Life insurance plans are procured as they guarantee financial assistance to the insured and the family of the insured in case of the policy holder’s untimely death. In financial uncertain times such as these, it is important for customers to ensure that they have safety net for themselves and their family in case of emergencies or other necessities. The need only increases with age and by the time customers retire, they need to find out a way to manage their hard earned money so that they will not have to worry about it once they retire.
DHFL Pramerica offers a plethora of insurance plans for customers. They can choose the required plan going by their needs and necessities. The Smart Assure plan provides guaranteed maturity benefit and death benefit and is an endowment insurance plan that is non-participating.
Eligibility Conditions for DHFL Pramerica Smart Assure
|Entry Age (in years)||Minimum||8|
|Maximum||For policy term of 10 years||60|
|For policy term of 15 years||55|
|For policy term of 20 years||50|
|Maximum Age of Maturity||70 years|
|Policy Tenure||10 years or 15 years or 20 years|
|Terms for Premium Payment||Policy Tenure||Premium Payment Tenure|
|10 years||5 years or 7 years|
|15 years||7 years or 10 years or 15 years|
|20 years||10 years or 15 years or 20 years|
|Assured Base Sum||Minimum||Rs. 75,000 - limited pay|
|Rs. 1 lakh- regular pay|
|Maximum||Rs. 25 lakhs|
|Yearly Premium||Minimum||Rs. 6000 and this is subject to minimum base assured sum|
|Maximum||Corresponding to the maximum assured base sum|
|Mode for Premium Payment||Annually, Half-yearly, Quarterly and Monthly|
Key Features of DHFL Pramerica Smart Assure
|Plan Type||Non-participating Endowment Insurance Option|
|Maturity Benefits||Sum of assured basic sum, accrued reversionary bonus and any other bonuses (if any).|
|Premium Payment Frequency||Annually, Half-yearly, Quarterly, Monthly|
|Death Benefit||Nominee will receive Death assured sum, accrued reversionary bonus and any other bonus.|
|Loan||Can be procured|
Benefits of DHFL Pramerica Smart Assure
This DHFL Pramerica Life Insurance plan comes with a number of benefits.
- In case of untimely demise of the insured during the policy tenure, the nominee will receive both the assured death sum and accrued maturity additions, if applicable. In case the insured is below 45 years at the age of entry, then the assured death sum is a higher of assured base sum or 11 X yearly premium or assured maturity sum. In case the insured was over 45 years old at the time of entry then assured death sum is a higher of assured base sum or 7X yearly premium or assured maturity sum. The assured maturity sum will be equal to assured base sum.
- In case the policyholder survives till maturity of the policy, then he/she will receive assured maturity sum along with maturity additions.
- Automatic continuation of cover for complete death benefit for a year is also applicable if the premium for 3 policy years has been completely paid and successive premium installment is not paid.
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GST of 18% is applicable on life insurance effective from the 1st of July, 2017