Pramerica Life Insurance
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Pramerica Life Insurance

Pramerica Life Insurance offers a wide variety of term insurance plans to suit your individual needs. They provide a wide range of life insurance solutions for individuals and groups, taking care of various aspects of financial protection required. Since its inception in 2008, Pramerica Insurance Company has leaped towards immense growth with an extensive distribution network, customer support, and impressive annual premiums. Pramerica Life has a network of 133 branches across India providing individuals with all kinds of insurance needs. Pramerica Life term insurance plans offer high sum assured and low premium rates, and customers can customize their plans based on their needs.

Pramerica Life Insurance Company ensures to look after your insurance needs by offering:

why-choose
  • Economical Plans

  • Riders Benefit

  • Flexible-Premium Payment Options

  • Affordable Premiums

 

Key highlights of Pramerica Life Insurance

To get more insight into Pramerica Life Insurance Company's performance, take a look at the below key highlights that will help you to analyze the company based on its performance:

Solvency Ratio

Pramerica Life Insurance has a Solvency Ratio of 4.1 as per the IRDAI annual report 2022-23. The solvency ratio helps the prospective policyholder assess the ability of a company to meet its financial obligations. As of now, IRDAI mandates maintaining a solvency ratio of 1.50 for every insurer.

Features of Pramerica Life Insurance

There are various features to the Pramerica Federal Life Insurance Plan. Let's understand each of them in detail:

  • Solvency Ratio - The company's solvency ratio helps an individual ascertain its ability to meet its long-term financial obligations. The Solvency Ratio of Pramerica Life Insurance Company for 2022-23 is 4.1. (As per the IRDAI, every life insurer must maintain a solvency ratio of 1.5).
  • Claim Settlement Ratio - The company holds a good and reliable claim-settling process with a CSR of 98.8%. (CSR as per IRDAI report of the year 2022-23). Pramerica Life Insurance holds one of the highest claim settlement ratios amongst all the insurance companies.
  • Annual Premiums - Per the IRDAI report 2022-23, Pramerica Life Insurance recorded an annual premium of Rs. 1495.39 crores.
  • PAN India Presence - Pramerica Life Insurance Company has 100+ branches across India and additional distribution touch-points through several new tie-ups and partnerships. Apart from its PAN India presence, its consultants will guide you through its wide array of products and help you pick what is right.

Benefits of Pramerica Life Insurance Plans

There are multiple benefits of Pramerica Life Insurance Plans. Read below to understand the plethora of advantages provided by the insurer.

Maturity benefit

Once the life insured survives the whole policy term. Ageas federal life insurance pays the maturity benefit as per the plan.

Tax benefit

All the Premiums paid for Ageas federal life insurance can be used for claiming tax benefits as per the Income Tax Act 1961.

Death Benefit

Upon the unforeseen death of the life insured during the policy tenure, Ageas federal life insurance pays the death benefit among the highest of the following: 10 times of annual premium, sum assured, 105% of the total premium paid.

Rider Benefits You Can Avail With Pramerica Life Insurance Plans

Here are the rider options you can avail with Pramerica Life Insurance Plans to enhance your coverage:

Maternity Benefit Rider

Pramerica Life Accidental Death Benefit Rider

Under this rider, if the policyholder dies after 180 days of the occurrence of the accident, an additional benefit equal to the rider sum assured will be payable to the nominee with immediate effect.

Maternity Benefit Rider

Pramerica Term Accidental and Total Permanent Disability Rider

Under this rider, upon the policyholder’s disability due to an accident, a rider sum assured will be paid for the treatment and managing monthly expenses.

Maternity Benefit Rider

Pramerica Term Critical Illness Rider

Under this Rider, if the policyholder is diagnosed with any of the listed 36 critical illnesses, a rider sum assured will be paid to the nominee.

Maternity Benefit Rider

Pramerica Term Waiver of Premium Rider

Under Pramerica’s Life waiver of premium rider, if the policyholder is diagnosed with any of the listed 40 critical illnesses or is fully disabled due to an accident then all the future premiums of the ongoing term plan will waived off with immediate effect.

Documents Required to Purchase Pramerica life insurance Life Insurance Policy

Here is the list of documents required to buy Pramerica Life Insurance Plans:

Photo ID Proof

Photo ID Proof (either of one) - Passport, Aadhar card, PAN card, Driving license.

How to Buy Pramerica Life Insurance Plans?

Pramerica Life Insurance allows you to buy life insurance plans via two platforms. You can either buy the plan online from the official website of the company or through third-party intermediaries like agents, brokers, etc. Given below is a detailed explanation of both these types of buying processes.

Life Insurance
  • Step 1

    Fill out the form given at the top of this page with the necessary details.

  • Step 2

    Select your income and city. Click on 'Proceed'.

  • Step 3

    Update your education and occupation details.

  • Step 4

    Choose your preferred plan and click on 'Buy this plan'.

  • Step 5

    Select the policy term, premium period, and riders (if required), and then proceed to make the payment. Once the payment is made, you will get a payment confirmation at your registered email address.

Life Insurance
  • Step 1

    Visit the Pramerica Life Insurance Company official website and scroll down to the end of the page.

  • Step 2

    Click on the "Buy Online" tab under Popular Links.

  • Step 3

    Click on the tab 'Know More ' under.

  • Step 4

    Click on the tab 'Calculate' at the top right corner of the page.

  • Step 5

    Fill in the required details, and click on the tab 'Calculate'. Once the payment is made, you will get a payment confirmation at your registered email address.

How to File Pramerica Life Insurance Claims?

Every claimant/nominee is assigned a dedicated Claims Relationship Officer who helps through the entire process. The life insurance claim settlement process at Pramerica insurance involves the following three steps

Online Process

Your Occupation
1

Claim Intimation

Inform the company about the incident via various channels-either by writing an email to Ageas Federal Life at- claims@Pramericalife.com, calling the toll-free number (1800-103-7766), filling out the online claim form on its website, or visiting the nearest branch. A claim reference number/intimation number will be provided to you upon successful registration of the claim.

Your Occupation
2

Document Submission

You have to submit the necessary documents requested by the insurer to process the claim.

In case of natural death
Death claim form, Death certificate,Original policy documents, Claimant's identity & residence Proof, Medical records, Account details of nominee.

In case of Accidental Death
Same documents with two additional documents: FIR and Post-mortem report.

Your Occupation
3

Claim Settlement

After receiving all the documents and claim forms, the insurer will verify the details as per their norms. If they require any additional details they will contact you via call or email. On successful completion, the claim will be settled and the amount will be transferred to the nominee's bank account and the same will be communicated to him/her over a call or an email.

Offline Process

Pramerica Life insurance claim settlement procedure can be reported by visiting the local Pramerica Life Branch Office. For the details of Pramerica Life Insurance branches, you can visit their website and locate the nearest branch. You have to submit the essential documents at the branch so that your claim can be processed.

Your Occupation

Exclusions of Pramerica Life Insurance Plans

  • Death due to a pandemic such as COVID-19 or ebola will not covered by the company.
  • Death, due to indulging in any adventure sports.
  • Death due to consumption of any drugs and alcohol.
  • Death due to any pre-existing disease that isn't mentioned during the start of the policy.
  • If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death benefit. They receive just the premiums paid up to the incident date or the policy's surrender value, whichever is greater. If a policyholder commits suicide during the first 12 months after obtaining the insurance, the nominee receives no death payments. They receive just the premiums paid up to the date of the incident or the policy's surrender value, whichever is greater.

Conclusion

Pramerica Life Insurance offers a range of life insurance products that cater to various needs, including protection, savings, and wealth-building goals. With options like term plans, endowment plans, ULIPs (Unit Linked Insurance Plans), and child plans, Pramerica aims to provide customers with financial security and peace of mind at different stages of life. You can contact PolicyX.com at the toll-free number 1800-4200-269 or email us at helpdesk@policyx.com.

Pramerica Life Insurance: FAQs

1. How can I check the status of my life insurance?

You can track your application on the official website of Pramerica Life Insurance or you can call on the toll-free number 1800-102-7070.

2. How can I cancel my Pramerica Life Insurance?

The Pramerica life insurance plan can be canceled by the policyholder at any point of time after the policy start date by writing to the insurance company and filling out the cancellation form. If the policy is to be canceled within the free look period, it can be done without any premium deduction by the insurance company.

3. What are the available payment modes for Pramerica Life Insurance?

You can pay the premiums of your Pramerica Life Insurance through various modes such as Online or NEFT transfer Through ECS Through Cash or cheque at the select branch office. At SBI branches At Axis branches

4. How can I renew my Pramerica Life Insurance?

You can renew your Pramerica Life Insurance Policy online through the official website by entering your login credentials, enter the policy number for renewing it. Online payment options with the aid of debit card, credit card, and Net banking are available on this site.

5. How is NAV calculated?

NAV is calculated on all Business Days based on the Authority’s guidelines in force from time to time. Based on the current guidelines enforced, NAV is calculated in the following manner as on the company literature: "{Market value of the investment held by the fund + value of current assets - (value of current liabilities and provisions, if any)}/ Number of units existing on Valuation Date (before creation/redemption of units)".

6. How can I check the status of my Pramerica Life insurance policy?

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.

7. Can I avail loan under my Pramerica Life Magnum Assure?

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%.

8. What happens if I am unable to pay the premium of Pramerica Life Insurance?

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.

9. le to change details after buying the policy?

Yes, you can modify the policy details after making the purchase. The following options are available- Download the Policy Amendment Form A form from the Download section of the company website and fill it. Call the customer service helpline numbers mentioned in the Contact Us section of the website. Or write to the corporate address mentioned in the Contact Us section of the website.

10. Can I withdraw funds from my Pramerica Life Wealth Maximiser plan to make partial withdrawals?

Yes, once you complete the Lock-in-Period of 5 years, you are eligible to partially withdraw your funds.

11. Where can I get the claim form?

You can download the claim form from the ’Claims’ section of the website. Visit the nearest Pramerica Life branch. Talk to your Pramerica Life Insurance representative.

12. What are the premium payment modes offered by Pramerica life insurance limited?

Following are the modes for the payment offered by Pramerica Life Insurance Limited: Online or NEFT transfer ECS Cash or cheque at the nearest branch office of Pramerica Insurance. At SBI branches At Axis branches 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)

13. What are the advantages of buying a Pramerica Life Insurance plan at a young age?

Following are the modes for the payment offered by Pramerica Life Insurance Limited: Online or NEFT transfer ECS Cash or cheque at the nearest branch office of Pramerica Insurance. At SBI branches At Axis branches 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)

14. What are the advantages of buying a Pramerica Life Insurance plan at a young age?

Following are the benefits of purchasing a Pramerica Life Insurance Policy at a young age: Policy premium is very low. Tax benefits Family Security

15. What are the different premium payment options for the Pramerica Life Insurance policy?

The payment options are available for the Pramerica Life Insurance Policy are Monthly, Quarterly, Half-Yearly, and Yearly.

16. What is the minimum age to buy life insurance from Pramerica?

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.

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varun saxena

Written By: Varun Saxena

I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.