Pramerica Life Smart Cash Protect Plan

Death Benefit

In the event of death of the insured during the first 15 policy years, Death Sum Assured plus Accrued Reversionary Bonus plus Final Bonus is payable. The policy terminates on payment of benefits. In the event of death of the insured after completion of the 15th policy year, Death Sum Assured plus Final Bonus is payable. The Death Sum Assured is higher of 11 times the Annualized Premium or 50% of the Sum Assured.
 

The death benefit is subject to minimum of 105% of all the premiums paid, till the date of death.

Maturity Benefit

On survival of the life Insured till the end of the policy term, the Maturity Benefit payable is 50% of the Sum Assured plus Final Bonus.

Survival Benefit

In case of survival of the life Insured on completion of the 15th policy year, he/she will receive Reversionary Bonus accrued during the first 15 policy years.

Guaranteed Income

On completion of 16th policy year onwards, every policy anniversary until maturity or death (whichever is earlier), the life Insured will receive Guaranteed Income as annual payouts as 6% of the Sum Assured.

Bonus

Compounded Reversionary Bonus is a percentage of the total of Base Sum Assured and the bonuses declared during first three policy years are vested only after the policy is in-force during three Policy years. It does not apply to policies resulting in death claims during this period. Bonus Income is a percentage of the Sum Assured payable every year. The Bonus declared depends upon the actual experience with various factors such as investment returns. Final Bonus is payable on maturity, surrender or death.
 

These bonuses are non-guaranteed and are dependent on the performance of the participating fund.

Loan Benefit

Loan is available up to 80% of the Surrender Value for  Pramerica Life Smart Cash Protect Plan.

Surrender Value

Surrender Value is higher of Special Surrender Value or Guaranteed Surrender Value. Surrender Value can be acquired on payment of all premiums for at least two consecutive policy years.

Tax Benefit

This policy provides tax benefits under section 80C & 10(10D) of the Income Tax Act, subject to amendment in tax laws.

No riders can be attached to this plan.

Raman at 35 years, opts for  Pramerica Life Smart Cash Protect Plan with the premium paying term of 15 years, annual premium of Rs 14,985 and the sum assured is Rs 1.5 Lacs.
 

Scenario A: Raman Survives the Policy Term

If Mr. Raman survives till the maturity of the policy term, he receives Rs 75,000 plus Final Bonus. The maturity amount helps meet your 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 Rs 1.5 Lacs plus Accrued Reversionary Bonus plus Final Bonus. This payout provides financial cover for the family.
 

Benefit Illustration: