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  • DHFL Pramerica Smart Money Back Plan

    DHFL Pramerica Life Insurance

    This participating life insurance policy from DHFL offers guaranteed money back at various planned milestones in life. It also acts as a savings instrument through bonus accruals. It comes with death and survival benefits along with tax benefits under prevailing tax laws.

    Eligibility Conditions for DHFL Pramerica Smart Money Back

    Minimum entry age 8 years
    Maximum entry age
    • 49 years: Policy term of 16 years
    • 45 years: Policy term of 20 years
    Minimum maturity age N.A
    Maximum maturity age 65 years

    Key Features of DHFL Pramerica Smart Money Back

    Plan type Participating endowment insurance plan with moneyback at planned milestones
    Plan basis Individual
    Premium payment term options 5 or 7 years
    Policy term 16 and 20 years
    Maturity benefits 8% assured returns
    Premium payment frequency Monthly, half yearly and yearly (Monthly mode is available for ECS, credit card and direct debit modes)
    Free-look period
    • 15 days for policies purchased manually
    • 30 days for policies purchased through distance marketing
    Grace period 30 days for premium payments through all modes
    Policy revival Policy revival is allowed within the first 2 years of the policy term from the date of first unpaid premium.
    Nomination Nomination option is available under this policy
    Base sum assured
    • Minimum: Rs.1,20,000
    • Maximum: No cap, subject to underwriting
    Policy coverage Death, Maturity and survival benefits

    Benefits/Advantages of DHFL Smart Money Back

    • Death benefit

      In case of demise of the insured member, a full death benefit will be paid out to the nominee(s), regardless of whether a survival benefit was paid earlier or not. The death benefit will be inclusive of accrued bonuses of all types. The benefit will be higher than 11 times the annualized premium and the base sum assured.

    • Survival benefit

      This benefit is a percentage of the base sum assured, to be paid out at regular intervals during the policy term as per the schedule. This benefit is available upon conclusion of 4th year of policy and follows every 4th year for a 16-year policy term. For the 20-year policy term, the interval would be once every 5 years. The table below provides details on the percentage of the base sum assured disbursed as survival benefit payout.

      16-year policy term

      Policy year Percentage of sum assured
      4 15 percent
      8 20 percent
      12 25 percent
      16 40 percent

      20-year policy term

      Policy year Percentage of sum assured
      5 15 percent
      10 20 percent
      15 25 percent
      20 40 percent
    • Benefit upon maturity

      If the insured member survives the policy term, all types of bonuses accrued during the policy term would be payable. This includes revisionary and final bonuses.

    • Loans against the policy

      After the policy acquires surrender value, the policyholder can use this endowment policy to avail a loan of up to 80 percent of the surrender value. The outstanding amount and interest charges payable shall be directly debited from the amount payable under the policy. This policy can be used an instrument to secure the loan amount.

    • 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.

    • Option to surrender during the policy term

      After the passage of payment of premiums for at least 2 consecutive years, you can consider the option of surrendering the policy. 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 Money Back Works

    • To begin with, you can choose a base sum assured as desired. The minimum requirement is Rs120,000.
    • Choose the policy term and the premium payment term from the available options as per convenience. The available policy term options are 16 and 20 years.
    • You can look forward to money back as per the intervals available. The survival benefit will be a percentage of the base sum assured.
    • Upon maturity, you can look forward to receiving revisionary and final bonuses.
    • A death benefit along with the available bonuses will be paid out in case of demise of the insured member during the policy term.
    • Revival of the policy can be done for up to 2 years from the date of last unpaid premium.
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