DHFL Pramerica Rakshak + is a plan specially designed to secure the future of your children, offering financial security regardless of what life throws your way. This is a non-participating guaranteed endowment policy which aims to provide a financial net to cater to any requirement of your child. Rakshak + ensures that the life of your child isn’t impacted even if something happens to you, helping you fulfil your obligations at all times.
Eligibility Criteria for DHFL Pramerica Rakshak +
|Minimum entry age||18 years|
|Maximum entry age||55 years|
|Maximum age at maturity||65 years|
|Minimum premium||Rs 12,000 per year|
Key Features of DHFL Pramerica Rakshak +
|Plan type||Non-participating guaranteed endowment insurance policy|
|Premium payment term||
|Maturity benefit||A maturity benefit equivalent to the product of sum assured and Guaranteed Maturity Multiple will be paid|
|Premium payment frequency||Monthly, half-yearly and yearly|
|Loan||Loan can be availed against the policy during emergencies|
|Surrender value||Surrender value will be paid if a policy is surrendered after being in force for a specific time period|
|Free look period||
|Grace period||A 30 day grace period is provided to complete premium payments|
|Revival/Renewal||Policies can be renewed by paying all dues (premiums plus interest/fine). Renewal is possible only within 2 years of first unpaid premium and is at the discretion of the company|
Minimum – Rs 1 lakh
Maximum – Rs 5 crore
|Policy coverage||Maturity, Death Benefits|
Benefits/Advantages of DHFL Pramerica Rakshak +
Some of the main benefits of investing in DHFL Pramerica Rakshak + are highlighted below.
- Death benefit – In the unfortunate event of demise of a policyholder, his/her nominee will receive a death benefit consisting of three payouts – an immediate settlement, a continuous monthly payment and a final benefit on maturity.
- Maturity benefit – A maturity benefit will be paid to the policyholder after the policy completes its term.
- Tax advantages – Policyholders are eligible to earn tax benefits on the premiums paid and money received.
- Flexibility – Individuals can choose a term which suits their needs, paying premiums only for a limited time period.
- Loans – Policyholders can avail a loan against their policy, ensuring they have a backup during emergencies.
- Guaranteed additions – Assured annual additions are part of this policy, which help an investment grow over time, offering higher returns.
Working of DHFL Pramerica Rakshak +
DHFL Pramerica Rakshak + is a plan which is simple to understand and implement, offering ease of use to individuals. Let us take the example of Miss Riya to understand how this plan works. Riya is a 40 year old marketing professional with two children, aged 6 and 8 years respectively. She opts for this DHFL Pramerica Child Plan to ensure that the education of her children isn’t compromised if something happens to her. She chooses a policy with a 15 year term, with the sum assured being Rs 20 lakhs. She pays an annual premium for 10 years towards this policy.
Let us consider the following scenarios to understand this plan.
Scenario 1: Miss Riya passes away 13 years after buying the policy, having paid all premiums due. In this case, her husband (nominee) will receive the death benefit, which is equivalent to the Death Sum Assured plus all annual accrued additions. This money can be used to provide for the education of her children, ensuring they have financial support even after her demise.
Scenario 2: The policy matures after 15 years, with Miss Riya continuing to stay healthy and active. In this case she will receive a maturity benefit which is equivalent to the product of the sum assured and the assured maturity multiple. All accrued annual additions will also be paid to Miss Riya.
Policyholders need to pay premiums only for the premium payment term, with an option to pay either annually, monthly or semi-annually. The minimum premium for this plan is Rs 12,000 per year, with the company providing a grace period of 30 days for delayed payments.
This plan doesn’t come with any riders.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017