With its headquarters in Gurgaon, DLF Pramerica Life Insurance or DHFL Pramerica Life Insurance, as its known today, is a considered to be one of India’s premier life insurance providers.The company was formed as a joint venture between Dewan Housing Finance Corporation Ltd and Prudential International Insurance Holdings, Ltd. It boasts of a customer base of nearly 3 million people and serves them through 67 branches, with over 2000 employees, spread across the country. It got its approval from the IRDA, to sell insurance, in July 2008 and just one month later it had launched its first product. Over the next 6 years, the company continued to grow and reached a benchmark of more than 1 million people insured in August of 2014.
Key Highlights of DHFL Pramerica Life Insurance
Claim Settlement Ratio
Claim-settlement ratio of 57.19% for year 2014-2015
Grievances Resolved
60.06% Grievances Settled for year 2014-2015
To be eligible for DHFL Pramerica Life Insurance
You should be at least 18 years old
You should be less than 55 years old
You should be either Salaried, Self- employed, a professional or have your own business
DHFL Pramerica Life Insurance at a Glance
A maximum tenure of 30 years
Min Sum Assured: Rs 25 Lakhs
Max Sum Assured: No limit subject to underwriting
Specific exclusions: Suicide within the first 12 months
Documentation needed to apply for an DHFL Pramerica Life Insurance
- 1. Identity Proof
- 2. Age Proof
- 3. Income Proof
- 4. Address Proof
- 5. PAN Number
DHFL Life Insurance Plans in India
- DHFL Pramerica Term Plans
The protection policies offered are mostly term insurance plans which can be taken to secure the financial future of the customer’s family.
- DHFL Pramerica Family First : The Family First policy is a term insurance policy that can be taken for 10 years to 30 years. It offers death benefits that amount to 20 times the monthly income and can be enhanced by adding on riders compatible with this policy.
- DHFL Pramerica Family Income :The Family Income Plan, as the name suggests, is a term insurance plan that is offered to provide families with a monthly income. It is a decreasing term plan which can be taken for periods ranging from 5 years to 30 years. This plan too comes with riders that can be used to enhance insurance coverage.
- DHFL Pramerica U-Protect : This is a scheme that offers insurance protections are very affordable prices. It also offers non-smokers the benefits of lower premiums as an incentive for leading a healthy lifestyle. The plan offers a minimum sum assured of Rs. 25 lakhs as the death benefit and no maturity benefits.
- DHFL Pramerica Child Progress Plans
Every parent’s constant worry is the future of their child in case they are not around to take care of it. To sooth this worry DHFL offers the following insurance plans.
- DHFL Pramerica Future Idols Gold+ : This plan has be designed to cover a child’s education even if the worst was to happen. The scheme is an endowment plan which comes with policy terms of 15 years, 20 years and 25 years and offers both death and maturity benefits to policyholders.
- DHFL Pramerica Rakshak+ : This is a non-participating endowment plan that offers death benefits like sum assured and accrued annual guaranteed additions. The maturity benefits provided under this policy are the base sum assured multiplied by the guaranteed maturity multiple.
- DHFL Pramerica Savings Plans
The savings plans offered by the company are meant to make sure that policyholders are covered by an insurance instrument and are provided opportunities to save for a rainy day.
- DHFL Pramerica Flexi Cash : This is an insurance policy that offers you the choice of preponing maturity benefits which will also include guaranteed loyalty benefits. Apart from this it offers limited pay options where policyholders need to pay premiums only for 5 years, 10 years or 15 years.
- DHFL Pramerica Roz Sanchay :The Roz Sanchay scheme is a guaranteed endowment plan that offers life insurance cover along with the opportunity to make substantial savings. The plan also provides an increasing protection model which translates into a death benefit of 150% of the base sum assured.
- DHFL Pramerica Aajeevan Samriddhi : This is an insurance plan that provides insurance cover to you till the age of 99 years. It also provides maturity benefits to ensure that your retirement does not leave you penniless.
- DHFL Pramerica Sahaj Suraksha : The Sahaj Suraksha plan provides insurance cover to policyholders till the age of 75 years and it is not limited by an entry age. The death benefits of this policy may include assured sums plus other bonuses. This plan also offers maturity benefits.
- DHFL Pramerica Smart Cash Protect : This is an endowment plan that provides a regular income to policyholders via annual pay-outs. It also provides them with a limited payment option, riders to enhance cover and maturity benefits.
- DHFL Pramerica Wealth+ ACE :This is a unit linked insurance plan which come with insurance cover and investment opportunities. It is also a single premium policy which means that customers need to pay only one premium to activate this policy.
- Smart Wealth + :The Smart Wealth + scheme is a ULIP that offers customers an insurance policy with investment opportunities. The insurance cover can also be enhanced by purchasing riders compatible with this policy.
- DHFL Pramerica Group Plans
The company offers employers the chance to offer their employees an insurance plan which is affordable and comes with claims which are tax free in case of the insured’s death. For the employers this policy offers tax benefits and the chance to give employees something back for their hard work and dedication.
These plans from DHFL Pramerica offer a safety net in the form of insurance for individuals and groups and helps them plan their savings wisely.
DHFL Pramerica Life Insurance FAQs:
- Q. How Do I check my policy status?
A. You can check your policy status online as long as you have the login and password to your personal account on their website. You need to click on the Policy Details tab, once you are signed to check your status.
- What are the available modes for payment of premium available for me?
A. The following modes for payment are available for DHFL Pramerica Life Insurance:
- Online or NEFT transfer
- Through ECS
- Through Cash or cheque at select branch office.
- At SBI branches
- At Axis branches
- You can also pay through customer helpline options, which allows you to transfer money through telephonic medium or by a credit card.
- Toll free: 1800-102-7070 (Monday-Saturday, 9:00 AM-7:00 PM)
- Q. How Do I renew my policy with DHFL Pramerica Life Insurance?
A. For renewing a policy under DHFL Pramerica Life Insurance, there are 2 basic options:
- Paying online
- Cheque pick up facility
- Use your user id and password and enter the policy number for renewing it. Online payment options with the aid of debit card, credit card and Net banking is available on this site.
- Cheque pick up facility is also available, wherein the company’s staff will get the cheque from your doorsteps.
- Q. How Do I or a nominee settle my claims with DHFL Pramerica Life Insurance?
A. For settling claim, you need to fill in and submit the mandatory documents as listed in the website for the particular category of claim, as well as with a cancelled cheque along with a passport size photograph.
Upon receiving all the documents, the company checks to settle the claims within a time frame of 30 days.
- Q. How Can the Claim Be Settled or at least initiated online?
A. Simply, log on to the company’s claim page. Here too, you will have to fill up details and the required documents will need to be uploaded.
- Q. How Do I cancel my policy with DHFL Pramerica Life Insurance?
A. For cancellation of your existing policy, you have to fill in the surrender form available on their website, and fill it up and dispatch it to the head office. Necessary documents needs to be attached with it such as mentioned in the policy including surrender charges.
Once everything is received, the policy will be cancelled on records for the holder. However, for new users, a period of 15 days is given, wherein you can surrender the policy, by simply stating the reason for the closure. - Q. How well is DHFL Pramerica Life Insurance doing when it comes to claim settlements?
A. According to our sources the Claim-settlement for DHFL Pramerica Life Insurance is at a ratio of 57.2% from April 2014 - March 2015.
- Q. How is NAV calculated?
A. NAV is calculated on all Business Days based on the Authority's guidelines in force from time to time. Based on the current guidelines enforced, NAV is calculated in the following manner as on the company literature: “{Market value of investment held by the fund + value of current assets - (value of current liabilities and provisions, if any)} / Number of units existing on Valuation Date (before creation/redemption of units)”.
News About DHFL Pramerica Life Insurance
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First-second quarter profit jumps for DHFL Pramerica
DHFL Pramerica Life Insurance is a private sector insurance company which has around 5 million customers and 22 products in its insurance portfolio. For the first and second quarter of the current fiscal, which is for April to September, the company has registered a huge growth of 71% in its net profits.
The strong network of DHFL insurance branches clubbed with the unique strategy of segmentation and targeting of various groups has led the company to excel. The insurance provider has special schemes segregated for armed forces, para-military forces, teachers etc. The gross written premium of the insurance company stood at RS. 405 Crore which is a 42% hike when compared to the same for the previous fiscal.
2nd November, 2015
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DPLI Announces First Quarter PAT Rs 6.7 crore, Up 22%
DHFL Pramerica Life Insurance (DPLI), a renowned private insurance provider, reported a Profit after Tax (PAT) up 22% amounting to Rs 6.7 crore, last Thursday, for the quarter that ended on June 30, 2015, as compared to Rs 5.5 crore last year in the corresponding quarter.
DHFL Pramerica Life Insurance Company’s ranking has also improved to 12 among private life insurance companies, according to a release by DPLI. The DPLI’s New Business Premium stands at Rs 157 crore as compared to the Rs 104 crore in the corresponding quarter last year. Gross Written Premium (GWP) also grew to Rs 191 crore by 47% during the first quarter against Rs 130.7 crore last year, in the same quarter.
Anoop Pabby, DPLI Managing Director and CEO said, "I am happy with our strong financial performance in Q1 of FY 2015-16. The results have been possible due to our emphasis on setting up differentiated distribution channels, introducing products that meet a variety of insurance needs of diverse customer segments and leveraging technology effectively to reach out and service our customers."
The insurance company also has intentions to enhance on its strengths and narrow down their focus on providing customers with superior services, added, Mr Pabby. The company has around 21 life insurance products intending to fulfil child’s future protection to retirement of a customer.
4th August 2015
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DHFL Pramerica Life Insurance makes huge profit in FY15
Encouraged by a whopping net profit of Rs.45.8 Crore in fiscal 2014-15, DHFL Pramerica Life Insurance (DPLI) is targeting a growth of 28-30 per cent over the next 5 years. DPLI is looking forward to a new business premium of Rs.750 Crore for the current financial year.
DPLI is currently a joint venture between Dewan Housing Finance Corporation Limited (DHFL) and the insurance giant Prudential Financial Inc. (PFI) of the US. PFI holds 26% stakes in DPLI while the remaining 74% are held by DHFL. The company as a whole was able to leverage the deep penetration of DHFL in the Indian market while insurance expertise came from PFI.
There are indications that PFI might increase its stake in DPLI to about 49% which is the maximum allowed limit on foreign investment in Indian companies.
7th May 2015
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DHFL Pramerica Life Announces Profits for Q3 FY15
In contrast to the Rs.77.61 crore loss posted by DHFL Pramerica Life for the third quarter last year, the life insurance provider recorded profits (PAT) of Rs.23.68 crores for Q3, FY2014-15. New business coming in during the Oct-Dec quarter was driven by innovative product offerings, stronger distribution and improved servicing levels.
DHFL Pramerica Life, a private-sector life insurance company which currently services customers, began operations in the year 2006 and broke-even six years later in FY2013-2014.
By adopting a customized product strategy, the company has been able to reach out to a wider audience and bring in new business. This is expected to keep the company in the green as it moves into the New Year.
28th January 2015
