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  • DHFL Pramerica Child Plans

    DHFL Pramerica Life Insurance

    Life is unpredictable and this fact cannot be contested. This unpredictability can either be positive or negative depending on the situation. Although the situation seems worrisome, there are ways in which people can safeguard themselves from the everyday risk. Financial security is paramount as it provides some kind of a safety blanket in uncertain times. But financial security is not very predictable either, hence it is highly recommended that customers procure life insurance.

    It not only provides financial safety to the insured’s family in cases of unfortunate events, but it also allows them to lead their life a little more peacefully.There are also certain specific plans targeted towards different members of the family, such as children. These plans ensure that children of the insured are taken care of in case of an untoward event happening.

    Why DHFL Pramerica Child Plans?

    One of the premier life insurance companies in India, DHFL Pramerica has its headquarters in India and is one of the fastest growing companies in the country currently. A wide range of life insurance services is offered by them based on various requirements. Popular plans include those working towards providing a safe and secure environment for children. Three such plans include DHFL Pramerica Rakshak+, DHFL Pramerica Rakshak Gold and the DHFL Pramerica Future Idols Gold+. These plans ensure that the children of the insured are provided with adequate financial security in case of the insured’s untimely demise.

    1. DHFL Pramerica Rakshak+

      A Guaranteed Endowment plan that is non participating, the Rakshak+ plan has been conceived so as to protect the future of the insured’s child. A corpus is created at maturity due to additions that are guaranteed on the policy along with monthly, immediate payouts along with one at maturity benefit in case of the insured’s untimely death. Customers between the ages of 18 to 33 can procure this plan along with 65 years being the maximum age of maturity.

      Benefits of this plan include -

      1. Death Benefit

        In case of untimely demise of the insured during the policy term and when it is in force, the nominee will receive the ‘Death Sum Assured’ as well as the ‘Accrued Annual Regular Additions’.

      2. Maturity Benefit

        In case the insured survives until the date of maturity of the policy and the policy is in force for the complete policy benefits, the insured will receive an amount that is is equal to the amount that is Guaranteed Maturity Multiple multiplied by Base Sum that has been Assured with the addition of accrued Yearly Guaranteed Additions.

      3. Guaranteed Maturity Multiple

        This refers to the factor that has been applied to ‘Paid-Up Sum Assured’ or ‘Base sum Assured so as to calculate the amount payable as benefit post maturity of policy. The Guaranteed Maturity Multiple depends on the term of the policy chosen by the insured.

      4. Annual Guaranteed Addition

        This amount increases after every three years of policy. It will be gathered to the policy post the completed policy year.

    2. DHFL Pramerica Rakshak Gold

      A Non Participating Insurance plan that offers guaranteed endowment, the Rakshak Gold plan provides protection for the family in case of the insured’s untimely death. The minimum sum assured is Rs.1 lakh. Some of the key benefits offered in this plan are as given below -

      1. Comprehensive Death Benefit

        Upon the demise of the insured, the nominee will receive immediate lump sum benefit along with a recurring benefit every month and a final benefit of a lump sum amount that will be paid post maturity of policy.

      2. Maturity Benefit

        After maturity of the policy term and in case the policy is in force for the complete benefits, the insured will receive an amount that is is equal to the amount that is Guaranteed Maturity Multiple multiplied by Base Sum that has been Assured with the addition of accrued Yearly Guaranteed Additions.

      3. Tax Benefit

        Due to prevailing tax laws, customers can also receive tax benefits by procuring this insurance plan.

      4. Guaranteed Maturity Multiple

        This is the factor that has been applied to ‘Paid-Up Sum Assured’ or ‘Base sum Assured so as to calculate the amount payable as benefit post maturity of policy. Policy term determines the Guaranteed Maturity Multiple.

      5. Annual Guaranteed Addition

        This amount increases after every three years of policy. It will be gathered to the policy post the completed policy year.

      6. Loan

        Customers can take a loan against the policy in times of need.

    3. DHFL Pramerica Future Idols Gold+

      Unlike the previous two plans, the Future Idols Gold+ plan from DHFL Pramerica is a Participating plan offering Traditional Child Protection. It also doubles up as savings scheme as well. Through the bonuses available on the policy, a corpus is provided at maturity of the policy. In case of the untimely demise of the insured the nominee is provided with monthly payouts, immediate payout and also a final benefit at maturity. The minimum amount assured under this plan is Rs.1,50,000.

      Other benefits include -

      1. Death Benefit

        In case of the untimely and unfortunate death of the insured, the nominee will be paid the ‘Death Sum Assured’ in addition to the ‘Accrued Reversionary Bonuses’ along with the interval bonus and the final bonus, will be payable as long as the policy is in force.

      2. Maturity Benefit

        On survival of the insured until the policy’s end, he/she will receive a benefit upon maturity that is equal to 125 percent of the ‘Base Sum Assured’ that has been chosen at the beginning along with an ‘Accrued Reversionary Bonus’ and a final bonus provided the policy is still in force.

      3. Bonus

        A ‘compounded reversionary bonus’ has been declared yearly. Apart from this, a final bonus may also be payable. The bonus is guaranteed and depends on the performance of the participant.

    Example

    ABC had chosen the Rakshak Gold policy from DHFL Pramerica life for a term of 15 years. The amount payable as premium was Rs. 1,50,000. Due to his untimely death his nominee received the lump sum benefit as he had subscribed to the Rakshak Gold plan.

    Tips

    There are numerous life insurance options available today, from a multitude of private companies. Each come with a different set of benefits and features though a majority might remain the same. However, customers are advised to not get overwhelmed by the sheer amount of choices but to research and understand all their options. By doing so, they will be able to choose a policy that is advantageous to them and fits their needs and requirements completely. Factors such as financial status, tax benefits, timeframes should be considered before opting for a plan.

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