This non-participating life insurance plan guarantees annual income and comes with customization options to help you deal with future financial needs. It is an endowment insurance plan with death and maturity benefits and comes with tax benefits as well.

Eligibility Conditions for DHFL Pramerica Smart Income

Key Features of DHFL Pramerica Smart Income

Benefits/Advantages of DHFL Pramerica Smart Income

• Death Benefit

  In case of death of the insured member, a lump sum benefit amount is paid out to the nominee(s) under the policy. The lump sum benefit will be the highest of base assured sum/sum assured upon maturity/105% of the total premiums paid until the date of death.

• Benefits paid upon maturity

  When the insured member survives the policy term, an annual payout is handed out. This payout will be equal to the sum of annualized premium multiplied by the MBM (Maturity Benefit Multiplier). The MBM is dependent on the term chosen by the policyholder and the entry age.

• Assured annual payouts

  With this DHFL Pramerica Life plan, you can look forward to guaranteed annual payouts for a period, equal to the premium payment term chosen by you. This policy also comes with the flexibility to choose premium payment terms under the specific policy term.

• Policy can be used to avail loan

  The policyholder can use this endowment policy to avail various retail loans offered by the company. It acts as a monetary security to secure the loan amount. One can be eligible for a loan of up to 80% of the surrender value once the policy acquires such a value.

• Tax Benefits

  The policyholder can also look forward to tax benefits on the premium paid, which can be claimed as deductions under various sections of the Income Tax Act.

• Flexibility to surrender the policy

  The policyholder has the flexibility to surrender the policy, anytime after payment of premium for at least 2 consecutive years. Upon surrender, an amount equivalent or higher to GSV (Guaranteed Surrender Value) and SSV (Special Surrender Value) will be handed out to the insured member.

How the DHFL Pramerica Smart Income Works

• The proposed insured member should choose a policy term, available from 7 to 20 years.
• A suitable premium payment term can be selected on the basis of your requirements.
• The annual payouts are derived from the annual premium paid multiplied by the MBM (Maturity Benefit Multiplier).
• Life cover will be provided during the policy term.
• The annual payouts are activated from the maturity date for a period equal to the payment term chosen.
• This plan does not come with any exclusions.

Policy Revival

The policyholder is allowed to review the policy for up to 2 years from the date of last unpaid premium. To reactivate the policy, payment of all unpaid premiums with applicable interest charges is a must, subject to underwriting requirements. Once the policy has been successfully revived, the benefits available under the policy would be reactivated.

GST of 18% is applicable on life insurance effective from the 1st of July, 2017