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Pramerica Life Rakshak Gold Plan is a non-participating, guaranteed endowment insurance plan that ensures a secure financial future of your family. This plan is also designed to provide financial protection for your children, even when you are not around.
Get QuoteDeath Benefit
In the event of unfortunate demise of the life insured during the policy term, following is the death benefit payable.
Immediate Benefit: Base sum assured as a lump sum is payable. Accrued Annual Guaranteed Addition is also payable.
Monthly Payout: 2% of the Base Sum Assured is payable monthly. This payout starts from the month of death for the rest of the policy term, subject to minimum payouts for 36 months even on completion of the policy term.
Benefit at Maturity: A lump sum amount equal to Base Sum Assured multiplied by Guaranteed Maturity Multiple (GMM) is payable.
The total death benefit payable is subject to a minimum of Death Sum Assured plus Accrued Annual Guaranteed Additions.
Death Sum Assured is equal to the higher of 11 times the Annualized Premium, 105% of all the Premiums paid, Base Sum Assured multiplied by a Guaranteed Maturity Multiple factor, OR the sum of immediate benefit, Monthly Payout & Benefit at Maturity Date.
Maturity Benefit
On survival of the life insured till the maturity date, an amount equal to the Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) plus accrued Annual Guaranteed Additions is payable.
Annual Guaranteed Addition (AGA)
Annual Guaranteed Addition is accrued (as specified) at the end of every policy year. AGA is also increased after every 3 policy years.
Guaranteed Maturity Multiple (GMM)
Guaranteed Maturity Multiple is the factor applied to the base sum assured for computing the benefit payable on the date of maturity. GMM Factor is 150%/175% for 12/18 year policy term, respectively.
Bonus
No bonuses are payable, as it is a non-participating endowment insurance plan.
Loan Benefit
You can avail loan amount up to a maximum of 75% of the acquired surrender value.
Surrender Value
Surrender Value can be acquired on payment of all premiums for at least 3 full policy years, when the premium payment term is 10 years. You can acquire the surrender value after payment of 2 full policy years, when the premium payment term is 7 years. Surrender Value payable is higher of Guaranteed Surrender Value plus surrender value of accrued guaranteed additions or Special Surrender Value.
Tax Benefit
Tax benefits are payable, subject to prevailing tax laws.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 18 Years | 53 Years (For 12 Year Policy Term), 47 Years (For 18 Year Policy Term) |
| Age at Maturity | - | 65 Years |
| Policy Tenure | 12 Years | 18 Years |
| Premium Paying Term | 7 Years (For 12 Year Policy Term), 10 Years (For 18 Year Policy Term) | - |
| Premium Paying Mode | Annually, Semi Annually & Monthly | - |
| Premium Amount | Rs 12,170 (annually) | Depends On The Chosen Base Sum Assured, Age At Entry, Policy Term And Premium Payment Term |
| Sum Assured | Rs 75,000 | Rs 5 Crore (subject To Underwriting) |
| Freelook Period | 15 Days/30 Days (for Distance Marketing Channel) From The Receipt Of The Policy | - |
| Grace Period | 30 Days/ 15 Days ( For Monthly Mode) | - |
| Plan Type | Offline | - |
No rider can be attached under this plan.
Mukesh is looking to buy a plan that can ensure guaranteed maturity benefit plus financial cover for his family. At ,30 years of age he buys Pramerica Life Rakshak Gold Plan with the policy term of 18 years and premium payment term of 10 years, pays annual premium of Rs 79,595 and the sum assured is Rs 5 Lacs.
Scenario A: Mukesh Survives the Policy Term
On survival of Mukesh till end of the policy term, Base Sum Assured multiplied by the Guaranteed Maturity Multiple (GMM) plus accrued Annual Guaranteed Additions is payable.
Scenario B: Mukesh dies during the Term of the Policy
In the event of the demise of Mukesh within the policy term, the death benefit payable is the sum of Immediate Benefit, Monthly Payout & Benefit at Maturity Date.
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