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Pramerica Life Smart Money Back Plan provides you the periodic payouts that further helps build a corpus to meet your long term financial needs. This plan also provides a life cover, so your family’s financial security can be ensured.
Get QuotesIn the event of death of the life insured during the policy term, Death Sum Assured plus accrued Reversionary Bonuses plus Interim and Final Bonus is payable to the nominee. Death Sum Assured is higher of Base Sum Assured or 11 times the Annualized Premium.
The Death Sum Assured is subject to the minimum of 105% of the total premiums paid.
On survival of the life insured till maturity of the policy, Accrued Reversionary Bonus and Final Bonus is payable.
Survival benefit payout starts from the end of the 4th policy year and it is then payable in every 4th year for 16 years policy term. This payout starts from the end of the 5th Policy year and thereafter, it is payable in every 5th year for 20 years Policy Term.
Compounded Reversionary Bonus is declared as a percentage of the total of Base Sum Assured and the Reversionary Bonus amount already attached to your Policy. Any Bonuses declared during the first three policy years shall vest in the Policy only if the Policy remains in-force during three Policy years. This condition however, does not apply to policies resulting into death claims.
Interim Bonus is payable for the policies resulting into claims arising due to surrender, death or maturity during the inter-valuation period. Final Bonus may also be payable on maturity, surrender or death under the policy.
The maximum loan amount that can be availed is up to 80% of surrender value.
This policy acquires Surrender Value after payment all the due premium for at least two full policy years. The Special Surrender Value payable is higher of Guaranteed Surrender Value or Special Surrender Value.
This policy provides tax benefits as applicable under the Income Tax Act, subject to change in tax laws.
| Factor | Minimum | Maximum |
| Age (as on last birthday) | 8 Years | 49 Years (policy Term 16 Years), 45 Years (policy Term 20 Years) |
| Age at Maturity | - | 65 Years |
| Policy Tenure | 16 Years | 20 Years |
| Premium Paying Term (PPT) | 5/7 Years (policy Term 16 Years), 7/10 Years (policy Term 20 Years) | - |
| Premium Paying Mode | Annually, Semi Annually & Monthly | - |
| Annual Premium | Rs 15,000 | No Limit |
| Sum Assured | Rs 1.2 Lacs | No Limit (subject To Underwriting) |
| 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 opted under this policy.
Raman at 35 years, wants to buy Pramerica Life Smart Money Back Plan to get regular money backs along with life protection. He opts the plan with the policy term of 20 years, premium paying term of 10 years, and the sum assured is Rs 2,00,000 with the annual premium of Rs 24,200.
Scenario A: Raman Survives the Policy Term
If Mr. Raman survives till the maturity of the policy term, he receives Accrued Reversionary Bonus and Final Bonus as maturity benefit. He will also receive Survival benefit (as applicable) that starts from the end of the 5th Policy year and thereafter, it is payable in every 5th year till 20th policy year.
Scenario B: Raman dies during the Term of the Policy
In the event of demise of Mr. Raman during the policy term, Rs 2,00,000 plus accrued Reversionary Bonuses plus Interim and Final Bonus is payable to the nominee. This payout helps nominee to get the financial assistance, when his not around.
Benefit Illustration:
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