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Pramerica Life Magnum Assure Plan is a non-participating endowment insurance plan that provides guaranteed monthly payouts to fulfill your future financial needs. With life cover, this plan also guarantees a secure future for your family, in case of your unfortunate death.
Get QuoteDeath Benefit
In the event of death of the insured during the term of the policy, Death Sum Assured as equal monthly payouts is payable. Monthly payout = Death Sum Assured divided by Payout Period (in months).
Death Sum Assured is higher of Base Sum Assured, Maturity Sum Assured, 105% multiplied by all the premiums paid or 10 times of the Annualized Premium.
Here, Base Sum Assured = Annualized Premium * Policy Term (in years) * Death Benefit Multiple. Death Benefit Multiple = 2/2.5 for policy term of 10/15 years respectively.
When premium is paid annually, the monthly payout is 102.5% of Monthly Death Benefit
Maturity Sum Assured = Monthly Maturity Benefit * Payout period (in months).
Maturity Benefit
On survival of the life Insured till the end of the policy term, the Maturity Benefit is payable as regular monthly payouts during the payout period. The Maturity Benefit may vary depending on the policy Term and Age at entry.
Monthly Maturity Benefit = (Annualized Premium * Maturity Benefit Multiple)/12
When premium is paid annually, the monthly payout is 102.5% of Monthly Maturity Benefit.
The Policyholder/Nominee/Legal Heir can take all due future Monthly payouts as a lump sum amount. Lump sum Amount = Monthly Payout * Lump sum Factor
Loan Benefit
Under this plan, Loan is available up to 80% of the Surrender Value.
Surrender Value
Surrender Value is higher of Special Surrender Value or Guaranteed Surrender Value. Surrender Value is acquired on payment of all the due premiums for at least two consecutive policy years.
Tax Benefit
You can avail tax benefits under section 80C and 10 (10D) of the Income Tax Act, subject to change in tax laws.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 18 Years | 55 Years (Policy Term 10 Years), 50 Years (Policy Term 15 Years) |
| Age at Maturity | - | 65 Years |
| Policy Tenure | 10 Years | 15 Years |
| Premium Paying Term | Equal To Policy Tenure | - |
| Premium Paying Mode | Annually & Monthly | - |
| Premium Amount | Rs 48,000 | No Limit |
| Sum Assured | Annualized Premium * Policy Term (in Years) * Death Benefit Multiple | - |
| Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | 30 Days | - |
| Plan Type | Offline | - |
No riders can be attached to this plan.
Raman at 35 years, opts for Pramerica Life Magnum Assure Plan with the policy term of 10 years and payout period is 120 months.
Scenario A: Raman Survives the Policy Term
If Mr. Raman survives till the maturity of the policy term, he receives Maturity Sum Assured as equal Monthly Payouts for the entire Payout period. This maturity amount helps fulfill the financial goals.
Scenario B: Raman dies during the Term of the Policy
In the event of demise of Mr. Raman during any policy year, the nominee will receive Death Sum Assured as equal monthly payouts. This payout provides financial cover for the family.
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