The future of our world lies in the hand of children, and as parents most of us strive to ensure they have a solid foundation to lead a fruitful life. DHFL Pramerica Future Idols Gold + is a plan designed exclusively to cater to the financial needs of your children, doubling up as a savings plus child protection plan. Investing in this plan today could secure the future of your child, ensuring that he/she has a strong platform to fulfil his/her dreams.
Eligibility Criteria for DHFL Pramerica Future Idols Gold +
Listed below are the basic eligibility criteria which need to be satisfied.
|Minimum entry age||18 years|
|Maximum entry age||
|Maximum age at maturity||65 years|
|Minimum premium||Rs 10,800 per year|
Key Features of DHFL Pramerica Future Idols Gold +
Some of the highlights of DHFL Pramerica Future Idols Gold + are mentioned below.
|Plan type||Child protection plus savings plan|
|Premium payment term||
|Maturity benefit||Minimum maturity benefit equivalent to 1.25 times the base sum assured will be paid|
|Premium payment frequency||Monthly, half-yearly and yearly|
|Loan||Loans can be availed during emergencies, subject to certain conditions|
|Surrender value||Policy can be surrendered after it is active for a specific time period, with the surrender value depending on this time|
|Free look period||
|Grace period||30 days|
|Revival/Renewal||Policies can be revived by paying all dues and fines within two years of first unpaid premium|
Minimum – Rs 1.5 lakh
Maximum – Rs 5 crore
|Policy coverage||Death Benefit, Maturity Benefit|
Benefits/Advantages of DHFL Pramerica Future Idols Gold +
DHFL Pramerica Future Idols Gold + aims to secure the future of investors, offering a number of benefits to them.
- Flexibility – Policyholders have flexibility when it comes to choosing the policy term and premium payment modes.
- Tax advantages – Policyholders are entitled to tax benefits on the premiums paid and sum received, subject to the current tax laws in place.
- Loans - Policyholders can avail a loan against their policy, ensuring they have a contingency plan during emergencies.
- Maturity benefit – A maturity benefit equivalent to 1.25 times the base sum assured plus any accrued bonus will be paid once the policy matures.
- Death benefit – In the unfortunate event of demise of a policyholder, his/her nominee will receive a death benefit equivalent to the death sum assured plus any accrued bonus.
- Bonus – Policyholders are eligible to earn a bonus on their policy, with the company sharing a portion of its profits with them.
Working of DHFL Pramerica Future Idols Gold +
DHFL Pramerica Future Idols Gold + has been designed keeping the interest of policyholders in mind, offering ease of use and simplicity to investors. Let us consider the example of Mr. Pradeep, a talent scout to understand the working of this DHFL Pramerica Life Policy. Pradeep, aged 35 years is married with one kid, who is 4 years old. In a bid to secure the financial future of his child, Pradeep invests in DHFL Pramerica Future Idols Gold +, choosing a policy with a 15 year term. The sum assured opted by him is Rs 15 lakhs, with the premium amounting to Rs 1 lakh annually (approximate).
He opts to pay an annual premium for 10 years, setting aside a portion of his salary for the same. Let us consider the following scenarios to see how this policy functions.
Scenario 1: Pradeep passes away 12 years after purchasing the policy. In such case, his nominee (wife) will receive a death benefit which is equivalent to the higher of 10 times the annualised premium or 1.25 times the base sum assured.
Scenario 2: The policy matures after 15 years, with Pradeep and his family staying hale and hearty. In this case, he will receive a maturity benefit equivalent to 1.25 times the sum assured plus all bonuses accrued during this period.
|Policy Term||Premium Payment Term||Premium Payment Frequency|
|15 years||8 / 10 years||Monthly, yearly or half-yearly|
|20 years||12 / 20 years||Monthly, yearly or half-yearly|
|25 years||15 / 25 years||Monthly, yearly or half-yearly|
This plan doesn’t come with additional riders (currently). The company could, however, choose to provide riders as per its discretion and one should check the same at the time of purchasing the DHFL Pramerica Child policy.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017