Maximum: No limit subject to underwriting | ||
Premium Payment Mode | Yearly, Half-Yearly Quarterly, and Monthly |
Pramerica Life Roz Sanchay is a protection cum savings plan that comes with an annual guaranteed addition that keeps on increasing every policy year (throughout the policy tenure).
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 8 years | 50 years for 16 years Policy Term 45 years for 21 years Policy Term |
Maturity Age | N/A | 66 Years |
Sum assured | For 16 years term- Rs. 80,000 For 21 years term- Rs.1,20,000 | Rs. 5 Crore |
Policy term | 16 years, 21 years | |
Premium payment mode | Yearly, Half-Yearly and Monthly |
Pramerica Life Magnum Assure is a non-linked, non-participating endowment life insurance plan that offers guaranteed monthly payouts to ensure that your family's financial needs are properly looked after.
Key Features:
Eligibility Criteria:
Criteria | Minimum | Maximum |
Entry Age | 18 years | For Policy Term 10 Years: 55 Years For Policy Term 15 Years: 50 Years |
Maturity Age | N/A | 65 years |
Policy term | 10 or 15 years | |
Premium payment mode | Yearly and Monthly |
Customers can buy Pramerica Life insurance plans through two methods- either online from the official website of the company or through third-party agencies like brokers, agents, etc.
To enjoy a safe, hassle-free, and simple buying process it is suggested that you should plan from the official website of the company.
However, please note that the company offers an online purchasing option only for limited plans. These plans are:
Given below is a step by step guide that explains the online buying process of these plans:
Below mentioned is the claim settlement process of Pramerica life insurance:
The claimant needs to inform the company and register a claim request. The company provides four convenient ways of intimation:
This step requires the claimant to submit the following documents to the company:
Note- The above documents should be submitted (in original) at any of the company's branches.
The company will check all the documents. Once everything is according to their rules, it will process the claim within 30 days.
Registered Address
Pramerica Life Insurance Limited (Erstwhile DHFL Pramerica Life Insurance Company Limited),
4th Floor, Building No. 9 B, Cyber City, DLF City Phase III,
Gurgaon-122002
Contact Number: 1800-102-7070 (toll-free) >
Email Address: contactus@pramericalife.in
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In case of any query related to your policy, you can call on the company's toll-free number i.e. 1800-102-7070. You can also give a missed call on 1800-102-7986 from 09:30 a.m. to 06:30 p.m. from Monday to Saturday following which you will get a call back from an executive.
To overcome any medical emergency, a policyholder is eligible to avail the loan against his/her policy, which is available after the policy acquires a surrender value of up to 80%.
If the policyholder is unable to pay the premium for at least the first two consecutive policy years, the policy will get lapsed. However, one can revive his/her lapsed policy within five years from the date of the first unpaid premium.
Yes, you can modify the policy details after making the purchase. The following options are available-
Yes, once you complete the Lock-in-Period of 5 years, you are eligible to partially withdraw your funds.
Following are the modes for the payment offered by Pramerica Life Insurance Limited:
You can also use the customer helpline options, which allow you to transfer money through the telephonic medium or by a credit card.
Toll-free: 1800-102-7070 (Monday-Saturday, 9:00 AM-7:00 PM)
Following are the benefits of purchasing a Pramerica Life Insurance Policy at a young age:
The payment options are available for the Pramerica Life Insurance Policy are Monthly, Quarterly, Half-Yearly, and Yearly.
Pramerica life insurance plans are available to anyone who is 18 years old or above. It is also a good idea to buy life insurance when you're young.
(Showing latest 5 reviews only)
December 22, 2019
Ritvik Sharma
HyderabadApril 16, 2020
Krishna
ChandigarhI am having life policy from dhfl pramerica since last two years, and the plan they give me is very good and has affordable premium price. Till now i have not face any issue in the service of this company
January 8, 2020
Divya Negi
DelhiI recommend people to buy life insurance policy from DHFL Pramerica because this plan is good. I purchased policy from this company 3 years back and I have not face any issue in that till now.
October 2, 2019
Sanjay Srivastav
JaipurThis company has fast customer service and sells good life insurance policy. I suggest all my friends and family also to buy life cover policy from DHFL pramerica company.
June 25, 2019
Rajni Tyagi
DehradunI brought life insurance policy from Pramerica company for my family and I'm happy with my decision. the policy gives good coverage and add on benefits.
Last updated on July, 2021
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I brought life rakshak fold plan from Pramerica for my son. The plan offer me many benefit and I am able to secure my son's future. I am satisfied with this product and customer service given by the company.