The Family First insurance policy from DHFL Pramerica offers financial protection for the policyholder and his / her family. In case of the accidental death of the policyholder, the policy will cater to the financial needs of the family by providing monthly benefits and ensuring that they can lead a similar lifestyle as before the policyholder’s unfortunate death. The monthly benefit ensures that your family is well covered in times of financial trouble. The plan covers both major and minor expenses and offers competitive premium rates for all kinds of customers.
Features of DHFL Pramerica Family First
- Financial cover can be availed at a nominal price.
- Guaranteed monthly income benefit until the policy term comes to an end, to ensure that recurring expenses can be met by your family even in your absence.
- The guaranteed income if offered for at least 48 months over and above the lump sum payout regardless of whether or not claims are made in the last four policy years.
- Lump sum benefit will be 20X the monthly benefit income opted by the individual, so that his / her family can meet immediate expenses if there is an unfortunate death of the policyholder.
- Additional risk coverage can be availed by the customers by choosing one of the two available riders – DHFL Pramerica Accidental Death Benefit Rider and/or DHFL Pramerica Critical Illness Rider.
- Tax benefits under Section 80C of the Income Tax Act.
Benefits of DHFL Pramerica Family First
- Lump sum benefit: The payment will be equal to 20x the monthly income of the policyholder and will be paid out to the family immediately in case of the death of the policyholder to meet immediate and future expenses.
- Monthly income benefit: A fixed amount will be provided to the family of the policyholder upon his / her death so that they can meet daily expenses without any difficulty.
- Guaranteed monthly income: In addition to the lump sum payment, customers can also claim guaranteed income for 48 months regardless of whether or not claims occur in the last four policy years.
- Riders: Additional risks can be covered by option for one of the add-ons such as DHFL Pramerica Accidental Death Benefit Rider and/or DHFL Pramerica Critical Illness Rider. The first policy covers the insured individual if he / she is diagnosed with a critical condition / illness such as blindness, heart attack, aorta surgery, cancer, open heart replacement, open chest CABG, repair of heart valves, bone marrow organ transplant, kidney failure, stroke and permanent paralysis of limbs. The second rider provides beneficiaries with an extra sum assured as selected under this rider in case of the death of the insured individual.
- Tax benefits: Under Section 80C of the Income Tax Act, tax benefits can be availed on benefits received and premiums paid under this policy.
- The minimum age requirement for those who wish to take out this policy is 18 years and the maximum is 50 years.
- The minimum policy term is 10 years and the maximum is 30 years.
- The maximum age of the individual at the time of maturity should not be over 65 years.
- The minimum monthly benefit is Rs.4000 and there is no limit on the maximum benefit.
- This is a Regular Pay policy and premium payments can be made on a monthly / quarterly / semi-annual or annual basis.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017